<p>两只最大的半导体 ETF 刚刚创下历史性的月度收益。</p>
<p><strong>iShares 半导体 ETF</strong> (NASDAQ: SOXX) 在四月份上涨了 40.4%，这是该基金 25 年历史上最大的月度回报。</p>
<p><strong>VanEck 半导体 ETF</strong> (NASDAQ: SMH) 上涨了 32.2%，是其有史以来最佳的月度表现。</p>
<p>两者之间的差距——大约八个百分点——正是这次反弹的故事所在。</p>
<p><strong>• iShares PHLX SOX 半导体行业指数基金的股票处于关键阻力位。是什么推动 SOXX 达到创纪录水平？</strong></p>
<p>这两只基金持有相同的广泛美国上市半导体公司。两者都上涨了。但在这次上涨中，领导地位与 2024 年和 2025 年大多数投资者所预期的正好相反。</p>
<p><strong>NVIDIA 公司</strong> (NASDAQ: NVDA)，在之前的 AI 交易阶段中定义了这一阶段的股票，是篮子中移动最慢的巨头芯片制造商。</p>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095111/image-17-1024x597.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095111/image-17-1024x597.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095122/image-18-1024x597.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095122/image-18-1024x597.png"/></p>
<h2><strong>解释差异的单一数字</strong></h2>
<p>这两只基金表面上都是 “半导体 ETF”，名称重叠。但在内部，它们的构建方式不同。</p>
<p>SMH 跟踪的是 MVIS 美国上市半导体 25 指数，这是一个按修改后的市值加权的 25 只股票篮子，单个持仓上限为 20%。</p>
<p>Nvidia 的市值约为 4.5 万亿美元，目前在 SMH 中的权重为 18.1%。<strong>台湾半导体制造公司</strong> (NYSE: TSM) 的权重约为 11%。<strong>博通公司</strong> (NASDAQ: AVGO) 和 <strong>美光科技公司</strong> (NASDAQ: MU) 的权重各约为 7%。</p>
<p>结果是一个在 AI 硬件领域中重心偏向最大公司的投资组合。</p>
<p>SOXX 跟踪的是 NYSE 半导体指数，这是一个 30 只股票的篮子，限制更严格。没有成分股的权重可以超过 8%。前五名以外的持仓限制为 4%。ADR 的总权重限制为 10%。</p>
<p>这些规则产生了更平坦的权重分布。</p>
<p>博通的权重接近 7.9%，美光为 7.8%，AMD 为 7.8%，Nvidia 为 7.4%，<strong>英特尔公司</strong> (NASDAQ: INTC) 为 6.5%。台湾半导体——一家市值 1.5 万亿美元的公司，在 SMH 中占 11%——在 SOXX 中由于 ADR 限制最终权重约为 4%。</p>
<p>在过去三年的大部分时间里，这种架构对 SOXX 不利。SMH 对 NVDA 的重度倾斜使其能够骑上 AI 交易的单一主导赢家。2026 年 4 月完全逆转了这一动态。</p>
<p>Nvidia 在这个月上涨了 21.9%——按任何正常标准来看都是强劲的，但与篮子中其他芯片制造商的表现相比则显得疲弱。</p>
<p>由于 Nvidia 仅贡献了部分涨幅，SMH 对其的 18% 权重成为了拖累，而 SOXX 的 7% 权重则让更广泛的芯片反弹得以实现。</p>
<h2><strong>SOXX 与 SMH：自 2022 年 11 月以来的表现比较（“ChatGPT 时刻”）</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095539/image-19-1024x596.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095539/image-19-1024x596.png"/></p>
<h2><strong>做出贡献的芯片</strong></h2>
<p>四月份的芯片制造商排行榜几乎完全颠覆了 2024 年和 2025 年推动半导体回报的公司名单。</p>
<p>英特尔——在之前的周期中被华尔街大多数人抛弃，市值已降至 Nvidia 的一小部分——在第一季度的财报中因 AI 相关芯片需求而上涨了 131%。</p>
<p><strong>Credo Technology Group Holding Ltd</strong> (NASDAQ: CRDO) 上涨了 88%，<strong>Astera Labs Inc</strong> (NASDAQ: ALAB) 上涨了 84%，<strong>超微半导体公司</strong> (NASDAQ: AMD) 接近上涨 75%，<strong>Marvell Technology Inc.</strong> (NASDAQ: MRVL) 上涨超过 64%。</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>四月回报</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>英特尔公司</strong></td>
<td>+118.83%</td>
</tr>
<tr>
<td><strong>Credo Technology Group Holding Ltd.</strong></td>
<td>+88.15%</td>
</tr>
<tr>
<td><strong>Astera Labs Inc.</strong></td>
<td>+84.11%</td>
</tr>
<tr>
<td><strong>超微半导体公司</strong></td>
<td>+74.71%</td>
</tr>
<tr>
<td><strong>Marvell Technology Inc.</strong></td>
<td>+64.62%</td>
</tr>
<tr>
<td><strong>ON Semiconductor Corp</strong>. (NASDAQ: ON)</td>
<td>+61.71%</td>
</tr>
<tr>
<td><strong>美光科技公司</strong></td>
<td>+55.42%</td>
</tr>
<tr>
<td><strong>NXP 半导体公司</strong> (NASDAQ: NXPI)</td>
<td>+46.44%</td>
</tr>
<tr>
<td><strong>德州仪器公司</strong> (NASDAQ: TXN)</td>
<td>+43.27%</td>
</tr>
<tr>
<td><strong>单片电源系统公司</strong> (NASDAQ: MPWR)</td>
<td>+42.65%</td>
</tr>
</tbody>
</table>
<p><strong>另请阅读：</strong>
<strong>标普 500 自互联网泡沫以来未曾如此失衡，摩根大通警告</strong></p>

