Why Direxion Semis Bull 3X (SOXL) rose 10.91%
Direxion Semis Bull 3X (SOXL) rose 10.91% on October 28, 2026 — Oracle-Google TPU tie-up sparks chip rally.
What happened
Chip stocks rallied, with the SMH semiconductor ETF up 3.1%. Oracle rose 5% on news that Google TPUs are coming to Oracle Cloud and its NVIDIA deal is expanding, while AMD (+5.7%) and Micron (+4.6%) led the group.
Why it moved
SOXL holds a fixed 3x multiple of the chip index's daily move, so it roughly tripled SMH's gain. Oracle's cloud and NVIDIA news lifted AI-infrastructure demand expectations and carried the group higher.
Why it matters
This is the Chip Supply Chain theme, where AI capex has spread from equipment to design IP across the wider complex.
What would break the thesis
The rally is only as durable as hyperscaler and AI-infrastructure spending. A tech selloff or doubts about AI capex would reverse a 3x fund quickly.