SMH.L is trading 4.1% down today as investors rotate out of high-valuation chip and AI names amid rising macro and geopolitical risks.
- A sharp sector selloff followed TSMC’s record earnings and massive capex plans, while hawkish Fed commentary on inflation further dampened investor sentiment.
- Escalating U.S.–Iran tensions have triggered a broader risk-off move across global technology, weighing heavily on semiconductor-focused funds.