Tech stock returns show a semiconductor comeback with software/SaaS taking a fresh beating in the rankings.
The chart below details the weekly price returns on the Tech Check mix of single names and ETFs vs. broad market benchmarks. The score of 19-13 is a favorable move from 16-16 for the past two weeks. We see semiconductors leading the ranks again, while software and SaaS-based services names dominate the bottom quartile, along with two legacy leaders (IBM, Cisco) in the bottom tier.
The Semiconductor ETF (SOXX), at 7.43% in the top quartile, ran well ahead of the Software ETF (IGV), at 1.59% in the 2nd quartile, and the broader NASDAQ benchmark, at +2.06%. Qualcomm (QCOM) at #1, Intel (INTC) at #2, and Meta (META) at #3. The top quartile also includes Advanced Micro (AMD), Applied Materials (AMAT), the Semiconductor ETF (SOXX), and Micron (MU). That makes 6 of the 8 from the semiconductor subsector in the top quartile. Palantir (PLTR) was the only software name to crack the leader ranks this week.
Within the Mag 7 peers, we see those bellwethers spread across each of the quartiles with Meta (META) riding Muse into the top quartile with a +12.9% week at #3. The 2nd quartile includes Microsoft (MSFT), Tesla (TSLA), and Apple (AAPL). NVIDIA (NVDA) was in the 3rd quartile, alongside Amazon (AMZN). Alphabet (GOOGL) was in the bottom quartile.
Software accounted for 5 of the 8 bottom-tier names, with Intuit (INTU) still in the tank, in last place at -9.04%. INTU also ranks last over the 1-month time horizon and on a YTD basis. We look at the broader range of return horizons in a separate commentary we will post later, but the bottom 3 for the week are INTU, Oracle (ORCL), and Adobe (ADBE), and they are also in the bottom 3 YTD.
It took +6.54% (Micron) to make the top quartile for the week and +11.4% (SOXX) for the month top quartile, while the YTD Tech Check mix required +38.5% (Cisco). Making the top 5 for the week took +9.1% (AMAT); for the month, +24.7% (Dell); and YTD, +90.2% (SOXX). For YTD, Dell ranked #1 YTD with +347%.
2026 has been extraordinary for semiconductors and the AI ecosystem names. Clearly, much had to go just as bulls envisioned to justify such valuations.
We are watching tech stock closely as the Oracle data center situation could get out of hand. If so, tech stocks will get hit hard. Furthermore, the interest rate picture is not helping. Investors who borrowed against their long-dated bonds are coming under pressure as the market value of those bonds falls. Will we see margin calls in the bond market? Will weakness in bonds and AI adjacent tech take down the rest of the equity market? That is what is top of mind for us right now.
