SMH半导体ETF六连跌逾8%，Seeking Alpha转述分析师对AI硬件的多空分歧

The VanEck Semiconductor ETF ( SMH ) has fallen for six consecutive days and is on track for its longest losing streak since May 2025, with the fund down over 8% during that period. The semiconductor ETF is losing 1.2% on Tuesday, down 5.3% in the past five days, and up 62.1% year-to-date. Despite the selloff, some analysts remain bullish on the sector. "For the bulls, that was just a breather before an uptrend resumed," said Neil Sethi, managing partner of Sethi Associates. Andreas Steno Larsen, CIO of Steno Global Macro Invest and founder of Steno Research, was even more emphatic, stating: "It has basically never been more idiotic to be bearish on the AI hardware trade than right now." Steno Research points to South Korea exports as a reliable indicator for semiconductor stock performance, noting a value gap of more than 150% that could signal an upward move for the sector. The weakness has spread across the chip industry amid concerns over an overheated artificial intelligence trade, rising financing costs, and growing Chinese competition. Memory and equipment manufacturers including Micron Technology ( MU ) +4.8%, Sandisk ( SNDK ) +2.5%, Seagate Technology ( STX ) +2.6%, and Western Digital ( WDC ) +2.4% fell on Tuesday. Here is the performance of the top 10 holdings of the SMH: Nvidia ( NVDA ) -0.1% Taiwan Semiconductor Manufacturing Co. ( TSM ) -0.3% Advanced Micro Devices ( AMD ) +0.2% Broadcom ( AVGO ) +0.3% Micron Technology ( MU ) -4.7% Intel Corp. ( INTC ) +0.9% Applied Materials ( AMAT ) +7.1% Texas Instruments ( TXN ) +1.2% KLA Corp. ( KLAC ) -3.9% ASML Holding ( ASML ) -2.8%