Chart of the Day - Tuesday, January 27, 2026

🏆 Today’s Chart of the Day was shared by Josh Schafer (@_JoshSchafer) using research from Todd Sohn (@Todd_Sohn).
 

• Semiconductors ($SMH) closed at new all-time highs and are on pace for their best month ever relative to Software ($IGV). 
   
• Just a decade ago, semis made up roughly 2% of the S&P 500 ($SPY). Today, that figure has climbed to nearly 15%.
   
• Given their significant weight in the index, semiconductors are helping lead the market higher, as the $SPY also pushed to new all-time highs today.

The Takeaway: Semiconductor concentration is at record levels, with the group continuing to serve as the primary driver within Technology.