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Semiconductor ETF (SMH) Hits New 52-Week High
Investors seeking momentum may have VanEck Semiconductor ETF (SMH - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of SMH are up approximately 64.3% from their 52-week low of $109.86/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
SMH In Focus
The underlying MVIS US Listed Semiconductor 25 Index tracks the overall performance of companies involved in semiconductor production and equipment. The fund charges 35 bps in fees.
Why The Move?
Big tech led a stock market rally yesterday as Apple (AAPL - Free Report) had its best day since May 2023. Big tech stocks led the market higher yesterday following a bullish AI-fueled revenue outlook from TSMC (TSM), a key supplier to Apple and Nvidia (NVDA - Free Report) .
The Taiwanese contract chipmaker's profit fell but beat Wall Street estimates. TSMC earnings results acted as a cornerstone for the entire semiconductor space as shares of AMD (AMD - Free Report) and other chipmakers also surged yesterday.
More Gains Ahead?
The fund has a positive weighted alpha of 58.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.