Why Direxion Semis Bull 3X (SOXL) fell 13.64%
Direxion Semis Bull 3X (SOXL) fell 13.64% on November 13, 2026 — Nvidia slide, AMD and Marvell drops sink chips.
What happened
Chipmakers sold off hard as Nvidia's slide led chipmaker weakness that dragged the S&P 500 and Nasdaq lower. SMH fell 3.7%, with AMD (−9.1%) and Marvell (−6.3%) among the biggest decliners.
Why it moved
SOXL targets roughly 3× the daily move of its semiconductor index, so SMH's 3.7% drop gets amplified to about −13.6% on the day. The multiple is approximate, but the direction and the leverage are clear.
Why it matters
This sits inside the Chip Supply Chain theme, the equipment, foundry and broad-semis beta that rode the AI-capex wave. Today's leg down is that trade unwinding, expressed through a leveraged wrapper.
What would break the thesis
A leveraged product compounds in both directions, so a rebound in Nvidia and the broader complex would snap it back just as fast. Continued losses in the sector leaders would keep compounding the drawdown.