US semiconductor ETFs rebounded on the 8th (local time) after testing critical support levels amid a $2.1 trillion market cap selloff since June 22. The Philadelphia Semiconductor Index (SOX) closed 2.23% higher at 12,574.97, while the iShares Semiconductor ETF (SOXX) rose 1.87% to 562.03 and the Roundhill Memory ETF (DRAM) gained 2.39% to 62.04, according to Yahoo Finance on the 9th. The rebound occurred as SOX retested the 12,000 level that briefly halted declines in May, with buyers defending key support zones. Yahoo Finance noted that semiconductor stocks have lost nearly $2.1 trillion in market capitalization since their June 22 closing highs, representing a 21% median decline, with memory chip stocks facing the most stress as Samsung fell 25% and SK Hynix dropped 30% from peaks.
SOX and SOXX Test Critical Support Levels Near 12,000
![SOX Price Trend]()
SOX price trend. Source: Yahoo Finance
Yahoo Finance analyzed that SOX is creating a typical chart pattern by retesting the 12,000 area that briefly stopped the decline in May. The analysis stated that a previous ceiling becomes a new floor only when buyers can defend it well. For SOX, buyers need to maintain the 11,950 level on a closing basis, while SOXX has a similar support line at 535. If these lines hold, SOX could easily rebound to the 13,000 level, with a larger barrier at 14,000. If support fails, the index could drop another 1,000 points to 11,000.
$2.1 Trillion Market Cap Loss Since June 22 Peak
Yahoo Finance reported that actual selling pressure has been intense, with nearly $2.1 trillion in market capitalization evaporating since June 22 when SOX, DRAM, and many semiconductor stocks recorded closing highs. This represents a 21% decline on a median basis. DRAM has already entered a bear market with a decline of more than 20% on a closing basis, while SOX's bear market threshold stands at 11,700.
Yahoo Finance described memory semiconductor stocks as the biggest stress factor, noting that Samsung Electronics has fallen 25% from its peak, similar to Micron, while SK Hynix has declined 30%.
SK Hynix Nasdaq Listing Scheduled for the 10th
![SOXX Price Trend]()
SOXX price trend. Source: Yahoo Finance
SK Hynix's Nasdaq listing scheduled for the 10th (local time) serves as an important test to check investment sentiment toward the AI memory market in real time. Demand forecasting ahead of SK Hynix's listing attracted subscriptions exceeding seven times the offering volume. If the offering price is set based on SK Hynix's closing price of 2.076 million won on the 8th, the fundraising scale is expected to reach $24.5 billion (approximately 37.14 trillion won).
Yahoo Finance stated that the mission for semiconductor bulls is simple: if these support lines hold, this selloff will appear as a simple support retest.
FAQ
What support levels are US semiconductor ETFs testing?
SOX needs to maintain the 11,950 level on a closing basis, while SOXX has a similar support line at 535, according to Yahoo Finance's analysis on the 9th. These levels correspond to the 12,000 area that briefly stopped SOX's decline in May.
How much market value have semiconductor stocks lost since June 22?
Nearly $2.1 trillion in market capitalization has evaporated since June 22 when SOX, DRAM, and many semiconductor stocks recorded closing highs, representing a 21% median decline according to Yahoo Finance.
