Stock Track | SOXS Plummets 13.19% Intraday as Semiconductor Rally Intensifies on Intel Earnings, AI Demand

Stock Track04-24

The Direxion Daily Semiconductors Bear 3x Shares (SOXS) ETF plummeted 13.19% intraday on Friday. As a triple-leveraged inverse ETF designed to deliver three times the inverse daily performance of semiconductor stocks, its sharp decline is a direct reflection of a powerful rally in the underlying semiconductor sector.

The decline was driven by a sustained and record-breaking surge across semiconductor stocks. The Philadelphia Semiconductor Index (SOX) recently rose above the 10,000-point milestone, achieving a historic 17-day winning streak. This rally was fueled by strong first-quarter earnings reports, particularly from Intel, which reported better-than-expected results driven by AI infrastructure demand. The broader sector strength extended to other major chipmakers, contributing to significant downward pressure on the inverse SOXS ETF.

Analysts point to the artificial intelligence boom as a key structural driver, shifting demand toward data center and server chips. This sector-wide momentum, marked by parabolic price action and record overbought conditions, created a powerful headwind for bearish semiconductor bets like SOXS during the session.

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