SMH.L is trading 3% up today, driven by strong AI-infrastructure demand amid a broad semiconductor-sector rally, not an isolated fund event.
- TSMC’s record quarter and higher 2026 capital-expenditure outlook, plus Nvidia and chip-equipment strength, are supporting the group.
- Positive US-China consultations on AI, tariffs and critical minerals are improving sentiment toward semiconductor supply chains.
- Broader risk-on trading is reinforcing the move.