Summary

• The parabolic semiconductor rally crossed a line this week. SOXX, the iShares Semiconductor ETF, closed Friday at $509.77 after touching a fresh intraday high of $511.68.
• SOXX is trading at multiples that already reflect strong 2026 earnings. The current rally has likely already fully priced in 2026 earnings.
• The parabolic semiconductor rally has been spectacular. The exit will be too. The question isn’t whether the chart cools off. The question is whether you’ve prepared your portfolio for it before it does.

The parabolic semiconductor rally crossed a line this week. SOXX, the iShares Semiconductor ETF, closed Friday at $509.77 after touching a fresh intraday high of $511.68. That’s a gain of roughly 244% from the April 2025 low of $148.31. Most of

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