SMH · WMTMT

Aug 18, 2021Nov 17, 2022Feb 23, 2024May 22, 2025Aug 26, 2026

Breadth

24 / 25

stocks rose with the index

Concentration

62%

of the gain from NVDA, TSM, AVGO

Biggest driver

NVDA +112.09

class="svelte-mfd49r">1, +1,004.92%

Biggest drag

SWKS −1.84

class="svelte-mfd49r">25, −56.27%

What drove it

25 members · drivers first · 5Y · residual 1394.3bp exceeds 60bp gate

The SMH rose 119.62% (+302.71 pts) over five years, and 62% of that gain came from just three stocks: NVDA, TSM, AVGO.

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

+432.2 pts from 23 gainers−2.7 pts from 2 losers

net +302.7 pts · gainers outweigh losers 160.2 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+302.7

+119.62%

NVDAclass="svelte-mfd49r">1

+112.1

+1,004.92%

TSMclass="svelte-mfd49r">2

+39.3

+310.17%

AVGOclass="svelte-mfd49r">3

+35.6

+732.90%

AMDclass="svelte-mfd49r">4

+29.6

+364.94%

MUclass="svelte-mfd49r">7

+28.2

+1,262.70%

KLACclass="svelte-mfd49r">11

+22.4

+506.81%

LRCXclass="svelte-mfd49r">12

+22.1

+478.46%

AMATclass="svelte-mfd49r">9

+20.4

+292.92%

ASMLclass="svelte-mfd49r">5

+18.0

+137.69%

MRVLclass="svelte-mfd49r">14

+17.0

+331.60%

ADIclass="svelte-mfd49r">8

+16.3

+144.11%

CDNSclass="svelte-mfd49r">15

+14.4

+126.10%

INTCclass="svelte-mfd49r">13

+11.2

+83.64%

SNPSclass="svelte-mfd49r">16

+9.3

+41.07%

QCOMclass="svelte-mfd49r">10

+6.3

+28.26%

ARMclass="svelte-mfd49r">21

+6.2

+294.81%

TERclass="svelte-mfd49r">18

+6.1

+224.77%

ALABclass="svelte-mfd49r">23

+5.2

+368.00%

MPWRclass="svelte-mfd49r">17

+4.3

+195.21%

TXNclass="svelte-mfd49r">6

+3.4

+63.16%

ONclass="svelte-mfd49r">24

+2.9

+75.38%

NXPIclass="svelte-mfd49r">19

+1.1

+19.78%

STMclass="svelte-mfd49r">20

+0.9

+22.59%

MCHPclass="svelte-mfd49r">22

−0.9

+14.58%

SWKSclass="svelte-mfd49r">25

−1.8

−56.27%

Cap weighting, illustrated

class="svelte-mfd49r">2 and class="svelte-mfd49r">21 moved almost identically (+310.17% vs +294.81%), yet TSM moved the SMH 6.4× 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 +302.71 pt move · cell size = points contributed · color = direction, intensity = return

NVDA+112.1 pts(+1,004.9%)

TSM+39.3 pts(+310.2%)

AVGO+35.6 pts(+732.9%)

AMD+29.6 pts(+364.9%)

MU+28.2 pts(+1,262.7%)

KLAC+22.4 pts(+506.8%)

LRCX+22.1 pts(+478.5%)

AMAT+20.4 pts(+292.9%)

ASML+18.0 pts(+137.7%)

MRVL+17.0 pts

ADI+16.3 pts

CDNS+14.4 pts(+126.1%)

INTC+11.2 pts(+83.6%)

SNPS+9.3 pts(+41.1%)

QCOM

ARM+6.2 pts

TER+6.1 pts

ALAB+5.2 pts

MPWR+4.3 pts

TXN

Concentration curve

cumulative share of the +302.71 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%

From −56.27% (SWKS) to +1,262.70% (MU). Equal-weight, the SMH would be +277.10% vs the actual +119.62%; the gap is what cap weighting did.

By sector

point contribution · sums to +302.71 pts

Unknown25

+429.5

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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