For nearly two years, buying Nvidia Corp.
(NASDAQ:NVDA) was often the same as buying the artificial intelligence trade.
But one technical chart suggests that relationship is beginning to change.
The chart tracks Nvidia's performance relative to the iShares Semiconductor ETF (NASDAQ:SOXX)—a widely followed benchmark for the broader semiconductor industry.
After peaking around the middle of last year, the NVDA/SOXX ratio has fallen from roughly 0.74 in July 2025 to about 0.31 today—a decline of nearly 58%.
