SMH · WMTMT

Sep 30Oct 2Oct 6Oct 7Oct 9

Breadth

15 / 25

stocks fell with the index

Concentration

100%+

of the decline from INTC, SKHY, QCOM

Biggest driver

INTC −3.75

class="svelte-77tdkt">10, −12.92%

Biggest offset

SNPS +1.65

class="svelte-77tdkt">17, +17.26%

What drove it

25 members · detractors first · QTD · residual 3.8bp within 60bp gate

The SMH fell 0.93% (−5.67 pts) so far this quarter, and more than all of that decline came from just three stocks: INTC, SKHY, QCOM.

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

+5.7 pts from 10 gainers−11.3 pts from 15 losers

net −5.7 pts · losers outweigh gainers 2.0 to 1

Stock

Points

Return

SMHsum of all 25 stocks

−5.7

−0.93%

INTCclass="svelte-77tdkt">10

−3.7

−12.92%

SKHYclass="svelte-77tdkt">13

−2.0

−8.21%

QCOMclass="svelte-77tdkt">15

−1.0

−4.64%

MUclass="svelte-77tdkt">5

−0.9

−3.39%

LRCXclass="svelte-77tdkt">12

−0.7

−2.94%

ARMclass="svelte-77tdkt">21

−0.6

−8.07%

TSMclass="svelte-77tdkt">2

−0.4

−0.64%

AMDclass="svelte-77tdkt">3

−0.4

−0.60%

ALABclass="svelte-77tdkt">20

−0.4

−3.87%

ASMLclass="svelte-77tdkt">11

−0.4

−1.73%

NXPIclass="svelte-77tdkt">22

−0.3

−4.21%

AMATclass="svelte-77tdkt">7

−0.2

−0.85%

STMclass="svelte-77tdkt">23

−0.2

−2.44%

MCHPclass="svelte-77tdkt">24

−0.1

−2.85%

TERclass="svelte-77tdkt">18

−0.0

−0.55%

ONclass="svelte-77tdkt">25

+0.0

+0.86%

MPWRclass="svelte-77tdkt">19

+0.2

+2.90%

KLACclass="svelte-77tdkt">9

+0.2

+0.33%

TXNclass="svelte-77tdkt">8

+0.2

+1.30%

NVDAclass="svelte-77tdkt">1

+0.3

+0.39%

ADIclass="svelte-77tdkt">14

+0.5

+2.39%

CDNSclass="svelte-77tdkt">16

+0.7

+6.86%

AVGOclass="svelte-77tdkt">4

+0.9

+2.95%

MRVLclass="svelte-77tdkt">6

+0.9

+4.19%

SNPSclass="svelte-77tdkt">17

+1.7

+17.26%

Cap weighting, illustrated

class="svelte-77tdkt">2 and class="svelte-77tdkt">18 moved almost identically (−0.64% vs −0.55%), yet TSM moved the SMH 25.1× 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 −5.67 pt move · cell size = points contributed · color = direction, intensity = return

INTC−3.7 pts(−12.9%)

SKHY−2.0 pts(−8.2%)

SNPS+1.7 pts(+17.3%)

QCOM−1.0 pts(−4.6%)

MRVL+0.9 pts(+4.2%)

MU−0.9 pts(−3.4%)

AVGO+0.9 pts

CDNS+0.7 pts(+6.9%)

LRCX−0.7 pts(−2.9%)

ARM−0.6 pts

ADI+0.5 pts

TSM−0.4 pts(−0.6%)

AMD−0.4 pts(−0.6%)

ALAB−0.4 pts(−3.9%)

ASML−0.4 pts(−1.7%)

NVDA+0.3 pts(+0.4%)

NXPI

TXN+0.2 pts

KLAC+0.2 pts

AMAT

MPWR+0.2 pts

STM

MCHP

Concentration curve

cumulative share of the −5.67 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−15%−5%+5%+15%

From −12.92% (INTC) to +17.26% (SNPS). Equal-weight, the SMH would be −0.74% vs the actual −0.93%; the gap is what cap weighting did.

By sector

point contribution · sums to −5.67 pts

Unknown25

−5.7

The year, session by session

every trading day of 2026 · hover for the move

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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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