SMH · WMTMT

Jun 30Jul 15Jul 29Aug 11Aug 25

Breadth

24 / 25

stocks fell with the index

Concentration

41%

of the decline from KLAC, AMAT, INTC

Biggest driver

KLAC −15.07

class="svelte-mfd49r">11, −39.23%

Biggest offset

NVDA +8.04

class="svelte-mfd49r">1, +6.48%

What drove it

25 members · detractors first · QTD · residual 0.1bp within 60bp gate

The SMH fell 15.26% (−100.07 pts) so far this quarter in a broad selloff: 24 of 25 stocks fell, with KLAC out front at −15.07 points.

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

+8.0 pts from 1 gainers−108.1 pts from 24 losers

net −100.1 pts · losers outweigh gainers 13.5 to 1

Stock

Points

Return

SMHsum of all 25 stocks

−100.1

−15.26%

KLACclass="svelte-mfd49r">11

−15.1

−39.23%

AMATclass="svelte-mfd49r">9

−13.0

−33.60%

INTCclass="svelte-mfd49r">13

−12.8

−37.35%

LRCXclass="svelte-mfd49r">12

−8.3

−27.39%

TSMclass="svelte-mfd49r">2

−7.4

−12.60%

AMDclass="svelte-mfd49r">4

−6.8

−17.51%

MUclass="svelte-mfd49r">7

−6.0

−19.16%

MRVLclass="svelte-mfd49r">14

−4.7

−19.29%

TXNclass="svelte-mfd49r">6

−4.1

−12.31%

ASMLclass="svelte-mfd49r">5

−3.8

−12.21%

QCOMclass="svelte-mfd49r">10

−3.8

−13.11%

ALABclass="svelte-mfd49r">23

−3.5

−41.48%

STMclass="svelte-mfd49r">20

−3.0

−33.94%

ARMclass="svelte-mfd49r">21

−2.5

−31.87%

TERclass="svelte-mfd49r">18

−2.3

−24.27%

NXPIclass="svelte-mfd49r">19

−1.9

−20.03%

ADIclass="svelte-mfd49r">8

−1.8

−5.92%

CDNSclass="svelte-mfd49r">15

−1.8

−11.57%

AVGOclass="svelte-mfd49r">3

−1.6

−5.56%

MCHPclass="svelte-mfd49r">22

−1.4

−19.41%

ONclass="svelte-mfd49r">24

−1.1

−23.30%

SNPSclass="svelte-mfd49r">16

−1.1

−8.36%

MPWRclass="svelte-mfd49r">17

−0.5

−5.66%

SWKSclass="svelte-mfd49r">25

−0.0

−3.10%

NVDAclass="svelte-mfd49r">1

+8.0

+6.48%

Cap weighting, illustrated

class="svelte-mfd49r">12 and class="svelte-mfd49r">24 moved almost identically (−27.39% vs −23.30%), yet LRCX moved the SMH 7.5× 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 −100.07 pt move · cell size = points contributed · color = direction, intensity = return

KLAC−15.1 pts(−39.2%)

AMAT−13.0 pts(−33.6%)

INTC−12.8 pts(−37.3%)

LRCX−8.3 pts(−27.4%)

NVDA+8.0 pts(+6.5%)

TSM−7.4 pts(−12.6%)

AMD−6.8 pts(−17.5%)

MU−6.0 pts(−19.2%)

MRVL−4.7 pts(−19.3%)

TXN−4.1 pts(−12.3%)

ASML−3.8 pts

QCOM−3.8 pts(−13.1%)

ALAB−3.5 pts(−41.5%)

STM−3.0 pts

ARM−2.5 pts(−31.9%)

TER−2.3 pts(−24.3%)

NXPI−1.9 pts

ADI−1.8 pts

CDNS−1.8 pts

MCHP

SNPS

MPWR

Concentration curve

cumulative share of the −100.07 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−50%−40%−30%−20%−10%0%

From −41.48% (ALAB) to +6.48% (NVDA). Equal-weight, the SMH would be −18.70% vs the actual −15.26%; the gap is what cap weighting did.

By sector

point contribution · sums to −100.07 pts

Unknown25

−100.1

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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