Semiconductors $SMH are starting to trend lower relative to software $IGV for the first time since May 12, 2025. The longest ever streak above the 200 DMA for the ratio. After such extended streaks, semiconductors tended to struggle relative to software.

Semiconductors power the AI boom but the value chain behind them is anything but simple. ⚙️🤖 Our latest Medium article breaks down the semiconductor ecosystem, from design and materials to foundries, packaging, and the companies shaping the future of AI hardware. Read more 👇

Semiconductors have been one of the market's marquee stories this year. Groups that draw that much attention tend to move hard, and in both directions, so the daily swings can be large. For the days you want to act on those moves, the MicroSectors™ Semiconductor ETNs give you both: the 3X Long Semiconductor ETNs $SMHU target +3X and the -3X Short Semiconductor ETNs $SMHD target -3X the daily move of the VanEck Semiconductor ETF $SMH . The 0.70% annual Daily Investor Fee on both ETNs is waived through January 31, 2027. Other charges apply. Daily trading tools for sophisticated investors. Subject to BMO credit risk. For more information, please visit:

HOW SEMICONDUCTORS ARE PRICED ON 2027 EARNINGS • $INTC 53x • $ALAB 47x • $ANET 39x • $AMD 36x • $MRVL 36x • $ASML 28x • $KLAC 26x • $LRCX 25x • $AMAT 24x • $COHR 23x • $LITE 23x • $AAOI 23x • $TSM 20x • $CRDO 18x • $AVGO 18x • $ON 15x • $NVDA 14x • $SNDK 7x • $MU 6x • $SKHY 4x

NXP SEMICONDUCTORS SAYS A UNIT ENTERED A $250 MLN UNSECURED SENIOR LOAN FACILITY WITH THE EIB ON SEPT. 1, 2026, WITH PROCEEDS TO FUND THE EXPANSION OF A SEMICONDUCTOR FACILITY IN KUALA LUMPUR, MALAYSIA, AND THE FACILITY LOANS POTENTIALLY USD OR EURO-DENOMINATED WITH A MAXIMUM TENOR OF SIX YEARS - SEC FILING