SMH · WMTMT

Aug 20Aug 21Aug 24Aug 25Aug 26

30-minute bars · index reconstructed live from member prices

Breadth

14 / 25

stocks fell with the index

Concentration

100%+

of the decline from NVDA, INTC, AMAT

Biggest driver

NVDA −4.82

class="svelte-mfd49r">1, −3.63%

Biggest offset

AMD +1.03

class="svelte-mfd49r">4, +3.11%

What drove it

25 members · detractors first · 1W · residual 2.7bp within 60bp gate

The SMH fell 0.92% (−5.15 pts) on the week, but 11 of 25 members went the other way. NVDA and INTC dragged the tape lower, contributing more than the entire move.

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

+4.4 pts from 11 gainers−9.8 pts from 14 losers

net −5.1 pts · losers outweigh gainers 2.2 to 1

Stock

Points

Return

SMHsum of all 25 stocks

−5.1

−0.92%

NVDAclass="svelte-mfd49r">1

−4.8

−3.63%

INTCclass="svelte-mfd49r">13

−1.3

−4.91%

AMATclass="svelte-mfd49r">9

−0.9

−3.20%

TXNclass="svelte-mfd49r">6

−0.7

−2.12%

AVGOclass="svelte-mfd49r">3

−0.6

−1.90%

KLACclass="svelte-mfd49r">11

−0.5

−1.84%

TERclass="svelte-mfd49r">18

−0.4

−4.36%

MCHPclass="svelte-mfd49r">22

−0.2

−3.34%

ONclass="svelte-mfd49r">24

−0.2

−4.39%

NXPIclass="svelte-mfd49r">19

−0.1

−1.27%

STMclass="svelte-mfd49r">20

−0.1

−1.45%

ADIclass="svelte-mfd49r">8

−0.1

−0.39%

ASMLclass="svelte-mfd49r">5

−0.1

−0.35%

SWKSclass="svelte-mfd49r">25

−0.0

−2.72%

ALABclass="svelte-mfd49r">23

+0.0

+0.44%

ARMclass="svelte-mfd49r">21

+0.0

+0.69%

MPWRclass="svelte-mfd49r">17

+0.0

+0.29%

MUclass="svelte-mfd49r">7

+0.1

+0.14%

SNPSclass="svelte-mfd49r">16

+0.2

+2.18%

QCOMclass="svelte-mfd49r">10

+0.2

+1.12%

MRVLclass="svelte-mfd49r">14

+0.5

+3.30%

LRCXclass="svelte-mfd49r">12

+0.5

+1.86%

TSMclass="svelte-mfd49r">2

+0.9

+1.36%

CDNSclass="svelte-mfd49r">15

+0.9

+6.25%

AMDclass="svelte-mfd49r">4

+1.0

+3.11%

Cap weighting, illustrated

class="svelte-mfd49r">1 and class="svelte-mfd49r">22 moved almost identically (−3.63% vs −3.34%), yet NVDA moved the SMH 25.8× 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 −5.15 pt move · cell size = points contributed · color = direction, intensity = return

NVDA−4.8 pts(−3.6%)

INTC−1.3 pts

AMD+1.0 pts(+3.1%)

AMAT−0.9 pts(−3.2%)

CDNS+0.9 pts(+6.3%)

TSM+0.9 pts(+1.4%)

TXN−0.7 pts(−2.1%)

AVGO−0.6 pts(−1.9%)

LRCX+0.5 pts

MRVL+0.5 pts(+3.3%)

KLAC−0.5 pts(−1.8%)

TER−0.4 pts(−4.4%)

QCOM+0.2 pts

SNPS+0.2 pts

MCHP−0.2 pts

ON−0.2 pts

NXPI

STM

ADI

Concentration curve

cumulative share of the −5.15 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−6%−2%+2%+6%

From −4.91% (INTC) to +6.25% (CDNS). Equal-weight, the SMH would be −0.59% vs the actual −0.92%; the gap is what cap weighting did.

By sector

point contribution · sums to −5.15 pts

Unknown25

−5.4

The year, session by session

every trading day of 2026 · hover for the move

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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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