NYSEARCA:SMH
HOLDRs Semiconductor (SMH)
Financials 
Technical Analysis 
Jul 26, 2026, 12:00 amThis summary was created by AI, based on 1 opinions in the last 12 months.
The semiconductor sector, represented by HOLDRs Semiconductor ETF (SMH-N), is currently experiencing a complex phase characterized by a significant call option skew compared to puts. This unusual pricing behavior follows a notable rise in the market, raising cautious sentiments among experts. While there is short-term bearishness on the sector, experts maintain a bullish long-term outlook, advocating for strategic buy opportunities during dip phases. The commentary suggests that investors should exercise caution in the near term, potentially opting for diversified options like ETFs or considering individual stocks with a focus on AI developments. Ultimately, the semiconductor space remains dynamic, warranting careful analysis of market trends moving forward.
Top 2 or 3 ETFs until 2022. He likes SMH-N - semiconductors. XLF-N still has upside as the financials have underperformed. Canadian banks stick out as well. They are sitting on a whack of cash and have not been able to raise dividends. They will probably take some loan loss provisions back into earnings soon.
Semiconductors is a fast-moving sector with high valuations. Go with the 5G players. QCOM, which he owns, goes to the top of the list on valuation and potential growth. AMD has done exceptionally well, though valuation is a bit extreme. Not a bad way to play is through the SMH ETF. Nvidia has had the highest growth, but valuation also extreme. He wouldn't chase INTC, even though it's cheap.
Companies like Apple are now bringing semi-conductors back in-house and the sector is seeing many changes. It's hard to see who will be the winner. The sector has run tremendously so he would wait for a pullback before putting money in.
Larry Berman CFA, CMT, CTA
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HOLDRs Semiconductor (SMH) Frequently Asked Questions
What is HOLDRs Semiconductor stock symbol?
HOLDRs Semiconductor is a American stock, trading under the symbol SMH (previously SMH-N on Stockchase) on the NYSE Arca (SMH). It is usually referred to as AMEX:SMH or SMH
Is HOLDRs Semiconductor a buy or a sell?
In the last year, no analyst issued a Buy, Sell, or Hold rating on SMH (previously SMH-N on Stockchase) on Stockchase. Read the latest expert commentary for HOLDRs Semiconductor.
Is HOLDRs Semiconductor a good investment or a top pick?
HOLDRs Semiconductor was recommended as a Top Pick by Larry Berman CFA, CMT, CTA on 2026-06-29. Read the latest stock experts ratings for HOLDRs Semiconductor.
Why is HOLDRs Semiconductor stock dropping?
Earnings reports or recent company news can cause the stock price to drop. Read stock experts' recommendations for HOLDRs Semiconductor.
Is HOLDRs Semiconductor worth watching?
HOLDRs Semiconductor is followed by 29 investors on Stockchase and is a trending stock that is worth watching.
What is HOLDRs Semiconductor stock price?
On 2026-07-27, HOLDRs Semiconductor (SMH) stock closed at a price of $548.55.
He's used this ETF forever. If you're looking for something more nuanced, there are some AI-focused ones (but they're not just chips).
In the chip sector right now, there's a massive skew to call options versus puts. Calls are priced higher than puts, which is very unusual after a significant run of the kind we've had. Short term, he's bearish on the sector for a trade. Long term, you have to be bullish and buy dips. Right now, be very cautious.