The Kobeissi Letter(@KobeissiLetter):Semiconductor stocks are facing one of their most volatile periods in history: The semiconductor index, $SOX, saw intraday swings of at least 2% in all 22 trading days in July, matching the reading last seen in 2020. Before that, such a period last occurred during the 2008 Financial Crisis. This comes as $SOX fell -21% in July, its worst monthly performance since October 2008, erasing $2.2 trillion from the index's market cap. As a result, 60-day realized volatility on the index surged to ~66%, the highest since the 2020 pandemic, when it peaked at ~85%. By comparison, volatility reached ~75% during the 2008 Financial Crisis. Semiconductor stocks are seeing crisis-level volatility.

2026.08.04 00:11

Semiconductor stocks are facing one of their most volatile periods in history: The semiconductor index, $SOX, saw intraday swings of at least 2% in all 22 trading days in July, matching the reading last seen in 2020. Before that, such a period last occurred during the 2008 Financial Crisis. This comes as $SOX fell -21% in July, its worst monthly performance since October 2008, erasing $2.2 trillion from the index's market cap. As a result, 60-day realized volatility on the index surged to ~66%, the highest since the 2020 pandemic, when it peaked at ~85%. By comparison, volatility reached ~75% during the 2008 Financial Crisis. Semiconductor stocks are seeing crisis-level volatility.