Tech Check: Weekly Price Returns 9-27-26

The weekly tech check price returns show a semiconductor comeback with software/SaaS taking a fresh beating in the rankings.

The chart details the weekly price returns on the Tech Check mix of single names and ETFs vs. broad market benchmarks. The score of 19-13 is a favorable move from 16-16 for the past two weeks. We see semiconductors leading the ranks again while software and SaaS-based services names dominate the bottom quartile along with two legacy leaders (IBM, Cisco) in the bottom tier.

The Semiconductor ETF (SOXX) at 7.43% in the top quartile ran well ahead of the Software ETF (IGV) at 1.59% in the 2^nd quartile and broader NASDAQ benchmark at +2.06%. Qualcomm (QCOM) at #1 and Intel (INTC) at #2 and Meta (META) at #3. The top quartile also includes Advanced Micro (AMD), Applied Materials (AMAT), the Semiconductor ETF (SOXX) and Micron (MU). That makes 6 of the 8 from the semiconductor subsector in the top quartile. Palantir (PLTR) was the only software name to crack the leader ranks this week.

Within the Mag 7 peers, we see those bellwethers spread across each of the quartiles with Meta (META) riding Muse into the top quartile with a +12.9% week at #3. The 2^nd quartile includes Microsoft (MSFT), Tesla (TSLA), and Apple (AAPL). NVIDIA (NVDA) was housed in the 3^rd quartile with Amazon (AMZN). Alphabet (GOOGL) was in the bottom quartile.

Software comprised 5 of the 8 bottom tier names with Intuit (INTU) still in the tank in last place at -9.04%. INTU also ranks last over the 1-month time horizon and on a YTD basis. We look at the broader range of return horizons in a separate commentary we will post later, but the bottom 3 for the week of INTU, Oracle (ORCL) and Adobe (ADBE) are also in the bottom 3 YTD.

It took +6.54% (Micron) to make the top quartile for the week and +11.4% (SOXX) for the month top quartile while YTD Tech Check mix required +38.5% (Cisco). Making the top 5 for the week took +9.1% (AMAT); for the month it took +24.7% (Dell); and YTD it took +90.2% (SOXX). For YTD, Dell ranked #1 YTD with +347%.

2026 has been extraordinary for semiconductors and the AI ecosystem names. Clearly, much had to go just as bulls envisioned to justify such valuations.