SOXX Hits All-Time Highs With Only 44 Percent of NYSE Stocks Above Their 200-Day Average

Micron gross margins above 70 percent on HBM3E scarcity are anchoring the semiconductor narrative, but Samsung and SK Hynix supply additions ramping in H2 2026 pose a credible margin compression risk. A 10 percent SOXX pullback driven by supply normalization would mechanically translate to a 2 to 3 percent SPY decline