SMH · WMTMT

Jul 28Aug 4Aug 12Aug 19Aug 26

Breadth

17 / 25

stocks rose with the index

Concentration

66%

of the gain from NVDA, MRVL, MU

Biggest driver

NVDA +8.48

class="svelte-mfd49r">1, +6.42%

Biggest drag

AVGO −2.06

class="svelte-mfd49r">3, −6.65%

What drove it

25 members · drivers first · 1M · residual 67.3bp exceeds 60bp gate

The SMH rose 4.94% (+26.17 pts) on the month, and 66% of that gain came from just three stocks: NVDA, MRVL, MU.

Read the latest market-close note: A Flat Headline on the S&P 500 Masks a Split Between Goldman Sachs and Apple

+32.7 pts from 17 gainers−6.8 pts from 8 losers

net +26.2 pts · gainers outweigh losers 4.8 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+26.2

+4.94%

NVDAclass="svelte-mfd49r">1

+8.5

+6.42%

MRVLclass="svelte-mfd49r">14

+5.1

+40.49%

MUclass="svelte-mfd49r">7

+3.8

+14.37%

TSMclass="svelte-mfd49r">2

+3.6

+6.47%

LRCXclass="svelte-mfd49r">12

+3.6

+16.05%

ASMLclass="svelte-mfd49r">5

+2.9

+10.28%

AMDclass="svelte-mfd49r">4

+1.5

+5.79%

TERclass="svelte-mfd49r">18

+0.9

+13.24%

INTCclass="svelte-mfd49r">13

+0.8

+2.25%

SNPSclass="svelte-mfd49r">16

+0.7

+6.82%

ALABclass="svelte-mfd49r">23

+0.4

+11.56%

ADIclass="svelte-mfd49r">8

+0.4

+1.63%

AMATclass="svelte-mfd49r">9

+0.2

+0.80%

ARMclass="svelte-mfd49r">21

+0.2

+2.58%

MPWRclass="svelte-mfd49r">17

+0.1

+1.71%

SWKSclass="svelte-mfd49r">25

+0.0

+3.00%

QCOMclass="svelte-mfd49r">10

+0.0

+0.52%

STMclass="svelte-mfd49r">20

−0.0

−0.96%

MCHPclass="svelte-mfd49r">22

−0.2

−1.59%

CDNSclass="svelte-mfd49r">15

−0.4

−2.91%

ONclass="svelte-mfd49r">24

−0.6

−13.24%

KLACclass="svelte-mfd49r">11

−0.8

−3.55%

NXPIclass="svelte-mfd49r">19

−1.2

−13.88%

TXNclass="svelte-mfd49r">6

−1.6

−5.04%

AVGOclass="svelte-mfd49r">3

−2.1

−6.65%

Cap weighting, illustrated

class="svelte-mfd49r">1 and class="svelte-mfd49r">16 moved almost identically (+6.42% vs +6.82%), yet NVDA moved the SMH 12.6× as much. In a cap-weighted index, the bigger company's weight turns the same percentage move into far more points.

Attribution map

slicing the +26.17 pt move · cell size = points contributed · color = direction, intensity = return

NVDA+8.5 pts(+6.4%)

MRVL+5.1 pts(+40.5%)

MU+3.8 pts(+14.4%)

TSM+3.6 pts(+6.5%)

LRCX+3.6 pts(+16.0%)

ASML+2.9 pts(+10.3%)

AVGO−2.1 pts(−6.6%)

TXN−1.6 pts

AMD+1.5 pts

NXPI−1.2 pts(−13.9%)

TER+0.9 pts(+13.2%)

KLAC−0.8 pts

INTC+0.8 pts

SNPS+0.7 pts

ON−0.6 pts

ALAB+0.4 pts

ADI+0.4 pts

CDNS

MCHP

Concentration curve

cumulative share of the +26.17 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−20%0%+20%+40%

From −13.88% (NXPI) to +40.49% (MRVL). Equal-weight, the SMH would be +4.05% vs the actual +4.94%; the gap is what cap weighting did.

By sector

point contribution · sums to +26.17 pts

Unknown25

+25.9

The year, session by session

every trading day of 2026 · hover for the move

JANFEBMARAPRMAYJUNJULAUG

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What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

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