Why SOXX’s next 12 months hinge on five tech giants’ capex decisions
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The iShares Semiconductor ETF (SOXX) has surged, driven by hyperscaler AI capital expenditure. Its performance hinges on capex decisions by Meta, Microsoft, Alphabet, Amazon, and Oracle. Key risks include NVIDIA's underperformance relative to peers like Micron and AMD, which will trigger mechanical rebalancing that reduces NVIDIA exposure. Investors should monitor quarterly hyperscaler guidance and supply commitments for signs of a cycle downturn.
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