Semiconductor ETF jumps 4.1% to lead sector ETFs in early US trading

Semiconductor leadership of this magnitude, against a broad tech bid, points to chips as the risk-on epicenter rather than a single-name story — a signal that supply-chain expectations, not just platform earnings, are driving the tape. The split with airlines is the tell: capital is rotating toward secular growth and away from fuel-and-margin-sensitive cyclicals. Whether that spread persists through the session or fades into the close is the open question, and whether airlines' weakness spreads to other transport-linked ETFs is worth watching.