For the better part of two years, Nvidia was the undisputed king of the semiconductor trade. That crown just got a little wobbly.
As of July 16, 2026, AMD holds an 8.43% weighting in the iShares Semiconductor ETF (SOXX), sitting just below Nvidia’s 8.53%. Micron Technology is right behind both of them at 7.63%. In a $45.06 billion fund, those fractions of a percent represent billions of dollars in capital allocation shifting from one chipmaker to another.
The numbers behind the rotation
SOXX tracks the NYSE Semiconductor Index across 30 holdings with a 0.34% expense ratio. Its top four positions as of mid-July: Nvidia at 8.53%, AMD at 8.43%, Micron at 7.63%, and Broadcom at 7.28%.
Look at the May 2026 data and the rotation becomes even more dramatic. Back then, Micron actually led the ETF at roughly 9.97-10%, with AMD around 8.88% and Nvidia at approximately 7.05%.
