Chip stocks hit dot-com-era volatility as valuations stay stretched

In June 2026 the PHLX Semiconductor Index matched dot-com-bubble volatility levels, per Benzinga. Reuters reported a rocky July, with high valuations leaving little margin for error. The VanEck Semiconductor ETF's implied volatility — a measure of expected price swings — sat at 46 in May, 2.5 times the S&P 500's.