SMH · WMTMT

Aug 21, 2023May 22, 2024Feb 25, 2025Nov 20, 2025Aug 26, 2026

Breadth

21 / 25

stocks rose with the index

Concentration

40%

of the gain from NVDA, TSM, AVGO

Biggest driver

NVDA +88.99

class="svelte-mfd49r">1, +347.26%

Biggest drag

MCHP −0.40

class="svelte-mfd49r">22, −1.44%

What drove it

25 members · drivers first · 3Y · residual 5535.6bp exceeds 60bp gate

The SMH rose 267.96% (+404.73 pts) over three years in a broad advance: 21 of 25 stocks rose, with NVDA out front at +88.99 points.

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

+406.0 pts from 22 gainers−1.0 pts from 3 losers

net +404.7 pts · gainers outweigh losers 388.5 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+404.7

+267.96%

NVDAclass="svelte-mfd49r">1

+89.0

+347.26%

TSMclass="svelte-mfd49r">2

+41.3

+370.60%

AVGOclass="svelte-mfd49r">3

+30.1

+326.08%

AMDclass="svelte-mfd49r">4

+29.9

+344.40%

MUclass="svelte-mfd49r">7

+28.1

+1,383.48%

AMATclass="svelte-mfd49r">9

+22.1

+230.53%

LRCXclass="svelte-mfd49r">12

+22.0

+380.10%

ASMLclass="svelte-mfd49r">5

+21.5

+170.89%

KLACclass="svelte-mfd49r">11

+20.1

+283.13%

INTCclass="svelte-mfd49r">13

+19.6

+170.77%

MRVLclass="svelte-mfd49r">14

+16.4

+312.00%

ADIclass="svelte-mfd49r">8

+14.0

+120.27%

QCOMclass="svelte-mfd49r">10

+10.9

+57.91%

CDNSclass="svelte-mfd49r">15

+7.9

+48.75%

TXNclass="svelte-mfd49r">6

+7.0

+69.01%

TERclass="svelte-mfd49r">18

+6.8

+257.45%

ARMclass="svelte-mfd49r">21

+6.2

+294.81%

ALABclass="svelte-mfd49r">23

+5.2

+368.00%

MPWRclass="svelte-mfd49r">17

+4.2

+167.20%

NXPIclass="svelte-mfd49r">19

+1.9

+16.79%

SNPSclass="svelte-mfd49r">16

+1.8

−6.06%

STMclass="svelte-mfd49r">20

+0.4

+9.25%

SWKSclass="svelte-mfd49r">25

−0.3

−31.01%

ONclass="svelte-mfd49r">24

−0.3

−21.29%

MCHPclass="svelte-mfd49r">22

−0.4

−1.44%

Cap weighting, illustrated

class="svelte-mfd49r">1 and class="svelte-mfd49r">23 moved almost identically (+347.26% vs +368.00%), yet NVDA moved the SMH 17.2× 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 +404.73 pt move · cell size = points contributed · color = direction, intensity = return

NVDA+89.0 pts(+347.3%)

TSM+41.3 pts(+370.6%)

AVGO+30.1 pts(+326.1%)

AMD+29.9 pts(+344.4%)

MU+28.1 pts(+1,383.5%)

AMAT+22.1 pts(+230.5%)

LRCX+22.0 pts(+380.1%)

ASML+21.5 pts(+170.9%)

KLAC+20.1 pts(+283.1%)

INTC+19.6 pts(+170.8%)

MRVL+16.4 pts

ADI+14.0 pts(+120.3%)

QCOM+10.9 pts

CDNS

TXN+7.0 pts

TER+6.8 pts

ARM

ALAB+5.2 pts

MPWR

NXPI

Concentration curve

cumulative share of the +404.73 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−100%+100%+300%+500%+700%+900%+1,100%+1,300%

From −31.01% (SWKS) to +1,383.48% (MU). Equal-weight, the SMH would be +212.37% vs the actual +267.96%; the gap is what cap weighting did.

By sector

point contribution · sums to +404.73 pts

Unknown25

+405.0

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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