BREAKING: The semiconductor ETF, $SOXX, is underperforming the Nasdaq 100 ETF, $QQQ, by -12.3 percentage points so far in Q3 2026, on track for its largest quarterly underperformance since Q3 2002.

The gap is even wider than the -11.6 percentage-point underperformance recorded in Q4 2007, during the Financial Crisis.

This comes as $SOXX is down -11.7% so far in Q3, while $QQQ is up +0.6%.

The current pullback follows +67.4 percentage points of outperformance in Q2 2026, the largest on record, and the 5th consecutive quarter of outperformance.