Semiconductor ETF Outperforms Software ETF by 8.4 Points in Record One-Day Gap

S. 4 percentage points on Thursday, the biggest one-day outperformance on record. The ratio of semiconductor stocks relative to software stocks has been tracked since April 2025.

This outperformance followed a week where the software versus semis ratio posted its biggest one-day drop on record. The iShares Expanded Tech-Software Sector ETF (IGV) slid over 5% on Thursday, its worst day since the April 4 post-”Liberation Day” sell-off. IGV finished slightly positive on the week but is up less than the iShares Semiconductor ETF (SOXX) over the past five days.

SOXX rose 11% over the same period. IGV found buyers near $82, its 50-day moving average and the 50% retracement of the move from its April 10 low to Wednesday’s high. ServiceNow (NOW) had its worst day ever on Thursday.

GitLab (GTLB) hit an all-time low this week, while Cognizant (CTSH) and Fair Isaac (FICO) made fresh multimonth lows. The PHLX Semiconductor index (^SOX) is on an 18-day winning streak, with the past 13 sessions marking record highs. The index is up 40% in April 2026, its best month since February 2000.

Nvidia (NVDA) cleared $5 trillion in market cap this past week. Intel (INTC) rose 24% on Friday, its largest gain since October 1987, and cleared its dot-com highs after earnings. Texas Instruments (TXN) jumped the most since 2000 after beating on its earnings on Wednesday.

Arm (ARM) surged over 40% this week, its biggest increase in two years. Advanced Micro Devices (AMD) gained 25% this week. Taiwan Semiconductor (TSM), Qualcomm (QCOM), and KLA (KLAC) each rose in the high single digits.

Synopsys (SNPS) closed the week up 11%. Cadence Design Systems (CDNS) was up 5% to 7% this week. Palo Alto Networks (PANW) and CrowdStrike (CRWD) also gained 5% to 7%. The article detailing these movements was published on April 25, 2026, at 9:00 AM EDT.

" He added that the rebound in software "still leaves it far behind" semiconductors.