The David Lin Report · Friday, August 7, 2026
The VanEck Semiconductor ETF (SMH) has declined by approximately 25% in just six weeks, a rapid drop reminiscent of the dot-com bubble's onset. While the ETF has experienced downturns before, the current speed and magnitude are notable, prompting analysis of potential wider implications for the US semiconductor industry.
“The software index in particular. After before I pull up your slide deck, let me just show you a chart of the, uh, SMH, which is the VanEck Semiconductor ETF as a proxy for the semi industry here in the US.”
“Already down about 22, 23% from its top early in June. And, uh, this decline is, some say mirroring the decline of the beginning of the 2000 dot-com bubble bust.”
“Here we're talking about a month and a half, it's already down 25%.”