AMD Surpasses Nvidia in $45 Billion Semiconductor ETF as Micron Gains Ground

Key Points

• As of July 15, 2023, Advanced Micro Devices (NASDAQ: AMD) is the largest holding in the $45 billion iShares Semiconductor ETF (NASDAQ: SOXX) at 8.51%, followed closely by Nvidia (NASDAQ: NVDA) at 8.35% and Micron Technology (NASDAQ: MU) at 7.73%.

• Micron’s shares have surged over 600% in the past year, compared to Nvidia’s 22% increase, highlighting significant market shifts.

• The ETF caps its five largest stocks at 8% to reflect share-price momentum rather than purely market capitalization, which impacted Nvidia’s position despite being valued at $5.1 trillion.

The shift in holdings within the iShares Semiconductor ETF demonstrates the rapidly changing semiconductor landscape. AMD’s growth of over 200% in the past year and Micron’s record fiscal third-quarter revenue of $41.5 billion illustrate the prominence of memory solutions in the AI market. Meanwhile, Nvidia, despite strong revenue growth of 85% to $81.6 billion, has navigated a more competitive landscape, impacting its ETF ranking.