Microchips Fund Returned 32% in April – Here’s Why
- Michael Mosi
- Jul 9
- 2 min read
April was a historic month for Microchips Fund (SMH). The fund gained an impressive 32.2% in April alone, marking its strongest monthly performance ever. As of May 8, 2026, the fund’s trailing returns stand at +57.32%year-to-date, making it one of the standout performers in the market.
So, what’s driving this momentum? Several major semiconductor companies posted strong earnings last month. Taiwan Semiconductor Manufacturing Company reported revenue growth of 40% and net income up nearly 60%, while ASML and Lam Research also beat expectations, highlighting strong industry demand.
The biggest surprise came from Intel, which delivered earnings far above forecasts and saw its stock climb 114% in April 2026, driven by renewed CPU demand in AI data centres. Together, these results boosted confidence across the semiconductor sector and lifted the fund’s performance.
Financial analysts point out that semiconductors are now at the heart of the AI build-out. The industry is experiencing what some call a “memory supercycle,” with shortages in high-bandwidth memory driving prices higher. Analysts expect semiconductor earnings to remain strong for at least the next two years, supported by massive investments in AI data centres. However, they also caution that the sector is cyclical, meaning investors should be mindful of risks if demand slows.
For long-term investors, analysts believe investing in semiconductors is essential. The Microchips Fund provides a convenient way to invest in leading chipmakers like Nvidia, TSMC, Intel, and Broadcom, all of which are central to the AI infrastructure story.
Already invested in the Microchips Fund? You can top up your investment to take advantage of this long-term shift in how the world uses technology.
If you haven’t yet included this fund in your investments, book a free financial advisory call with us to learn how this ETF could fit into your strategy
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This analysis is spot-on! I appreciate how you broke down the factors leading to the 32% return. Slope Run Exploring potential market shifts in microchips could enrich future posts—definitely worth keeping an eye on!
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