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The chip crash is exposing the brutal cost of leverage: Chart of the Day
The semiconductor sell-off has punished investors across the board. Leverage has made the damage far harder to recover from.
The iShares Semiconductor ETF (SOXX) has fallen roughly 25% from its June 22 peak while the Direxion Daily Semiconductor Bull 3X Shares (SOXL), a leveraged ETF, has plunged nearly two-thirds over the same stretch.
The latest slide is part of a chip-stock crash that the rest of the market has largely absorbed.
The leverage unwind intensified overnight after SK Hynix (SKHY) reported earnings, sending South Korea's Kospi (^KS11) down as much as 13% before dip buyers cut the loss to 6%. Goldman Sachs traders still saw buyers stepping into memory stocks, suggesting the rout remains disorderly rather than capitulatory, even as the sell-off triggered a record wave of trading halts.
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