SMH · WMTMT

Aug 22, 2025Nov 20, 2025Feb 24, 2026May 26, 2026Aug 25, 2026

Breadth

21 / 25

stocks rose with the index

Concentration

31%

of the gain from MU, TSM, AMD

Biggest driver

MU +28.08

class="svelte-mfd49r">7, +693.97%

Biggest drag

SNPS −4.05

class="svelte-mfd49r">16, −32.60%

What drove it

25 members · drivers first · 1Y · residual 2436.2bp exceeds 60bp gate

The SMH rose 89.29% (+262.18 pts) over the past year in a broad advance: 21 of 25 stocks rose, with MU out front at +28.08 points.

Read the latest market-close note: Nvidia and Goldman Sachs Lead a Narrow Advance as Energy and Staples Slide

+266.3 pts from 23 gainers−4.1 pts from 2 losers

net +262.2 pts · gainers outweigh losers 64.8 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+262.2

+89.29%

MUclass="svelte-mfd49r">7

+28.1

+693.97%

TSMclass="svelte-mfd49r">2

+27.3

+81.07%

AMDclass="svelte-mfd49r">4

+24.9

+185.63%

NVDAclass="svelte-mfd49r">1

+24.1

+19.85%

INTCclass="svelte-mfd49r">13

+22.5

+252.74%

AMATclass="svelte-mfd49r">9

+20.4

+196.78%

LRCXclass="svelte-mfd49r">12

+19.7

+216.15%

ASMLclass="svelte-mfd49r">5

+19.0

+132.28%

KLACclass="svelte-mfd49r">11

+15.8

+111.57%

MRVLclass="svelte-mfd49r">14

+12.9

+229.91%

ADIclass="svelte-mfd49r">8

+9.3

+50.15%

AVGOclass="svelte-mfd49r">3

+9.0

+22.23%

TXNclass="svelte-mfd49r">6

+7.8

+28.80%

TERclass="svelte-mfd49r">18

+5.5

+218.60%

QCOMclass="svelte-mfd49r">10

+4.3

+3.76%

MPWRclass="svelte-mfd49r">17

+3.7

+55.56%

STMclass="svelte-mfd49r">20

+3.2

+81.69%

ARMclass="svelte-mfd49r">21

+2.4

+75.15%

ALABclass="svelte-mfd49r">23

+2.2

+57.83%

ONclass="svelte-mfd49r">24

+1.6

+39.85%

CDNSclass="svelte-mfd49r">15

+1.5

−5.07%

MCHPclass="svelte-mfd49r">22

+0.5

+8.41%

NXPIclass="svelte-mfd49r">19

+0.4

−2.60%

SWKSclass="svelte-mfd49r">25

−0.1

−11.44%

SNPSclass="svelte-mfd49r">16

−4.0

−32.60%

Cap weighting, illustrated

class="svelte-mfd49r">2 and class="svelte-mfd49r">21 moved almost identically (+81.07% vs +75.15%), yet TSM moved the SMH 11.6× 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 +262.18 pt move · cell size = points contributed · color = direction, intensity = return

MU+28.1 pts(+694.0%)

TSM+27.3 pts(+81.1%)

AMD+24.9 pts(+185.6%)

NVDA+24.1 pts(+19.9%)

INTC+22.5 pts(+252.7%)

AMAT+20.4 pts(+196.8%)

LRCX+19.7 pts(+216.1%)

ASML+19.0 pts(+132.3%)

KLAC+15.8 pts(+111.6%)

MRVL+12.9 pts(+229.9%)

ADI+9.3 pts

AVGO+9.0 pts(+22.2%)

TXN+7.8 pts

TER

QCOM+4.3 pts

SNPS−4.0 pts

MPWR+3.7 pts

STM+3.2 pts

ARM

ALAB

CDNS

Concentration curve

cumulative share of the +262.18 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−100%+100%+300%+500%

From −32.60% (SNPS) to +693.97% (MU). Equal-weight, the SMH would be +93.51% vs the actual +89.29%; the gap is what cap weighting did.

By sector

point contribution · sums to +262.18 pts

Unknown25

+262.2

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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