SOXX breaks its floor on FOMC day — the sell-off spares only the testers

The ten lines

1. 1

   BOARD The board: the handoff, priced at ETF level

   Semis −4% across the complex — SMH −4.1%, XSD −4.4%, SMHX (fabless) −3.2% — with the physical build sold alongside: data centres (DTCR) −2.8%, grid (GRID) −3.1%, nuclear (NLR) −3.1%. Against that, the layer that rents the build is green: CLOU +2.3%, IGV +0.6%, FDN +0.1%. One board, both sides of the capex→opex handoff.

2. 2

   LEVEL SOXX 468 — through the floor

   SOXX

   SOXX trades 468, down 4.7%, through the 480.50 flush-low that held Monday's crash — the line this morning's edition called the whole floor. A break printed hours before an FOMC decision is provisional by construction: the only score that counts is the close against 480.50, after the presser, before the prints.

3. More from Closelooknet AI Handoff Board Nine ratios of our own indices tracking whether AI leadership is moving from build to operate to use. Open the board →
4. 3

   DOWN Memory and equipment carry the third leg

   MU

   MU −6.1%, Lam Research −6.3% into its own print tonight, NVDA −2.8%, Broadcom −1.9% — Korea's second crash crossed the Pacific into memory and equipment, exactly where the Hynix print said the repricing lives. Nebius −10.2% extends it to the neocloud financing layer — a funding-side name selling harder than the chipmakers.