BREAKING: The semiconductor ETF, SOXX, is underperforming the Nasdaq 100 ETF, QQQ, by -12.3 percentage points so far in Q3 2026, on track for its largest quarterly underperformance since Q3 2002. The gap is even wider than the -11.6 percentage-point underperformance recorded in Q4 2007, during the Financial Crisis. This comes as SOXX is down -11.7% so far in Q3, while QQQ is up +0.6%. The current pullback follows +67.4 percentage points of outperformance in Q2 2026, the largest on record, and the 5th consecutive quarter of outperformance. Year-to-date, SOXX is still up +88%, well above QQQ's +21% gain. Semiconductor stocks are taking a breather after a historic run.