According to the author, the PHLX Semiconductor Index rose over the 12 months after every midterm vote since 1994 except 2006, when it fell about 5%, with an average gain of about 42%. Four cycles (1998, 2002, 2018, 2022) started with the index down over the prior 12 months and ended among the five biggest gains, averaging about 68%, while the 2006, 2010 and 2014 votes came after gains and produced the weakest results. This year the index is up about 46% over the past year, and it closed Election Day about 28% below its June 22 record of 14,635. The author does not advise pulling out of chip stocks now, but suggests the next 12 months may resemble the quieter post-2010 and post-2014 years with small gains, unless chipmakers' revenue rises sharply.
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Related tickers and likely impact
NVDA
• NeutralNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 11/04/2026 | 200.28 |
| Change that session | -3.10% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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