Semiconductor Stocks
Top 10 of 25 SMH holdings, updated
As of 12 October 2026, semiconductor stocks have turned up: behind the S&P 500 over the longer run, but ahead over the past month. SMH beats the S&P 500 by 1.9 points over one month and ranks #12 of 115 groups Zensei tracks. 10 of the 25 semiconductor stocks Zensei prices in SMH beat the fund this month.
Where semiconductor stocks stand now
As of 12 October 2026, Semiconductors (SMH) ranks #12 of the 115 groups Zensei tracks by one-month return against the S&P 500. It has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 4.9 points, but over the past month it has moved clearly ahead of the market — a 1.9-point edge that puts it in the Emerging quadrant.
On the shorter tape, SMH's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. SMH's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via VanEck Semiconductor ETF, whose 25 tracked holdings are led by Nvidia Corp, Taiwan Semiconductor Manufacturing Co Ltd and Advanced Micro Devices Inc. Weighted by portfolio, the fund's holdings trade at roughly 34.9× earnings. The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
Top semiconductor stocks right now
The largest semiconductor stocks by weight in SMH, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of SMH
- 1Nvidia CorpNVDA19.5%
- 2Taiwan Semiconductor Manufacturing Co LtdTSM9.4%
- 3Advanced Micro Devices IncAMD5.7%
- 4Broadcom IncAVGO5.3%
- 5Marvell Technology IncMRVL4.7%
Strongest this month
1-month return, holdings Zensei prices
- 1Synopsys IncSNPS+26.5%
- 2Cadence Design Systems IncCDNS+20.4%
- 3Advanced Micro Devices IncAMD+15.1%
- 4Marvell Technology IncMRVL+12.6%
- 5Astera Labs IncALAB+11.3%
Semiconductor Stocks vs the S&P 500
Over the week to 12 October 2026, SMH fell 6.8% while the S&P 500 rose 0.4%. SMH and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means SMH won that window.
Prices as of · computed from daily adjusted closes · how we measure
Semiconductors on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are semiconductor stocks expensive?
The price-to-earnings ratio of SMH as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
SMH holdings: the semiconductor stocks inside
As of 12 October 2026, 10 of the 25 semiconductor stocks Zensei prices in SMH beat the fund over the past month. 14 of them beat the S&P 500. The strongest is Synopsys Inc (SNPS); the weakest is Sk Hynix Inc (SKHY). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | NVDANvidia Corp | 19.5% | +3.7% | +11.3% | −0.3 pts | Weak | Broken |
| 2 | TSMTaiwan Semiconductor Manufacturing Co Ltd | 9.4% | +2.9% | +5.7% | −1.1 pts | Weak | Broken |
| 3 | AMDAdvanced Micro Devices Inc | 5.7% | +15.1% | +11.2% | +11.2 pts | Weak | Fading |
| 4 | AVGOBroadcom Inc | 5.3% | −1.8% | −7.5% | |||
| 5 | MRVLMarvell Technology Inc | 4.7% | +12.6% | +22.2% | |||
| 6 | TXNTexas Instruments Inc | 4.7% | +4.9% | −5.2% | |||
| 7 | MUMicron Technology Inc | 4.6% | +1.4% | +5.6% | |||
| 8 | AMATApplied Materials Inc | 4.6% | +9.0% | −13.4% | |||
| 9 | KLACKla Corp | 4.4% | +5.2% | −14.4% | |||
| 10 | ASMLASML Holding NV | 4.3% | +3.1% | +1.5% |
All 25 SMH holdings by weight: Nvidia Corp (NVDA) 19.5%, Taiwan Semiconductor Manufacturing Co Ltd (TSM) 9.4%, Advanced Micro Devices Inc (AMD) 5.7%, Broadcom Inc (AVGO) 5.3%, Marvell Technology Inc (MRVL) 4.7%, Texas Instruments Inc (TXN) 4.7%, Micron Technology Inc (MU) 4.6%, Applied Materials Inc (AMAT) 4.6%, Kla Corp (KLAC) 4.4%, ASML Holding NV (ASML) 4.3%, Intel Corp (INTC) 4.3%, Lam Research Corp (LRCX) 4.3%, Sk Hynix Inc (SKHY) 4.2%, Analog Devices Inc (ADI) 4.1%, Qualcomm Inc (QCOM) 3.5%, Cadence Design Systems Inc (CDNS) 2.0%, Synopsys Inc (SNPS) 2.0%, Teradyne Inc (TER) 1.3%, Monolithic Power Systems Inc (MPWR) 1.3%, Astera Labs Inc (ALAB) 1.2%, Arm Holdings PLC (ARM) 1.1%, Nxp Semiconductors NV (NXPI) 1.0%, Stmicroelectronics NV (STM) 1.0%, Microchip Technology Inc (MCHP) 0.8%, On Semiconductor Corp (ON) 0.5%.
Semiconductor Stocks: common questions
What are the top 3 semiconductor stocks?
As of 12 October 2026, the three largest semiconductor stocks in SMH by fund weight are Nvidia Corp (NVDA) (19.5%), Taiwan Semiconductor Manufacturing Co Ltd (TSM) (9.4%) and Advanced Micro Devices Inc (AMD) (5.7%). Fund weight shows size inside the fund, not a recommendation.
Which semiconductor stocks are beating the sector?
As of 12 October 2026, 10 of the 25 semiconductor stocks Zensei prices in SMH beat the fund over the past month. The strongest over the past month is Synopsys Inc (SNPS). The list above shows every holding with its weight and returns.
Are semiconductor stocks outperforming the S&P 500?
Yes. As of 12 October 2026, SMH has beaten the S&P 500 by 1.9 points over the past month.
Is it a good time to invest in semiconductor stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, semiconductor stocks are behind the S&P 500 over the longer window but ahead over the past month, an early turn. The rotation map and the read on this page show whether that trend is building or fading.
What is SMH?
SMH is VanEck Semiconductor ETF. Zensei uses it to measure semiconductor stocks against the S&P 500 (SPY).
What stocks does SMH own?
As of 12 October 2026, the largest of the 25 positions Zensei tracks in SMH are Nvidia Corp, Taiwan Semiconductor Manufacturing Co Ltd, Advanced Micro Devices Inc, Broadcom Inc, Marvell Technology Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is semiconductors in right now?
As of 12 October 2026, semiconductors is in the Emerging quadrant — behind the market over the longer window, but ahead over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: gaining ground
Related sectors
Track semiconductors against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.