PSI surged 104.96% from December 31, 2025 to May 26, 2026, driven by equal-weight exposure to memory and equipment stocks.
The Invesco Semiconductors ETF (PSI) gained 104.96% between December 31, 2025, and May 26, 2026, far exceeding the S&P 500’s 10.07% and the iShares Semiconductor ETF’s 89.42% returns. The equal-weight structure, with only 3.86% in Nvidia, benefited from surging memory chip pricing and semiconductor capital equipment spending.
PSI’s top holdings, including Micron Technology (MU), Lam Research (LRCX), and Intel (INTC), capitalized on AI-driven capex expansion beyond megacap GPU designers. The rally reflects a structural shift toward memory and equipment suppliers, though valuations now largely price in this tailwind.
A $10,000 investment in PSI at the end of 2025 grew to approximately $20,496 by May 26, 2026, outperforming broader indices and sector peers.