Semiconductor ETF falls 3.74% to lead US sector ETF declines at open

The dispersion is the story here: semiconductors are falling far harder than the broader tech complex, and the leveraged products are amplifying that gap in a way that suggests concentrated, conviction-driven selling rather than a broad risk-off rotation. Energy's modest gain points to a rotation story rather than a uniform drawdown. The size of the leveraged ETF moves makes clear that positioning in semis had become crowded. Whether the underperformance stays contained to chips or bleeds into the wider tech index is the open question worth tracking through the session.