英伟达

CRDO

<p>iShares 半导体 ETF (SOXX) 和 VanEck 半导体 ETF (SMH) 在四月份实现了历史性的月度涨幅，SOXX 上涨了 40.4%，而 SMH 上涨了 32.2%。这一反弹得益于英特尔、AMD 和美光等公司的强劲表现，而之前的领头羊英伟达则以 21.9% 的增幅落后。两只 ETF 的不同结构也影响了它们的表现，SOXX 由于持股分布更广泛而受益，相比之下 SMH 更依赖于英伟达。四月份的显著回报包括英特尔 (+131%) 和 Credo Technology (+88%)</p>

<p>The two largest semiconductor ETFs just printed historic monthly gains.</p>
<div class="lb-trans"><p>两只最大的半导体 ETF 刚刚创下历史性的月度收益。</p>
</div><p>The <strong>iShares Semiconductor ETF</strong> (NASDAQ: SOXX) rose 40.4% in April, the largest monthly return in the fund’s 25-year history.</p>
<div class="lb-trans"><p><strong>iShares 半导体 ETF</strong> (NASDAQ: SOXX) 在四月份上涨了 40.4%，这是该基金 25 年历史上最大的月度回报。</p>
</div><p>The <strong>VanEck Semiconductor ETF</strong> (NASDAQ: SMH) rose 32.2%, its best monthly move ever.</p>
<div class="lb-trans"><p><strong>VanEck 半导体 ETF</strong> (NASDAQ: SMH) 上涨了 32.2%，是其有史以来最佳的月度表现。</p>
</div><p>The gap between the two — roughly eight percentage points — is what tells the story of the rally.</p>
<div class="lb-trans"><p>两者之间的差距——大约八个百分点——正是这次反弹的故事所在。</p>
</div><p><strong>• iShares PHLX SOX Semiconductor Sector Index Fund stock is at critical resistance. What’s driving SOXX to record levels?</strong></p>
<div class="lb-trans"><p><strong>• iShares PHLX SOX 半导体行业指数基金的股票处于关键阻力位。是什么推动 SOXX 达到创纪录水平？</strong></p>
</div><p>Both funds hold the same broad universe of U.S.-listed semiconductor companies. Both rallied. But the leadership inside the move was the inverse of what most of 2024 and 2025 had trained investors to expect.</p>
<div class="lb-trans"><p>这两只基金持有相同的广泛美国上市半导体公司。两者都上涨了。但在这次上涨中，领导地位与 2024 年和 2025 年大多数投资者所预期的正好相反。</p>
</div><p><strong>NVIDIA Corp</strong>. (NASDAQ: NVDA), the stock that defined the prior phase of the AI trade, was the slowest-moving mega-cap chipmaker in the basket.</p>
<div class="lb-trans"><p><strong>NVIDIA 公司</strong> (NASDAQ: NVDA)，在之前的 AI 交易阶段中定义了这一阶段的股票，是篮子中移动最慢的巨头芯片制造商。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095111/image-17-1024x597.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095111/image-17-1024x597.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095122/image-18-1024x597.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095122/image-18-1024x597.png"/></p>
<h2><strong>The Single Number That Explains The Divergence</strong></h2>
<div class="lb-trans"><h2><strong>解释差异的单一数字</strong></h2>
</div><p>Both funds are, on the surface, “semiconductor ETFs” with overlapping names. Under the hood, they are built differently</p>
<div class="lb-trans"><p>这两只基金表面上都是 “半导体 ETF”，名称重叠。但在内部，它们的构建方式不同。</p>
</div><p>SMH tracks the MVIS U.S. Listed Semiconductor 25 Index, a 25-stock basket weighted by modified market capitalization with individual positions capped at 20%.</p>
<div class="lb-trans"><p>SMH 跟踪的是 MVIS 美国上市半导体 25 指数，这是一个按修改后的市值加权的 25 只股票篮子，单个持仓上限为 20%。</p>
</div><p>Nvidia, with a market capitalization of around $4.5 trillion, currently carries an 18.1% weight in SMH. <strong>Taiwan Semiconductor Manufacturing Co.</strong> (NYSE: TSM) sits at roughly 11%. <strong>Broadcom Inc.</strong> (NASDAQ: AVGO) and <strong>Micron Technology Inc.</strong> (NASDAQ: MU) follow at around 7% each.</p>
