Investor Alert

July 9, 2020, 1:32 p.m. EDT

Chipmaker ETFs push higher Thursday, on track for best week since early June

Semiconductor exchange-traded funds outperformed the broader market Thursday as investors continued to bet on more upside for technology companies. The iShares PHLX Semiconductor ETF (NAS:SOXX) was 1% higher in the early afternoon, the SPDR S&P Semiconductor ETF (PSE:XSD) rose 0.9%, and the VanEck Vectors Semiconductor ETF (NAS:SMH) jumped 1.3%. All were on track for their best week in five weeks. Most of those funds have a sizable portfolio holding of NVIDIA Corp. (NAS:NVDA) , which was up 2.2% in the early afternoon, and which on Wednesday overtook Intel Corp. (NAS:INTC) to become the largest chipmaker, by market cap. Intel shares were about 0.2% lower Thursday afternoon, while the broader Nasdaq Composite Index (AMERICAN:COMP) was 0.2% higher. In the year today, Nvidia has gained 78%, and the iShares ETF, the largest in the space, is up 12%, compared to a 17% gain for the Nasdaq, and losses for other benchmark indexes.

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