The tech sector is experiencing its wildest swings in years: The semiconductor ETF, SMH, and the software ETF, IGV, have experienced 34 daily moves of at least 4% year-to-date. This is now +278% above the previous full-year record of 9 such moves, set in 2024. This also exceeds the combined total from the previous 7 full years. In July alone, SMH has posted 3 trading days with at least a -4% decline. Meanwhile, the 3x leveraged semiconductor ETF, SOXL, has recorded 18 trading days with moves of at least 10% in either direction since the start of June. Software and semiconductor stocks are seeing unprecedented volatility.(The Kobeissi Letter)