The hottest trade of 2026 is showing cracks.

Semiconductors, the year's defining momentum bet, have reversed hard in two sessions with the sector benchmark — the iShares Semiconductor ETF (NASDAQ:SOXX) — plunging 12.9%. • What is going on now with SOXX shares?

The reading marks the sharpest two-day decline since March 2025.

SOXX is still up 82% year-to-date, one of the strongest runs anywhere in the market.

It began the year near $308 and changed hands above $562 on Thursday.