An index of Chinese chip stocks has surged 50% since the end of June, outperforming global peers, as some investors begin to balk at their lofty valuations (Jeanny Yu/Bloomberg)

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Jeanny Yu / Bloomberg:An index of Chinese chip stocks has surged 50% since the end of June, outperforming global peers, as some investors begin to balk at their lofty valuations  —  China's chip stocks have staged a world-beating rally in the past few months on the nation's self-sufficiency push …