<div class="lb-trans"><p>Nvidia 的市值约为 4.5 万亿美元，目前在 SMH 中的权重为 18.1%。<strong>台湾半导体制造公司</strong> (NYSE: TSM) 的权重约为 11%。<strong>博通公司</strong> (NASDAQ: AVGO) 和 <strong>美光科技公司</strong> (NASDAQ: MU) 的权重各约为 7%。</p>
</div><p>The result is a portfolio that leans hard into the largest names in the AI hardware stack.</p>
<div class="lb-trans"><p>结果是一个在 AI 硬件领域中重心偏向最大公司的投资组合。</p>
</div><p>SOXX tracks the NYSE Semiconductor Index, a 30-stock basket with much stricter caps. No constituent can exceed 8%. Holdings outside the top five are limited to 4%. ADRs are collectively capped at 10%.</p>
<div class="lb-trans"><p>SOXX 跟踪的是 NYSE 半导体指数，这是一个 30 只股票的篮子，限制更严格。没有成分股的权重可以超过 8%。前五名以外的持仓限制为 4%。ADR 的总权重限制为 10%。</p>
</div><p>Those rules produce a flatter weight distribution.</p>
<div class="lb-trans"><p>这些规则产生了更平坦的权重分布。</p>
</div><p>Broadcom sits near 7.9%, Micron at 7.8%, AMD at 7.8%, Nvidia at 7.4%, <strong>Intel Corp.</strong> (NASDAQ: INTC), at 6.5%. Taiwan Semiconductor — a $1.5 trillion company that takes up 11% of SMH — ends up at roughly 4% of SOXX because of the ADR limit.</p>
<div class="lb-trans"><p>博通的权重接近 7.9%，美光为 7.8%，AMD 为 7.8%，Nvidia 为 7.4%，<strong>英特尔公司</strong> (NASDAQ: INTC) 为 6.5%。台湾半导体——一家市值 1.5 万亿美元的公司，在 SMH 中占 11%——在 SOXX 中由于 ADR 限制最终权重约为 4%。</p>
</div><p>For most of the past three years, this architecture worked against SOXX. SMH’s heavy NVDA tilt let it ride the single dominant winner of the AI trade. April 2026 reversed the dynamic completely.</p>
<div class="lb-trans"><p>在过去三年的大部分时间里，这种架构对 SOXX 不利。SMH 对 NVDA 的重度倾斜使其能够骑上 AI 交易的单一主导赢家。2026 年 4 月完全逆转了这一动态。</p>
</div><p>Nvidia gained 21.9% on the month — strong by any normal measure, weak by the standards of what every other chipmaker in the basket did.</p>
<div class="lb-trans"><p>Nvidia 在这个月上涨了 21.9%——按任何正常标准来看都是强劲的，但与篮子中其他芯片制造商的表现相比则显得疲弱。</p>
</div><p>With Nvidia delivering only a fraction of the move, SMH’s 18% weight to it became a drag, while SOXX’s 7% weight let the broader chip rally come through.</p>
<div class="lb-trans"><p>由于 Nvidia 仅贡献了部分涨幅，SMH 对其的 18% 权重成为了拖累，而 SOXX 的 7% 权重则让更广泛的芯片反弹得以实现。</p>
</div><h2><strong>SOXX vs. SMH: Performance Comparison Since November 2022 (“ChatGPT Moment”)</strong></h2>
<div class="lb-trans"><h2><strong>SOXX 与 SMH：自 2022 年 11 月以来的表现比较（“ChatGPT 时刻”）</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095539/image-19-1024x596.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/01095539/image-19-1024x596.png"/></p>
<h2><strong>The Chips That Did The Work</strong></h2>
<div class="lb-trans"><h2><strong>做出贡献的芯片</strong></h2>
</div><p>The April chipmaker leaderboard is a near-complete inversion of the names that drove semiconductor returns in 2024 and 2025.</p>
<div class="lb-trans"><p>四月份的芯片制造商排行榜几乎完全颠覆了 2024 年和 2025 年推动半导体回报的公司名单。</p>
</div><p>Intel — left for dead by most of Wall Street through the prior cycle, with a market cap that had collapsed to a fraction of Nvidia’s — gained 131% on the month after a first-quarter earnings report driven by AI-related chip demand.</p>
