VanEck Chip ETF Climbs Back From Worst One-Day Selloff Since 2020, Even as Rate-Cut Optimism Fades
Published on 06/29/2026 at 16:36 | Redaktion boerse-global.de
Late last week, the VanEck Semiconductor UCITS ETF closed at €102.44, nursing a painful weekly decline of roughly 7%. By Monday morning, the fund had clawed back to €103.96 — a 1.48% gain — as a violent two-day swing in chip stocks began to settle. The whiplash, however, was anything but ordinary.
The trouble started with Broadcom. The networking giant issued a third-quarter AI revenue forecast of $16 billion, falling short of the $17.2 billion analysts had penciled in. That single miss triggered a chain reaction across the semiconductor complex. On June 5, the PHLX Semiconductor Index suffered its sharpest daily drop since March 2020, plunging 10%. In a matter of hours, roughly $1.3 trillion in market value evaporated.
The selloff rippled globally. South Korea’s Kospi index lost 10% in one session, with SK Hynix and Samsung both shedding over 12%. Europe’s Stoxx 600 Technology Index slid 3%, while STMicroelectronics and ASMI each fell more than 7%. In the US, Broadcom shares themselves collapsed, dragging down Nvidia, Intel, Micron, and Advanced Micro Devices alongside it.
Yet almost as quickly as the rout arrived, it reversed. US chip stocks staged a sharp rebound: Intel surged 11.2%, Micron added 9.9%, and Marvell rose 9.6%. KLA Corp, Astera Labs, and Applied Materials each recovered more than 8%. In Seoul, Samsung jumped over 9% and SK Hynix gained more than 4%. The VanEck fund, which had lost 5.68% in the preceding week, snapped back in step with its holdings.
Should investors sell immediately? Or is it worth buying VanEck Semiconductor UCITS ETF?
The ETF holds 25 positions, with TSMC and ASML each accounting for roughly 10% of assets and Nvidia and Broadcom each weighing in around 9%. These same names stood at the epicenter of the selloff — and the recovery. The bounce underscores a fundamental conviction among investors: the AI chip boom remains intact, and the Broadcom miss was a guidance glitch, not a demand reversal.
TSMC Chairman C.C. Wei told shareholders at the company’s annual meeting that AI chip demand is growing so fast the foundry can barely keep up. That view is backed by capital spending plans from the hyperscaler quartet — Amazon, Google, Meta, and Microsoft — which collectively have earmarked around $750 billion in 2026 investment budgets. Deloitte, meanwhile, forecasts global semiconductor revenue will hit $975 billion in 2026, a record level fueled by AI infrastructure.
But not all headwinds have cleared. A strong US jobs report, with new payrolls well above expectations, has pushed any near-term Federal Reserve rate cut further out of reach. For richly valued tech stocks, that interest-rate environment acts as a drag. On top of that, an oversupply of memory chips and tepid smartphone demand are weighing on the broader sector, while geopolitical tensions remain a persistent risk.
The VanEck fund, which manages roughly €8.1 billion in assets, charges a total expense ratio of 0.35% and is accumulating — dividends are reinvested, not paid out. Its year-to-date return stands at 89%, versus 99% for the Invesco PHLX Semiconductor ETF benchmark. Over the past 12 months, the fund has delivered a stunning 156% gain.
Even after the recovery, the ETF trades at €103.96 — still 6.2% below its all-time high of €110.84, set on June 22. Another 8% gap to its 52-week peak has been noted on a closing basis, depending on the reference point. Investors now look to the July earnings season for the next catalyst. All eyes will be on Broadcom’s follow-up report and the hyperscalers’ capex updates to confirm whether the structural AI tailwind can overpower the macro headwinds that remain.
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