BTIG: Chip Stocks Still Have Downside, SOXX May Test 200-Day Moving Average
nashnova research
BTIG technician Krinsky warns chip stocks still face roughly 12.5% downside, with SOXX likely to test its 200-day moving average at $436.57 after breaking below the 50-day line — AI-slowdown fears are repricing the entire semiconductor chain.
How much further can chip stocks fall?
BTIG chief market technician Jonathan Krinsky said Monday that chip stocks have "unfinished downside."
SOXX dropped over 5% in pre-market to around $499, while the 200-day moving average — the average closing price over the past 200 trading days, a key gauge of medium-term trend — sits at $436.57.
This means → a full test of the 200-day line implies another ~12.5% drop from current levels.
What is the technical picture telling us?
SOXX continues to trade below a declining 50-day moving average — the average of the last 50 sessions, reflecting short-term momentum — confirming the near-term trend has turned bearish.
This means → the 50-day line itself is still falling, so selling pressure is sustained and accelerating, not a one-off flush.
The next critical test is whether the 200-day line holds as support. In plain terms = when the price reaches that line, the question is whether buyers step in hard enough to catch it.
Why now — and who is being sold?
The trigger is growing concern that the pace of AI development is slowing, prompting investors to re-examine the sectors that rallied hardest.
SOXX's top holdings span the full semiconductor stack: Nvidia, AMD, Broadcom (design), TSMC (foundry), Micron, Marvell (memory/interconnect), Lam Research, KLA (equipment), Intel (IDM).
This reflects a market that is not dumping individual names — it is systematically repricing valuations across the entire AI hardware chain.
市场有风险，内容仅供研究参考，不构成投资建议。