SMH · WMTMT

Jul 13Aug 4Aug 26Sep 17Oct 9

Breadth

12 / 25

stocks rose with the index

Concentration

100%+

of the gain from NVDA, TSM, AMD

Biggest driver

NVDA +17.43

class="svelte-77tdkt">1, +12.65%

Biggest drag

AMAT −3.90

class="svelte-77tdkt">7, −11.79%

What drove it

25 members · drivers first · 3M · residual 3.1bp within 60bp gate

The SMH rose 3.02% (+17.71 pts) over the past three months, but 13 of 25 members went the other way. NVDA and TSM carried the tape higher, contributing more than the entire move.

Read the latest market-close note: Goldman and Microsoft Push the Dow to a Large Gain While Telecoms Sink Communication Services

+45.4 pts from 11 gainers−27.7 pts from 14 losers

net +17.7 pts · gainers outweigh losers 1.6 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+17.7

+3.02%

NVDAclass="svelte-77tdkt">1

+17.4

+12.65%

TSMclass="svelte-77tdkt">2

+6.0

+7.52%

AMDclass="svelte-77tdkt">3

+5.6

+13.79%

INTCclass="svelte-77tdkt">10

+5.0

+1.53%

MRVLclass="svelte-77tdkt">6

+3.4

+26.55%

SNPSclass="svelte-77tdkt">17

+3.0

+17.56%

MUclass="svelte-77tdkt">5

+2.6

+9.82%

TERclass="svelte-77tdkt">18

+0.8

+16.89%

CDNSclass="svelte-77tdkt">16

+0.7

−6.64%

ADIclass="svelte-77tdkt">14

+0.6

+5.23%

MPWRclass="svelte-77tdkt">19

+0.3

+7.35%

ASMLclass="svelte-77tdkt">11

−0.2

+3.29%

LRCXclass="svelte-77tdkt">12

−0.3

−3.36%

ALABclass="svelte-77tdkt">20

−0.6

−5.48%

ONclass="svelte-77tdkt">25

−0.6

−14.21%

MCHPclass="svelte-77tdkt">24

−0.8

−10.31%

NXPIclass="svelte-77tdkt">22

−1.7

−18.27%

STMclass="svelte-77tdkt">23

−2.1

−23.97%

AVGOclass="svelte-77tdkt">4

−2.2

−5.86%

TXNclass="svelte-77tdkt">8

−2.6

−4.48%

SKHYclass="svelte-77tdkt">13

−2.9

+1.62%

QCOMclass="svelte-77tdkt">15

−2.9

−4.61%

ARMclass="svelte-77tdkt">21

−3.3

−10.94%

KLACclass="svelte-77tdkt">9

−3.5

−11.91%

AMATclass="svelte-77tdkt">7

−3.9

−11.79%

Cap weighting, illustrated

class="svelte-77tdkt">2 and class="svelte-77tdkt">19 moved almost identically (+7.52% vs +7.35%), yet TSM moved the SMH 23.6× 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 +17.71 pt move · cell size = points contributed · color = direction, intensity = return

NVDA+17.4 pts(+12.7%)

TSM+6.0 pts(+7.5%)

AMD+5.6 pts(+13.8%)

INTC+5.0 pts(+1.5%)

AMAT−3.9 pts(−11.8%)

KLAC−3.5 pts(−11.9%)

MRVL+3.4 pts

ARM−3.3 pts(−10.9%)

SNPS+3.0 pts(+17.6%)

QCOM−2.9 pts(−4.6%)

SKHY−2.9 pts(+1.6%)

TXN−2.6 pts

MU+2.6 pts(+9.8%)

AVGO−2.2 pts(−5.9%)

STM−2.1 pts(−24.0%)

NXPI−1.7 pts

TER+0.8 pts

MCHP

ADI

ALAB

LRCX

Concentration curve

cumulative share of the +17.71 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−30%−20%−10%0%+10%+20%

From −23.97% (STM) to +26.55% (MRVL). Equal-weight, the SMH would be +0.71% vs the actual +3.02%; the gap is what cap weighting did.

By sector

point contribution · sums to +17.71 pts

Unknown25

+17.7

The year, session by session

every trading day of 2026 · hover for the move

JANFEBMARAPRMAYJUNJULAUGSEPOCT

Share this move

pick a view, download it as a 16:9 PNG

What moved the market, in your inbox

The daily note publishes here after every close; the week's story lands in your inbox on Fridays, free. Read the daily notes.

Babylon Burns

WMTMT is built by the founders of Babylon Burns, a letter on markets, macro, and the systems behind them. The numbers live here; the arguments live there. Subscribing below joins the Babylon Burns letter.

VanEck Semiconductor ETF

What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

Share this move