Viewed over their entire common lifespan, the QQQ (NASDAQ 100) and SMH (semiconductor index) funds have, in the end, performed almost identically. You can see how badly semis lagged for a huge chunk of this chart (black lower than blue) but they have “caught up” admirably thanks to the likes of NVDA and AMD.
![](https://slopeofhope.com/wp-content/uploads/2024/01/slopechart_SMHQQQ-1-640x343.jpg)
More recently, semiconductors have absolutely led the way. When – – not if, but when – – people realize NVDA isn’t the second coming of The Christ, then you’re going to see some serious fireworks.
![](https://slopeofhope.com/wp-content/uploads/2024/01/slopechart_SMHQQQ-640x343.jpg)