VanEck Semiconductor ETF Sees Inflows Amid Mixed Performance

VanEck Semiconductor ETF ( $SMH ) has fallen by 3.47% in the past week. It has experienced a 5-day net inflow of $629.49 million.
This is due, in part, to market sentiment on some of the ETF’s largest holdings. For example:

• Nvidia Corporation heads into its May 20 fiscal Q1 earnings on a strong run, with shares up about 22% in 2026 and analysts expecting EPS to more than double and revenue to surge 79%, fueled by booming AI GPU demand. Wall Street keeps a Strong Buy rating and sees roughly 24% upside, while Nvidia deepens its AI ecosystem with new stakes in cloud player CoreWeave and materials supplier Coherent, and benefits from U.S. approval for select Chinese buyers of its H200 chips.
• Taiwan Semiconductor Manufacturing Company Limited has eased slightly from record highs to around $395–$404, prompting hedge funds to rebalance positions and options traders to buy downside protection, even as the stock is still up nearly 38% year-to-date. Strong Q1 results, a higher NT$7 dividend, and more than US$50B in planned global capacity expansion, including up to US$20B for its Arizona fab, underpin broad Buy/Outperform ratings and targets up to $490, though heavy capex and rich valuation could add near-term volatility.
• Intel remains a battleground stock after a massive rally of more than 200% year-to-date, with analysts maintaining a Hold rating and average targets implying sizable downside as competition in server CPUs from AMD and Arm bites into its market share. New details on its Apple foundry deal suggest an initial focus on lower-end, legacy chips, while upcoming Razor Lake-AX processors and a high-profile partnership as McLaren Racing’s Official Compute Partner highlight Intel’s bid to reassert itself in AI and high-performance computing, even as expectations look stretched.