[Macro on Microchips] Gains and Tailwinds Are In, But Risk Appetite Isn’t

UMC repositions, Micron delivers, and the market stays defensively long.

The SOXX ETF gained 6.1% in the last week of June until the first of July, closing above key resistance levels and outpacing the broader market. But while the chart looks bullish, the underlying investor behavior does not yet reflect a fully risk-on stance.

In this edition, we unpack that divergence. We also look at UMC’s possible shift toward 6nm and wh…