Stock Track | SOXS Plummets 8.36% Intraday as Semiconductor Sector Rallies on AI Demand and Supply Concerns

Stock Track05-20 21:44

Direxion Daily Semiconductors Bear 3x Shares (SOXS) plummeted 8.36% during intraday trading on Wednesday. As a leveraged inverse exchange-traded fund, SOXS is designed to move in the opposite direction of semiconductor stocks, and its sharp decline reflects a significant rally across the semiconductor sector.

The drop was driven by broad-based strength in chip and storage shares. Analysts pointed to several catalysts fueling the sector's advance, including robust artificial intelligence server demand that has sent memory chip prices soaring. Mizuho analyst Vijay Rakesh raised his price target on Micron, citing expectations that higher prices for NAND and DRAM memory chips should persist through 2027. Furthermore, potential supply constraints loomed as Samsung Electronics' workers threatened a general walkout, which could tighten global memory supply and add upward pressure on chip pricing.

This sector-wide rally was evident as the bullish counterpart to SOXS, Direxion Daily Semiconductors Bull 3x Shares (SOXL), was reported to be up significantly. The positive sentiment extended to Hong Kong markets, where semiconductor stocks like SMIC and Hua Hong Semiconductor also posted strong gains, defying broader market weakness. The confluence of strong AI-driven demand and looming supply risks created a favorable backdrop for semiconductor equities, directly pressuring inverse funds like SOXS.

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