Chip ETF Hits Fresh Peak as Micron Breaks the Trillion-Dollar Barrier and Broadcom Earnings Loom
01.06.2026 - 01:03:50 | boerse-global.de
Micron Technology’s ascent into the trillion-dollar club has given the VanEck Semiconductor UCITS ETF a fresh tailwind, just as the fund braces for Broadcom’s second-quarter results on Tuesday. The exchange-traded fund closed Friday at €95.40 — a new all-time high — pushing its year-to-date return to 73.58%. The PHLX semiconductor index has climbed nearly 80% over the first 100 trading days of 2026, its strongest start since the benchmark launched in 1993.
Micron crossed the $1 trillion market-cap threshold on May 26, making it the third US chipmaker to reach that milestone after Nvidia and Broadcom. The 19% surge that day was triggered by UBS analyst Timothy Arcuri’s dramatic price-target hike from $535 to $1,625, driven by insatiable demand for high-bandwidth memory (HBM) chips used in AI data centers. Micron’s entire 2026 HBM production is already sold out. The stock carries a 7.48% weighting in the ETF, behind Nvidia (15.42%), TSMC (9.53%) and Intel (7.70%). The Micron rally lifted the whole sector, with Marvell, AMD, Qualcomm and Western Digital all posting solid gains.
The ETF’s heavyweight, Nvidia, provided another layer of support after reporting record earnings in May. First-quarter revenue for its fiscal 2027 hit $81.6 billion, up 85% year over year, while the data-center segment alone surged 92% to $75.2 billion. Management guided for roughly $91 billion in the current quarter, and the board approved an 80-billion-dollar share buyback program while quadrupling the quarterly dividend to $0.25 per share. Those numbers reinforce the message that AI infrastructure spending by hyperscalers is not letting up.
Now attention turns to Broadcom, which reports fiscal second-quarter results on Tuesday. Options pricing implies a 7.7% swing in either direction, and positioning leans bullish. Citi’s Atif Malik lifted his price target to $500 with a buy rating, noting that Broadcom’s semiconductor revenue from AI more than doubled to $8.4 billion in the prior quarter. Technically, the stock is consolidating near $425, with resistance at $435 and a tougher ceiling around $450. Support sits in the $375–$380 zone. A miss or weak guidance could spark volatility across the sector.
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The macro calendar adds to the tension. ISM manufacturing and services data are due Monday and Wednesday, respectively, followed by the May jobs report. April saw 115,000 new payrolls, topping expectations after a revised 185,000 in March. The Federal Reserve’s next policy meeting is set for June 16–17, and fed-funds futures already price in the risk of rate hikes later in 2026. Hotter-than-expected readings could pressure bond yields, the dollar and equity indices, including chip stocks.
Despite the near-term uncertainty, structural demand remains robust. IDC projects global semiconductor revenue of $1.29 trillion in 2026, a 52.8% jump from last year. Memory is the standout: DRAM sales alone are expected to nearly triple to $418.6 billion, fueled by hyperscaler orders for high-bandwidth memory. The five largest cloud providers are set to spend around $700 billion on data center capacity this year.
Broadcom’s report on Tuesday will be followed by Micron’s own quarterly numbers on June 24. Micron guided revenue between $32.75 billion and $34.25 billion and adjusted earnings per share of $18.75–$19.55 when it last reported, and management has since indicated the outlook has improved. The supply gap in DRAM, HBM and NAND is structural rather than cyclical, they told a JP Morgan conference, and is expected to persist well beyond 2026.
Sentiment remains oddly cautious even as the data keeps improving. CNBC recently described the chip rally as “the most hated in history.” Yet the VanEck Semiconductor ETF has delivered an average annual return of 36.65% since inception, with total net assets now around €6.99 billion. The fund’s relative strength index sits at 42.6, well below overbought territory, suggesting room for further gains. With a total expense ratio of 0.35% and an ESG cap that limits any single holding to 10% of assets, the ETF has ridden the AI wave while offering some diversification.
Whether Broadcom’s earnings and Micron’s upcoming report can sustain the momentum will determine if the chip rally broadens or takes a breather. For now, the fundamental backdrop looks pristine — and the trillion-dollar mark is no longer as exclusive as it once was.
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