Philadelphia Semiconductor Index (SOX)

The semiconductors index received a major test overnight and came through relatively unscathed, slipping only 0.5% despite the turmoil at NVIDIA – the chip heavyweight has historically carried an 8- 10% weight in the index. We are very encouraged that the AI Trade is alive and well after the SOX shrugged off uncertainties around NVIDIA, with other members like Broadcom and AMD offsetting losses centred around Jensen Huang’s ousting.

• We can see new highs for the SOX while last week’s swing low holds – still more than 10% away.