Semiconductors have been a massive and rewarding investment theme for investors in recent years, but a a breather in is this red-hot sector seems imminent. After the first sign this week of potential profit taking in Nvidia since it's monster post-earning pop, now might be the time to hedge for further downside in the semiconductor space. I want to utilize SMH to express my protective and bearish strategy. SMH SPY YTD mountain VanEck Semiconductor ETF vs.
For clarity, I am still optimistic on the semiconductor space and AI overall in 2024 and beyond, but this parabolic move in these high-flying stocks has pushed many stocks into overbought territory in the month of May. In the event leading chipmaker Nvidia decides to back-and-fill to where it just was before its May 22 earnings report release around $950, that 15% pull back would weigh heavily on SMH, where Nvidia has a massive weighting.
mountain Nvidia , YTD What is "over ownership" you ask? As of February 2024, over 500 different ETFs now own Nvidia. The largest ETF to hold NVDA is the SPDR S & P 500 ETF Trust , which has almost 30 million shares, currently a 5.13% allocation or about $28 billion in market value, according to YCharts. However, semiconductor ETFs and specialized AI themed ETFs have the highest exposure to NVDA by allocation percentage.
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