---
title: "Why SOXX’s next 12 months hinge on five tech giants’ capex decisions"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/289123617.md"
description: "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."
datetime: "2026-06-09T02:11:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/289123617.md)
  - [en](https://longbridge.com/en/news/289123617.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/289123617.md)
---

# Why SOXX’s next 12 months hinge on five tech giants’ capex decisions

Quick ReadSOXX has surged 89% YTD and 174% over the past year, fueled by five hyperscalers physically wiring billions into AI data centers.NVDA has lagged the basket while MU surged 240% YTD, so the next quarterly rebalance will mechanically trim winners and top up NVDA.NVIDIA's supply commitments hit $119B as Q2 revenue guidance reached $91B; two ...

### Related Stocks

- [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md)
- [AMD.US](https://longbridge.com/en/quote/AMD.US.md)
- [META.US](https://longbridge.com/en/quote/META.US.md)
- [MU.US](https://longbridge.com/en/quote/MU.US.md)
- [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md)
- [ORCL.US](https://longbridge.com/en/quote/ORCL.US.md)
- [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md)
- [MUYY.US](https://longbridge.com/en/quote/MUYY.US.md)
- [AMDD.US](https://longbridge.com/en/quote/AMDD.US.md)
- [GOOY.US](https://longbridge.com/en/quote/GOOY.US.md)
- [NYYY.US](https://longbridge.com/en/quote/NYYY.US.md)
- [NVYY.US](https://longbridge.com/en/quote/NVYY.US.md)
- [FBY.US](https://longbridge.com/en/quote/FBY.US.md)
- [NVDW.US](https://longbridge.com/en/quote/NVDW.US.md)
- [NVDO.US](https://longbridge.com/en/quote/NVDO.US.md)
- [NVDG.US](https://longbridge.com/en/quote/NVDG.US.md)
- [FBYY.US](https://longbridge.com/en/quote/FBYY.US.md)
- [NVDB.US](https://longbridge.com/en/quote/NVDB.US.md)
- [NVD.US](https://longbridge.com/en/quote/NVD.US.md)
- [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md)
- [METW.US](https://longbridge.com/en/quote/METW.US.md)
- [METD.US](https://longbridge.com/en/quote/METD.US.md)
- [AMUU.US](https://longbridge.com/en/quote/AMUU.US.md)
- [FBL.US](https://longbridge.com/en/quote/FBL.US.md)
- [07388.HK](https://longbridge.com/en/quote/07388.HK.md)
- [NVDQ.US](https://longbridge.com/en/quote/NVDQ.US.md)
- [NVDD.US](https://longbridge.com/en/quote/NVDD.US.md)
- [NVDU.US](https://longbridge.com/en/quote/NVDU.US.md)
- [GOOW.US](https://longbridge.com/en/quote/GOOW.US.md)
- [NVDX.US](https://longbridge.com/en/quote/NVDX.US.md)
- [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md)
- [MUU.US](https://longbridge.com/en/quote/MUU.US.md)
- [NVDS.US](https://longbridge.com/en/quote/NVDS.US.md)
- [METU.US](https://longbridge.com/en/quote/METU.US.md)
- [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md)
- [AMDL.US](https://longbridge.com/en/quote/AMDL.US.md)
- [ORCX.US](https://longbridge.com/en/quote/ORCX.US.md)
- [MULL.US](https://longbridge.com/en/quote/MULL.US.md)
- [07788.HK](https://longbridge.com/en/quote/07788.HK.md)
- [GGLS.US](https://longbridge.com/en/quote/GGLS.US.md)
- [MUD.US](https://longbridge.com/en/quote/MUD.US.md)
- [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md)
- [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md)

## Related News & Research

- [Nvidia loses almost $330 billion in value as AI stock fears spread](https://longbridge.com/en/news/290306817.md)
- [Groq raises $650 million for AI inference cloud after Nvidia licensing deal](https://longbridge.com/en/news/290485093.md)
- [Meta pauses an AI training program that tracks employees' keystrokes after a companywide leak](https://longbridge.com/en/news/290475410.md)
- [Meta cut 8,000 jobs after its best quarter ever — months earlier, 6 executives got options worth up to $921 million each](https://longbridge.com/en/news/290591359.md)
- [Meta Faces Growing Pressure From Trump Administration To Submit Advanced AI Models For Federal Testing: Report](https://longbridge.com/en/news/290638185.md)