SMH · WMTMT

May 26Jun 17Jul 13Aug 3Aug 25

Breadth

20 / 25

stocks fell with the index

Concentration

58%

of the decline from QCOM, AVGO, TXN

Biggest driver

QCOM −12.26

class="svelte-mfd49r">10, −35.23%

Biggest offset

MRVL +3.35

class="svelte-mfd49r">14, +15.42%

What drove it

25 members · detractors first · 3M · residual 185.1bp exceeds 60bp gate

The SMH fell 7.69% (−46.32 pts) over the past three months in a broad selloff: 20 of 25 stocks fell, with QCOM out front at −12.26 points.

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

+12.8 pts from 7 gainers−59.1 pts from 18 losers

net −46.3 pts · losers outweigh gainers 4.6 to 1

Stock

Points

Return

SMHsum of all 25 stocks

−46.3

−7.69%

QCOMclass="svelte-mfd49r">10

−12.3

−35.23%

AVGOclass="svelte-mfd49r">3

−8.5

−15.33%

TXNclass="svelte-mfd49r">6

−6.0

−19.96%

INTCclass="svelte-mfd49r">13

−5.7

−29.18%

SNPSclass="svelte-mfd49r">16

−3.4

−23.53%

NVDAclass="svelte-mfd49r">1

−3.4

−0.73%

NXPIclass="svelte-mfd49r">19

−3.3

−32.21%

CDNSclass="svelte-mfd49r">15

−2.5

−13.06%

STMclass="svelte-mfd49r">20

−2.4

−29.93%

ONclass="svelte-mfd49r">24

−2.4

−42.91%

ARMclass="svelte-mfd49r">21

−1.9

−24.80%

ADIclass="svelte-mfd49r">8

−1.8

−10.79%

MCHPclass="svelte-mfd49r">22

−1.7

−25.04%

MPWRclass="svelte-mfd49r">17

−1.6

−21.46%

KLACclass="svelte-mfd49r">11

−0.9

−8.85%

AMDclass="svelte-mfd49r">4

−0.5

−4.90%

ALABclass="svelte-mfd49r">23

−0.4

−11.32%

SWKSclass="svelte-mfd49r">25

−0.2

−21.24%

TERclass="svelte-mfd49r">18

+0.3

−5.84%

LRCXclass="svelte-mfd49r">12

+1.0

−2.42%

MUclass="svelte-mfd49r">7

+1.2

+4.14%

TSMclass="svelte-mfd49r">2

+1.2

+1.46%

ASMLclass="svelte-mfd49r">5

+2.9

+6.87%

AMATclass="svelte-mfd49r">9

+3.0

+5.53%

MRVLclass="svelte-mfd49r">14

+3.4

+15.42%

Cap weighting, illustrated

class="svelte-mfd49r">6 and class="svelte-mfd49r">25 moved almost identically (−19.96% vs −21.24%), yet TXN moved the SMH 24.1× 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 −46.32 pt move · cell size = points contributed · color = direction, intensity = return

QCOM−12.3 pts(−35.2%)

AVGO−8.5 pts(−15.3%)

TXN−6.0 pts(−20.0%)

INTC−5.7 pts(−29.2%)

SNPS−3.4 pts(−23.5%)

NVDA−3.4 pts(−0.7%)

MRVL+3.4 pts

NXPI−3.3 pts(−32.2%)

AMAT+3.0 pts(+5.5%)

ASML+2.9 pts(+6.9%)

CDNS−2.5 pts

STM−2.4 pts

ON−2.4 pts(−42.9%)

ARM−1.9 pts(−24.8%)

ADI−1.8 pts(−10.8%)

MCHP−1.7 pts(−25.0%)

MPWR−1.6 pts(−21.5%)

TSM+1.2 pts

MU+1.2 pts

KLAC−0.9 pts

ALAB

Concentration curve

cumulative share of the −46.32 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−50%−30%−10%+10%

From −42.91% (ON) to +15.42% (MRVL). Equal-weight, the SMH would be −12.70% vs the actual −7.69%; the gap is what cap weighting did.

By sector

point contribution · sums to −46.32 pts

Unknown25

−46.3

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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