A Double Blow Wipes Out Eight Percent of VanEck’s Chip Fund in Seven Days
11.06.2026 - 06:17:16 | boerse-global.de
After a record-breaking run that pushed the VanEck Semiconductor UCITS ETF to an all-time high of 102.98 euros in early June, the fund has been hammered by a one-two punch that carved more than 8% off its price in a single week. On Wednesday, the exchange-traded fund closed at 91.82 euros, roughly 11% below that peak—and the selling may not be over. The next test comes Thursday, when US producer price data for May lands, followed closely by the Federal Reserve’s policy meeting.
Broadcom’s Guidance Gap Triggers a Trillion-Dollar Wipeout
The first shock hit on 5 June. Broadcom forecast artificial-intelligence chip revenue of $16 billion for the current quarter, missing the $17.2 billion analysts had pencilled in. The company also declined to raise its full-year 2026 outlook. Markets reacted violently. The Philadelphia Semiconductor Index suffered its largest single-day loss since March 2020, erasing more than $1 trillion in market value. The VanEck ETF itself slid 3.28% that Wednesday to 91.99 euros, bringing its weekly decline to nearly 10%. Super Micro Computer plunged over 11% as a multi-billion-dollar capital raise added to the sector’s woes.
The sell-off radiated across the globe. South Korea’s KOSPI index tumbled 4.5%, dragging down memory giants Samsung and SK Hynix. SoftBank also came under pressure after reports surfaced about problems with a secured multi-billion-dollar loan.
Hot Inflation Data Fans Rate Fears
The second blow arrived with US consumer price data for May. The headline inflation rate rose to 4.2%, the highest since April 2023, driven by surging energy costs. Wall Street responded with a broad risk-off move. The S&P 500, Nasdaq and Dow Jones each lost between 1.6% and 2%. The CBOE Volatility Index jumped 12% to 22.22. Futures markets quickly pared back expectations for rate cuts, and analysts now see a 40% probability of another rate hike by October. Longer-dated Treasury yields climbed above 4.5% for ten-year notes and over 5% for thirty-year bonds, a structural headwind for growth stocks whose valuations depend on distant future earnings.
Should investors sell immediately? Or is it worth buying VanEck Semiconductor UCITS ETF?
Heavyweights Take the Biggest Hits
The ETF’s top holdings bore the brunt of the damage. Micron Technology, which accounts for 14% of the fund’s weighting, lost about 20% over 5–6 June, then dropped another 4% on Tuesday. Advanced Micro Devices, at 11.4% of the portfolio, shed over 3.5% in a single session, while Nvidia and Intel each fell more than 2%. The pain is compounded by a structural concern: research firm IDC warns that global smartphone shipments could contract 13% in 2026, the deepest decline in years, directly hitting memory-chip makers like Micron.
Geopolitics Adds to the Gloom
Beyond earnings and inflation, geopolitical tensions have soured the mood. Military clashes between the US and Iran in the Strait of Hormuz are driving investors to rotate out of risky tech names into defensive assets. Hedging activity has surged: put options on semiconductor ETFs now outnumber calls by four to one, reflecting intense fear of further slides.
Underlying Demand Stays Intact
Yet the fundamental narrative for AI chips remains robust. The four largest hyperscalers—Amazon, Google, Meta and Microsoft—have pledged combined capital expenditure of roughly $750 billion for 2026. Nvidia booked sales of $215.9 billion in its 2026 fiscal year, a 65% increase year over year. The demand for silicon to power AI is not breaking; it is being temporarily overshadowed by macro headwinds.
Year to date, the VanEck Semiconductor UCITS ETF still shows a gain of 67%, and over the past twelve months it has surged 137%. The fund, with net assets of €7.43 billion, now faces a crucial inflection point. If the selling continues, the next major support lies at the 50-day moving average of around 80 euros. But with structural demand intact and key data releases looming, the sector’s recent pullback could yet prove to be a correction within a still-healthy uptrend.
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