Why did AMD surpass Nvidia in the fund?

Due to the fund's periodic rebalancing, which adjusts weightings based on modified market capitalization, AMD's weight increased enough to overtake Nvidia.

Does this mean AMD is larger than Nvidia?

No, this does not indicate AMD's market cap superiority; it's a result of the fund's weighting mechanism. Nvidia's market cap remains much larger.

Which other companies are approaching the top?

Micron (MU) is rapidly climbing the ranks in the fund, according to the report.

AMD Overtakes Nvidia as Top Holding in $45B Semiconductor ETF

AMD has overtaken Nvidia as the top holding in the VanEck Semiconductor ETF (SMH), a $45 billion fund tracking the 30 largest U.S.-listed chip companies. Micron Technology is also moving up the ranks, according to a report from The Motley Fool.

July 19, 2026

2 min read

Source: Motley Fool

Key Numbers

etf size

45B

top holdings

The VanEck Semiconductor ETF (SMH) has undergone a reshuffle, with AMD (NASDAQ: AMD) now the largest holding, surpassing Nvidia (NASDAQ: NVDA). The change follows a periodic rebalancing of the fund, which tracks the MVIS US Listed Semiconductor 25 Index, comprising 30 major U.S. chip companies.

Details of the Change

According to reports from The Motley Fool, the latest rebalancing increased AMD's weight to the top position, overtaking Nvidia. Additionally, Micron Technology (NASDAQ: MU) is rapidly approaching the top ranks, reflecting its strong recent stock performance.

Context

The SMH ETF is one of the largest in the semiconductor sector, with approximately $45 billion in assets under management. The reshuffle reflects changing market dynamics and individual company performance. The report did not disclose the exact new weightings.

What This Means for Investors

This change does not necessarily indicate a superiority in market cap or financial performance; rather, it is a result of the fund's modified market-cap-weighted rebalancing mechanism. Investors should monitor periodic updates to understand shifts in component rankings.

Frequently Asked Questions

SMH is a VanEck ETF that tracks the 30 largest U.S.-listed semiconductor companies, with about $45 billion in assets under management.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.