SMH · WMTMT

Feb 25Apr 13May 27Jul 14Aug 26

Breadth

22 / 25

stocks rose with the index

Concentration

43%

of the gain from AMD, INTC, MU

Biggest driver

AMD +20.97

class="svelte-mfd49r">4, +128.08%

Biggest drag

SNPS −0.61

class="svelte-mfd49r">16, −8.72%

What drove it

25 members · drivers first · 6M · residual 798.6bp exceeds 60bp gate

The SMH rose 30.41% (+129.61 pts) over the past six months in a broad advance: 22 of 25 stocks rose, with AMD out front at +20.97 points.

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

+131.4 pts from 24 gainers−0.6 pts from 1 losers

net +129.6 pts · gainers outweigh losers 214.2 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+129.6

+30.41%

AMDclass="svelte-mfd49r">4

+21.0

+128.08%

INTCclass="svelte-mfd49r">13

+17.2

+88.23%

MUclass="svelte-mfd49r">7

+17.1

+118.84%

MRVLclass="svelte-mfd49r">14

+13.2

+203.05%

LRCXclass="svelte-mfd49r">12

+7.6

+25.65%

AMATclass="svelte-mfd49r">9

+6.7

+21.62%

QCOMclass="svelte-mfd49r">10

+6.4

+13.43%

TXNclass="svelte-mfd49r">6

+5.8

+23.00%

ASMLclass="svelte-mfd49r">5

+5.7

+14.61%

KLACclass="svelte-mfd49r">11

+5.5

+19.01%

TSMclass="svelte-mfd49r">2

+4.4

+8.27%

NVDAclass="svelte-mfd49r">1

+3.5

+7.34%

ARMclass="svelte-mfd49r">21

+3.1

+90.57%

ALABclass="svelte-mfd49r">23

+3.0

+126.53%

STMclass="svelte-mfd49r">20

+2.2

+44.33%

AVGOclass="svelte-mfd49r">3

+2.1

+7.40%

ADIclass="svelte-mfd49r">8

+2.0

+3.65%

CDNSclass="svelte-mfd49r">15

+1.7

+10.88%

TERclass="svelte-mfd49r">18

+1.2

+5.95%

MPWRclass="svelte-mfd49r">17

+1.1

+6.19%

ONclass="svelte-mfd49r">24

+0.7

+5.08%

NXPIclass="svelte-mfd49r">19

+0.2

−4.25%

SWKSclass="svelte-mfd49r">25

+0.2

+12.32%

MCHPclass="svelte-mfd49r">22

+0.0

−1.40%

SNPSclass="svelte-mfd49r">16

−0.6

−8.72%

Cap weighting, illustrated

class="svelte-mfd49r">10 and class="svelte-mfd49r">25 moved almost identically (+13.43% vs +12.32%), yet QCOM moved the SMH 37.8× 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 +129.61 pt move · cell size = points contributed · color = direction, intensity = return

AMD+21.0 pts(+128.1%)

INTC+17.2 pts(+88.2%)

MU+17.1 pts(+118.8%)

MRVL+13.2 pts(+203.0%)

LRCX+7.6 pts

AMAT+6.7 pts(+21.6%)

QCOM+6.4 pts(+13.4%)

TXN+5.8 pts

ASML+5.7 pts

KLAC+5.5 pts(+19.0%)

TSM+4.4 pts(+8.3%)

NVDA+3.5 pts(+7.3%)

ARM+3.1 pts

ALAB+3.0 pts

STM+2.2 pts

AVGO+2.1 pts

ADI+2.0 pts

CDNS+1.7 pts

TER

Concentration curve

cumulative share of the +129.61 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−50%0%+50%+100%+150%+200%

From −8.72% (SNPS) to +203.05% (MRVL). Equal-weight, the SMH would be +38.25% vs the actual +30.41%; the gap is what cap weighting did.

By sector

point contribution · sums to +129.61 pts

Unknown25

+130.8

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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