Semiconductors are getting slammed relative to tech right now.
$SOXX down 11.7% this quarter while $QQQ is slightly positive. That's a 12.3 percentage point gap — the worst underperformance since Q3 2002.
For context, that's even wider than the 11.6 point lag during the Financial Crisis in late 2007.
But zoom out: chips just had their best quarter ever in Q2, outperforming by 67 points. They're still up 88% year-to-date vs 21% for the Nasdaq 100.
This looks like a natural pullback after a parabolic move. The question is whether it's just profit-taking or something deeper brewing in the chip cycle.
$SOXX down 11.7% this quarter while $QQQ is slightly positive. That's a 12.3 percentage point gap — the worst underperformance since Q3 2002.
For context, that's even wider than the 11.6 point lag during the Financial Crisis in late 2007.
But zoom out: chips just had their best quarter ever in Q2, outperforming by 67 points. They're still up 88% year-to-date vs 21% for the Nasdaq 100.
This looks like a natural pullback after a parabolic move. The question is whether it's just profit-taking or something deeper brewing in the chip cycle.
