Semiconductors (SMH): the last 12 months

Semiconductors (SMH) are up 43.4% over 1Y but 24.6% below their high; the 90-day change fell from +2.8% at the end of September to −11.8%. October's AI capex doubts drove a sharp drop as chipmakers followed their customers' spending signals down. Status quo for themes: new status quo, under challenge.

Status quo card: Semiconductors (SMH), new status quo.

Month by month

Computed in code. Change: the calendar-month change (z against its own monthly history). 90-day: the trailing 90-day change at the month-end. Rank: its place among that month's biggest moves. Causes: the surviving monthly causes acting on it (a force's loading on this asset times the month's fitted strength, in standard deviations). ETF holdings use current weights (an approximation).

Month	Change	90-day	Rank	Causes
November 2026 (month to date)	−3.5% (z -1.1)	−11.8%		none of the surviving causes loads on it
October 2026	−14.2% (z -2.0)	−3.3%		none of the surviving causes loads on it
September 2026	+9.4% (z 0.6)	+2.8%		none of the surviving causes loads on it
August 2026	+3.0% (z -0.1)	−12.0%		none of the surviving causes loads on it
July 2026	−17.6% (z -2.5)	+6.0%		Chip and memory momentum unwind, while platform leaders like Microsoft held up (drove: Semiconductors (SMH) lagged S&P 500 (SPY) by 17.6 pp, score 13.4); AI capex / profitability doubts (drove: Semiconductors (SMH) lagged S&P 500 (SPY) by 17.6 pp, score 3.5); The memory-chip selloff hit chip-heavy emerging Asia (SK Hynix, Samsung) (evidence −17.6%, z -2.5) Top holdings by contribution: KLAC -1.83 pp, MRVL -1.64 pp, INTC -1.63 pp. Sectors: Technology -15.87 pp (current weights, an approximation).
June 2026	+9.5% (z 0.6)	+67.3%		none of the surviving causes loads on it
May 2026	+18.2% (z 1.6)	+47.4%		none of the surviving causes loads on it
April 2026	+32.2% (z 3.8)	+25.6%	1	Historic chip rally on AI demand after the ceasefire (explains this move, score 16.9) Top holdings by contribution: INTC +5.26 pp, AMD +4.14 pp, MRVL +2.97 pp. Sectors: Technology +33.13 pp (current weights, an approximation).
March 2026	−5.7% (z -1.3)	+6.5%		none of the surviving causes loads on it
February 2026	+0.7% (z -0.4)	+15.7%		none of the surviving causes loads on it
January 2026	+12.0% (z 1.1)	+11.5%		none of the surviving causes loads on it
December 2025	+2.5% (z -0.1)	+6.8%		none of the surviving causes loads on it
November 2025	−3.0% (z -0.9)	+21.4%		none of the surviving causes loads on it

What drove each month · All assets

Not investment advice. MarketMoves describes past market data and reported news for general information. Figures can be delayed or wrong; check the original source before relying on them.