Key events, in time order
Rising long-end Treasury yields and AI capex/valuation repricing hit high-beta compute and chip chain
Semis outpacing software again; NVDA earnings next week seen as potential catalyst or reversal risk
SMH down 1.5% intraday; technicians reiterate diamond top with lower highs
SMH prints bullish reversal candle weekly, still in downtrend; software strengthens, semis lag
Multiple sources disclose SMH latest weights, top five: NVDA, TSM, AVGO, AMD, MU
SEC filing reveals significant reduction, indicating cautious stance among some investors.
New ETNs offer 3x daily long/short exposure to SMH, adding leveraged tools for semiconductor trading.
Diamond top broke Jul 16, tumbled, retraced to resistance; cautious tone
July 28: SMH fell 3.7%, record volume, $4B darkpool trades
Scotia cut 95.5%, Caxton cut 75.3%, signaling institutional outflow
Institutional selling signals caution on semis ETF
Multiple independent technicians confirm SMH's sustained weakness; market health signal turned bearish
Weak South Korea and memory names pressure SMH; rejection at July value area low
Record July inflows into chip ETFs despite worst monthly drop since 2008; SMH -15.2%
Multiple sources confirm strong semi ETF rebound, DRAM leads; price action only, no new facts
Multiple sources note SMH near 100-day MA, untested since March, historically supportive
Millions in SMH put sellers at EOD; coincides with IGV/SMH fwd P/E cross and ASML dip
BofA calls longs 'most crowded trade ever'; SMH +66.7% YTD; SOX 1-mo vol ~61 vs ~12 for SPX
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The VanEck Semiconductor ETF ($SMH) is experiencing mixed sentiment, with some seeing it as a drag on the market ahead of Nvidia earnings, while others note its significant weighting in AI-related ETFs.
Main discussion
Different voices
$NVDA is the largest holding in the S&P 500, the Nasdaq 100, and nearly every semiconductor and AI fund in the market Here are some of the Best ways investors can get exposure to NVIDIA through ETFs today: Direct Index Exposure: $SMH VanEck Semiconductor ETF - 19.57% weighting $S
$SMH Continue to drag on the markets. Gap to fill here, it's been flirting with it for 3 sessions now. $NVDA earnings loom large Wed. https://schrts.co/wYFGnuIQ
$VIX is saying patriots will pop the AI bubble and save the bond market. $spy $qqq $smh $soxx $TLT https://t.co/B4bk6yHYf4
When AI trade can’t make new high, when discretionary stuck in a range for more than 300 days, with Housing is frozen; auto loan delinquencies hit higher than 2008 GFC, I know no one could see what’s coming next. $TLT $SPY $MU $SOxx $SMh
8/22/26 Portfolio Update Long positions (167.0%) $HY9H.DE — 12.4% $DAVE — 8.2% $9984 — 7.6% $INTC — 7.2% $BDSX — 6.8% $XGN — 6.2% $IAUM — 5.5% $CADL — 5.2% $AMZN — 4.9% $QTRX — 4.8% Short positions (-70.2%) $MTUM — -27.9% $ARMG — -2.4% $SMH — -1.9% $KORU — -1.9% $9434 — -1.7% $QL
Here is where ETF investors put their money and pulled it from this past week: Inflows: 🥇 $SPY State Street SPDR S&P 500 ETF Trust +$16.17B 🟢 🥈 $VOO Vanguard S&P 500 ETF +$5.53B 🟢 🥉 $VTI Vanguard Morningstar Total Stock Market ETF +$2.08B 🟢 4. $SGOV iShares 0-3 Month Treasury Bon
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Facts and opinions separated · All items sourced · Not investment advice
