03/08/2026 09:39

Philadelphia Semiconductor SOX Index

The SOX endured a brutal July, falling 21% from its late-June peak and, at its worst, entering bear market territory with a plunge approaching 30%. The selloff reflected the much discussed broad unwind of the AI trade as investors questioned the returns on enormous AI infrastructure spending. Sentiment deteriorated at the end of July following reports that Anthropic was developing its own AI chip, SK Hynix suffered its worst one-day decline in 18 years due to leverage unwind, and evidence emerged of China's rapid advances in chipmaking, fuelling concerns over intensifying competition for Western semiconductor leaders.

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20/07/2026 09:16

Chart of the Week: The Philadelphia Semiconductor Index (SOX)

Remarkably, after surging higher over the last 18-months the SOX index has now entered a bear market - a great example of elastic bands stretching further than most people expect before snapping hard, in this case as we’ve touched on earlier a classic one-two from leverage and crowded positioning. However, we wouldn’t write off the sector in a hurry, these stocks make huge profits, there’s no smoke and mirrors here - The 30 constituents of SOX are collectively forecast to generate approximately US$410bn in net profit in 2026 making it one of the most profitable sectors in the world by absolute dollar earnings.

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28/04/2026 09:07

iShares Semiconductor ETF (NASDAQ:SOXX)

The “chip sector” has led the line in the US, with the US-traded iShares Semiconductor ETF (SOXX) a great tradeable illustration. To understand its make up, Broadcom Inc, Advanced Micro Devices, Micron Technology, Nvidia and Intel make up ~35% of the ETF.

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10/04/2026 09:17

iShares Semiconductors ETF (SOXX US) $US378.63

The US-traded iShares Semiconductor ETF (SOXX US) is the benchmark US-listed semiconductor vehicle, the one professional investors reach for first when they want to express a view on the chip cycle. Managed by BlackRock and launched back in 2001, it has more than two decades of history and the liquidity and AUM to match - its AUM are ~57x larger than the ASX-listed SEMI ETF.

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