SMH is trading at $531.50 (+1.56%) as early trading showed selective buying in memory and semiconductor stocks, consistent with a technical rebound rather than a confirmed sector-wide reversal. - The sector remains pressured after Thursday’s sharp chip selloff, Lam Research’s cautious outlook and worries about returns on AI spending, including Meta’s higher investment plans. - Rising oil and geopolitical concerns are adding to broader risk-off sentiment, contrasting with SMH’s gain amid cited sector weakness.