随着芯片股市值蒸发1万亿美元，ETF投资者正斥资数十亿美元涌入抛售潮，使一只将每日行业敞口扩大至三倍的基金有望创下历史最佳周流入纪录。
As chip stocks shed $1 trillion in market value, ETF investors are pouring billions into the selloff, putting a fund that triples their daily exposure to the sector on pace for record weekly inflows.
根据彭博社汇总的数据，720亿美元的VanEck半导体基金（代码：SMH）在过去三个交易日已吸纳超过4.3亿美元资金，有望创下自9月初以来的最佳周表现。一些投资者甚至更为激进，向三倍杠杆的Direxion每日半导体看涨3倍ETF（SOXL）投入了约38亿美元，尽管该基金本周已下跌近21%。这一资金规模足以使这只190亿美元的基金有望创下历史最佳周流入纪录。
The $72 billion VanEck Semiconductor fund (ticker SMH) has absorbed more than $430 million in inflows over the past three sessions, which puts it on track for its best week since the start of September, according to data compiled by Bloomberg. Some investors have been even bolder, putting roughly $3.8 billion into the triple-levered Direxion Daily Semiconductor Bull 3X ETF (SOXL), even as it lost nearly 21% of its value this week. That haul is big enough to place the $19 billion fund on pace for its best ever week of inflows.
当前背景并不乐观：费城半导体指数在过去六个交易日下跌12%，市值蒸发约1万亿美元，投资者对人工智能支出和全球竞争加剧的担忧持续施压。估值过高和利率上升的忧虑也加剧了该行业的波动性。
The backdrop is less than comforting: the Philadelphia Semiconductor Index has lost 12% over the past six sessions, forfeiting roughly $1 trillion in value, as investor concerns over AI spending and increased global competition continue to weigh. Worries over stretched valuations and higher interest rates have heightened volatility for the sector.
VettaFi行业与产业研究主管Roxanna Islam表示，近期的抛售潮“呼应了今年早些时候的几次下跌”。
The recent selloff “echoes several earlier declines this year,” says Roxanna Islam, head of sector and industry research at VettaFi.
Islam补充道：“尽管长期需求前景依然强劲，但半导体ETF已成为战术交易日益流行的工具，投资者在下跌时买入，并在反弹时获利了结。”
“While the long-term demand outlook remains strong, semiconductor ETFs have become increasingly popular vehicles for tactical trading, with investors buying into weakness and taking profits during rallies,” Islam added.
这已成为一种热门赌注，尤其是散户投资者在市场压力期间习惯性地逢低买入，押注市场将像今年其他时候一样复苏。而对于全年坚持持有者而言，回报十分丰厚：VanEck半导体基金2026年迄今已上涨57%，而Direxion每日半导体看涨3倍ETF则飙升163%。
It’s been a popular gamble, particularly with retail investors who have been reflexively dip-buying during market stresses, betting that the market will make a comeback as it has other times this year. And for those who have been along for the ride all year, it’s paid off handsomely: VanEck Semiconductor is up 57% in 2026, while Direxion Daily Semiconductor Bull 3X has surged 163%.
“半修正行为正在再次加速，但这尚未完全抑制住带杠杆抄底的需求，”Baird Strategas的首席ETF策略师Todd Sohn表示。
“Semis corrective behavior is re-accelerating again, but that hasn’t quite put a lid on the demand for dip buying with leverage,” said Todd Sohn, chief ETF strategist at Baird Strategas.