Updated based on Friday's closing prices.
On Friday, the PHLX semiconductor index declined 1.6%, making for a decline of 18.2% for July, after this index of 30 chip makers and related suppliers had doubled during the first six months of 2026.
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To compile a list of the large-cap technology stocks that have fallen the most during July, we began with the components of:
The S&P 500 SPX.The iShares Semiconductor ETF SOXX, which holds all 30 stocks in the PHLX Semiconductor Index SOX.The Invesco QQQ Trust QQQ, which holds the component stocks in the Nasdaq-100 Index NDX, which is made up of the largest 100 nonfinancial companies in the full Nasdaq Composite Index COMP.
After removing duplicates of stocks in two or more of the groups, our initial list was made up of 523 stocks.
Based on Friday's closing prices, these 19 stocks were showing July declines of at least 25%, according to data provided by LSEG. The list also includes year-to-date price changes, current forward price-to-earnings ratios and P/E ratios at the end of 2025.
Macom Technology Solutions MTSI
The forward P/E ratios are based on prices and rolling consensus 12-month earnings-per-share estimates among analysts polled by LSEG. They compare with weighted forward P/E ratios of 22.8 for the iShares ETF SOXX, 20.3 for the SPDR S&P 500 ETF Trust SPY and 22.8 for QQQ, as calculated by LSEG.
Seven of these stocks are still up by triple digits this year, despite the large declines during July. The best performer of all so far in 2026 has been Sandisk SNDK, with a 471% gain. And this stock's forward P/E has declined to a low 6.4 from 13.6 at the end of last year, because the rolling consensus EPS estimate has increased more quickly than the share price.
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