SMH · WMTMT

Aug 22, 2024Feb 25, 2025Aug 27, 2025Feb 26, 2026Aug 27, 2026

Breadth

21 / 25

stocks rose with the index

Concentration

35%

of the gain from NVDA, TSM, AMD

Biggest driver

NVDA +51.47

class="svelte-mfd49r">1, +84.54%

Biggest drag

SWKS −0.29

class="svelte-mfd49r">25, −31.38%

What drove it

25 members · drivers first · 2Y · residual 2822.3bp exceeds 60bp gate

The SMH rose 136.37% (+330.58 pts) over two years in a broad advance: 21 of 25 stocks rose, with NVDA out front at +51.47 points.

Read the latest market-close note: Salesforce and Nvidia Carry Their Indexes While Most Stocks Fall Behind

+329.0 pts from 24 gainers−0.3 pts from 1 losers

net +330.6 pts · gainers outweigh losers 1,130.6 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+330.6

+136.37%

NVDAclass="svelte-mfd49r">1

+51.5

+84.54%

TSMclass="svelte-mfd49r">2

+34.8

+163.27%

AMDclass="svelte-mfd49r">4

+28.1

+214.22%

MUclass="svelte-mfd49r">7

+26.3

+802.76%

INTCclass="svelte-mfd49r">13

+22.1

+358.16%

AVGOclass="svelte-mfd49r">3

+21.1

+133.13%

LRCXclass="svelte-mfd49r">12

+20.8

+287.68%

AMATclass="svelte-mfd49r">9

+19.1

+144.54%

ASMLclass="svelte-mfd49r">5

+16.9

+94.92%

KLACclass="svelte-mfd49r">11

+16.3

+133.35%

MRVLclass="svelte-mfd49r">14

+15.7

+253.48%

ADIclass="svelte-mfd49r">8

+14.1

+74.02%

TXNclass="svelte-mfd49r">6

+10.8

+37.55%

TERclass="svelte-mfd49r">18

+6.5

+185.61%

CDNSclass="svelte-mfd49r">15

+6.4

+26.12%

ALABclass="svelte-mfd49r">23

+5.8

+664.33%

ARMclass="svelte-mfd49r">21

+3.6

+96.74%

MPWRclass="svelte-mfd49r">17

+2.8

+46.48%

STMclass="svelte-mfd49r">20

+2.7

+71.88%

SNPSclass="svelte-mfd49r">16

+1.5

−15.18%

QCOMclass="svelte-mfd49r">10

+0.7

+1.77%

ONclass="svelte-mfd49r">24

+0.6

+1.95%

MCHPclass="svelte-mfd49r">22

+0.6

−0.70%

NXPIclass="svelte-mfd49r">19

+0.2

−4.55%

SWKSclass="svelte-mfd49r">25

−0.3

−31.38%

Cap weighting, illustrated

class="svelte-mfd49r">1 and class="svelte-mfd49r">20 moved almost identically (+84.54% vs +71.88%), yet NVDA moved the SMH 18.7× 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 +330.58 pt move · cell size = points contributed · color = direction, intensity = return

NVDA+51.5 pts(+84.5%)

TSM+34.8 pts(+163.3%)

AMD+28.1 pts(+214.2%)

MU+26.3 pts(+802.8%)

INTC+22.1 pts(+358.2%)

AVGO+21.1 pts(+133.1%)

LRCX+20.8 pts(+287.7%)

AMAT+19.1 pts(+144.5%)

ASML+16.9 pts(+94.9%)

KLAC+16.3 pts(+133.4%)

MRVL+15.7 pts(+253.5%)

ADI+14.1 pts(+74.0%)

TXN+10.8 pts(+37.6%)

TER+6.5 pts

CDNS+6.4 pts

ALAB+5.8 pts

ARM

SNPS

Concentration curve

cumulative share of the +330.58 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−100%+100%+300%+500%+700%

From −31.38% (SWKS) to +802.76% (MU). Equal-weight, the SMH would be +136.91% vs the actual +136.37%; the gap is what cap weighting did.

By sector

point contribution · sums to +330.58 pts

Unknown25

+328.7

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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