XSD Investors: Intel’s Foundry Losses and AI Spending Are the Signals to Watch

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Michael Williams

Mon, March 30, 2026 astatine 6:30 AM CDT 4 min read

SPDR S&P Semiconductor ETF (XSD) uses equal-weight methodology crossed 43 holdings, giving Micron (MU) a 4.21% presumption with Q1 FY2026 gross of $13.64B (up 57% YoY) and Q2 guidance of $18.70B, portion Marvell (MRVL) reported information halfway gross of $1.52B successful Q3 FY2026 (73% of total, up 38% YoY), and Intel (INTC) posted a $2.51B foundry operating nonaccomplishment successful Q4 2025.
XSD’s equal-weight operation automatically rebalances to trim outperformers similar Micron and adhd to laggards similar Intel, creating structural resistance during bull markets portion amplifying downside hazard if hyperscaler AI capex spending slows oregon representation proviso tightens.
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XSD is down astir 8% implicit the past month, yet up astir 52% implicit the past year. That spread tells the full communicative of what semiconductor investors are wrestling with close now: a structural AI request roar moving headlong into near-term proviso friction and macro uncertainty.

SPDR S&P Semiconductor ETF (NYSEARCA:XSD) takes a antithetic attack than astir semiconductor funds. Rather than concentrating vulnerability successful the largest names, it uses an equal-weight methodology crossed 43 holdings, giving smaller and mid-cap semiconductor companies the aforesaid portfolio value arsenic giants. That plan prime is some the fund's entreaty and its superior root of risk, due to the fact that it means a struggling turnaround communicative carries conscionable arsenic overmuch power arsenic a high-growth AI pure-play.

The azygous biggest macro origin for XSD is the gait and durability of AI infrastructure spending. Hyperscalers are committing tremendous superior to information halfway buildouts, and representation and logic chips beryllium astatine the halfway of that concern cycle. Micron's numbers marque this concrete: Q1 FY2026 gross reached $13.64 billion, up 57% year-over-year, with Cloud Memory Business Unit gross margins hitting 66%. Management has guided Q2 gross to $18.70 billion, and bid books are reportedly stretching into 2027.

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Marvell's information halfway gross tells a akin story. Data halfway gross reached $1.52 cardinal successful Q3 FY2026, representing 73% of full gross and increasing 38% year-over-year. CEO Matt Murphy stated that "our information halfway gross maturation forecast for adjacent twelvemonth is present higher than anterior expectations."

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