<div class="lb-trans"><p>英特尔——在之前的周期中被华尔街大多数人抛弃，市值已降至 Nvidia 的一小部分——在第一季度的财报中因 AI 相关芯片需求而上涨了 131%。</p>
</div><p><strong>Credo Technology Group Holding Ltd</strong>. (NASDAQ: CRDO) rose 88%, <strong>Astera Labs Inc</strong>. (NASDAQ: ALAB) rose 84%, <strong>Advanced Micro Devices Inc.</strong> (NASDAQ: AMD) gained close to 75% and <strong>Marvell Technology Inc.</strong> (NASDAQ: MRVL) gained over 64%.</p>
<div class="lb-trans"><p><strong>Credo Technology Group Holding Ltd</strong> (NASDAQ: CRDO) 上涨了 88%，<strong>Astera Labs Inc</strong> (NASDAQ: ALAB) 上涨了 84%，<strong>超微半导体公司</strong> (NASDAQ: AMD) 接近上涨 75%，<strong>Marvell Technology Inc.</strong> (NASDAQ: MRVL) 上涨超过 64%。</p>
</div><table>
<thead>
<tr>
<th>Company</th>
<th>April Return</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Intel Corp.</strong></td>
<td>+118.83%</td>
</tr>
<tr>
<td><strong>Credo Technology Group Holding Ltd.</strong></td>
<td>+88.15%</td>
</tr>
<tr>
<td><strong>Astera Labs Inc.</strong></td>
<td>+84.11%</td>
</tr>
<tr>
<td><strong>Advanced Micro Devices Inc.</strong></td>
<td>+74.71%</td>
</tr>
<tr>
<td><strong>Marvell Technology Inc.</strong></td>
<td>+64.62%</td>
</tr>
<tr>
<td><strong>ON Semiconductor Corp</strong>. (NASDAQ: ON)</td>
<td>+61.71%</td>
</tr>
<tr>
<td><strong>Micron Technology Inc.</strong></td>
<td>+55.42%</td>
</tr>
<tr>
<td><strong>NXP Semiconductors N.V</strong>. (NASDAQ: NXPI)</td>
<td>+46.44%</td>
</tr>
<tr>
<td><strong>Texas Instruments Inc</strong>. (NASDAQ: TXN)</td>
<td>+43.27%</td>
</tr>
<tr>
<td><strong>Monolithic Power Systems Inc.</strong> (NASDAQ: MPWR)</td>
<td>+42.65%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>四月回报</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>英特尔公司</strong></td>
<td>+118.83%</td>
</tr>
<tr>
<td><strong>Credo Technology Group Holding Ltd.</strong></td>
<td>+88.15%</td>
</tr>
<tr>
<td><strong>Astera Labs Inc.</strong></td>
<td>+84.11%</td>
</tr>
<tr>
<td><strong>超微半导体公司</strong></td>
<td>+74.71%</td>
</tr>
<tr>
<td><strong>Marvell Technology Inc.</strong></td>
<td>+64.62%</td>
</tr>
<tr>
<td><strong>ON Semiconductor Corp</strong>. (NASDAQ: ON)</td>
<td>+61.71%</td>
</tr>
<tr>
<td><strong>美光科技公司</strong></td>
<td>+55.42%</td>
</tr>
<tr>
<td><strong>NXP 半导体公司</strong> (NASDAQ: NXPI)</td>
<td>+46.44%</td>
</tr>
<tr>
<td><strong>德州仪器公司</strong> (NASDAQ: TXN)</td>
<td>+43.27%</td>
</tr>
<tr>
<td><strong>单片电源系统公司</strong> (NASDAQ: MPWR)</td>
<td>+42.65%</td>
</tr>
</tbody>
</table>
</div><p><strong>Read Also:</strong>
<strong>S&amp;P 500 Hasn't Looked This Unbalanced Since The Dot-Com Bubble, Goldman Warns</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>标普 500 自互联网泡沫以来未曾如此失衡，摩根大通警告</strong></p>
</div>

Semiconductor ETFs SOXX, SMH Just Logged Their Best Month Ever — What's Driving This Rally?

- 两大半导体 ETF 在四月实现历史性月度收益。  
- iShares 半导体 ETF 涨幅为 40.4%，VanEck ETF 涨 32.2%。  
- 四月表现的变化显示出市场领导者的逆转，英伟达的增幅远低于其他芯片制造商。

benzinga_article

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半导体 ETF SOXX 和 SMH 刚刚创下了有史以来表现最佳的一个月——是什么因素推动了这次上涨？