The VanEck Semiconductor ETF (SMH) has fallen 20% from recent highs as investors demand tangible AI results rather than aggressive spending. Despite the correction, the ETF presents a potential 'buy the dip' opportunity, as underlying demand for semiconductors remains strong with supply still lagging, giving chip companies pricing power to sustain earnings growth.
Axe note: The recent 20% drop in the VanEck Semiconductor ETF offers a look into global tech corrections, with subtle local implications for the rand and selected sectors.