The chip unwind, in numbers:
July 8: $SOXX takes in $5.4 billion in a single day. Largest inflow since the fund launched in 2001, more than 3x the old record.
July 10: semiconductor ETFs close the week with a record $7.1 billion as everyone buys the dip.
July 16: $TSM beats on revenue and margin, raises 2026 capex to $60-64 billion from $52-56 billion.
July 17: $TSM falls 7% in Taipei anyway. Chips are closing their worst week since Liberation Day, more than $1 trillion erased.
The record inflow was nine days ago.