SMH · WMTMT

Dec 31Mar 3Apr 29Jun 29Aug 25

Breadth

23 / 25

stocks rose with the index

Concentration

31%

of the gain from MU, AMD, TSM

Biggest driver

MU +22.63

class="svelte-mfd49r">7, +227.04%

Biggest drag

SNPS −0.88

class="svelte-mfd49r">16, −12.97%

What drove it

25 members · drivers first · YTD · residual 1249.1bp exceeds 60bp gate

The SMH rose 54.34% (+195.69 pts) so far this year in a broad advance: 23 of 25 stocks rose, with MU out front at +22.63 points.

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

+197.5 pts from 24 gainers−0.9 pts from 1 losers

net +195.7 pts · gainers outweigh losers 224.9 to 1

Stock

Points

Return

SMHsum of all 25 stocks

+195.7

+54.34%

MUclass="svelte-mfd49r">7

+22.6

+227.04%

AMDclass="svelte-mfd49r">4

+19.6

+123.75%

TSMclass="svelte-mfd49r">2

+18.3

+38.04%

INTCclass="svelte-mfd49r">13

+17.9

+137.07%

NVDAclass="svelte-mfd49r">1

+16.8

+14.37%

AMATclass="svelte-mfd49r">9

+14.4

+87.26%

LRCXclass="svelte-mfd49r">12

+13.1

+84.16%

ASMLclass="svelte-mfd49r">5

+13.1

+63.61%

MRVLclass="svelte-mfd49r">14

+11.8

+183.20%

TXNclass="svelte-mfd49r">6

+10.1

+51.64%

KLACclass="svelte-mfd49r">11

+9.8

+51.28%

ADIclass="svelte-mfd49r">8

+7.7

+38.59%

TERclass="svelte-mfd49r">18

+3.8

+89.46%

STMclass="svelte-mfd49r">20

+3.4

+91.48%

MPWRclass="svelte-mfd49r">17

+2.8

+44.36%

ARMclass="svelte-mfd49r">21

+2.7

+120.99%

QCOMclass="svelte-mfd49r">10

+2.3

−5.16%

CDNSclass="svelte-mfd49r">15

+1.8

+6.18%

ALABclass="svelte-mfd49r">23

+1.7

+69.90%

ONclass="svelte-mfd49r">24

+1.4

+33.91%

MCHPclass="svelte-mfd49r">22

+0.9

+16.60%

AVGOclass="svelte-mfd49r">3

+0.8

+3.45%

NXPIclass="svelte-mfd49r">19

+0.7

+4.43%

SWKSclass="svelte-mfd49r">25

+0.1

+5.73%

SNPSclass="svelte-mfd49r">16

−0.9

−12.97%

Cap weighting, illustrated

class="svelte-mfd49r">2 and class="svelte-mfd49r">24 moved almost identically (+38.04% vs +33.91%), yet TSM moved the SMH 13.1× 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 +195.69 pt move · cell size = points contributed · color = direction, intensity = return

MU+22.6 pts(+227.0%)

AMD+19.6 pts(+123.7%)

TSM+18.3 pts(+38.0%)

INTC+17.9 pts(+137.1%)

NVDA+16.8 pts(+14.4%)

AMAT+14.4 pts(+87.3%)

LRCX+13.1 pts(+84.2%)

ASML+13.1 pts(+63.6%)

MRVL+11.8 pts(+183.2%)

TXN+10.1 pts(+51.6%)

KLAC+9.8 pts(+51.3%)

ADI+7.7 pts(+38.6%)

TER+3.8 pts

STM+3.4 pts

MPWR+2.8 pts

ARM+2.7 pts

QCOM+2.3 pts

CDNS

ALAB

SNPS

MCHP

Concentration curve

cumulative share of the +195.69 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 −12.97% (SNPS) to +227.04% (MU). Equal-weight, the SMH would be +64.20% vs the actual +54.34%; the gap is what cap weighting did.

By sector

point contribution · sums to +195.69 pts

Unknown25

+196.6

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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