There are 193 Semiconductor, Materials and Equipment stocks with active shares shorted in our Blacklight SaaS platform and Black App, with $60.1 billion of short interest. Average Short Interest % of Float is 2.98% and S3 SI % Float (which includes synthetic longs created by every short sale in the Float number) is 2.82%, and an average stock borrow fee of 0.37%. As a comparison, U.S. equities have a SI % Float of 4.82%, S3 SI % Float of 4.34% and stock borrow fee of 0.73%.

Semiconductor Short Interest

Ticker

SI % Float

Short Interest

NVIDIA CORP

NVDA

1.29%

$12,286,181,404

BROADCOM INC

AVGO

1.50%

$4,917,747,834

ADVANCED MICRO DEVICES

AMD

2.15%

$4,304,841,792

TEXAS INSTRUMENTS

TXN

1.83%

$2,934,305,844

INTEL CORP

INTC

1.69%

$2,117,545,766

ON SEMICONDUCTOR

5.77%

$2,080,981,739

TAIWAN SEMICONDUCTOR ADR

TSM

0.37%

$1,981,094,278

MICRON TECHNOLOGY

2.52%

$1,968,019,972

MARVELL TECHNOLOGY INC

MRVL

3.49%

$1,887,801,253

LAM RESEARCH CORP

LRCX

2.19%

$1,844,012,379

APPLIED MATERIALS INC

AMAT

1.24%

$1,421,264,324

MICROCHIP TECH INC

MCHP

3.22%

$1,322,808,675

ENPHASE ENERGY

ENPH

5.34%

$1,238,722,415

QUALCOMM INC

QCOM

0.90%

$1,164,144,100

NXP SEMICONDUCTORS NV

NXPI

2.36%

$1,112,300,511

ANALOG DEVICES INC

ADI

1.20%

$1,075,062,387

MONOLITHIC POWER SYSTEMS

MPWR

4.64%

$1,069,854,295

KLA CORP

KLAC

1.59%

$997,040,022

ASML HOLDING NV ADR

ASML

0.31%

$923,698,767

SOLAREDGE TECHNOLOGIES

SEDG

5.11%

$844,987,434

WOLFSPEED INC

WOLF

13.62%

$837,672,796

LATTICE SEMICOND

LSCC

6.98%

$801,490,613

ENTEGRIS INC

ENTG

4.55%

$730,264,637

FIRST SOLAR INC

FSLR

3.33%

$676,215,566

GLOBALFOUNDRIES INC

GFS

12.30%

$584,012,891

Total Short Interest

2.98%

$60,052,997,925

Nvidia Corp (NVDA) is the largest short in the sector, two and a half times larger than second place Broadcom Inc (AVGO) and 20% of all short selling in the sector.

There has been $1.37 billion of increased short selling in the sectors over the thirty days with Advanced Micro Devices (AMD) having the largest increase in short selling and Nvidia Corp (NVDA) with the largest increase in short covering.

Increase in Short Selling

Ticker

SI % Float

Short Interest

30D Change Shs Shorted

ADVANCED MICRO DEVICES

AMD

2.15%

$4,304,841,792

$832,138,545

INTEL CORP

INTC

1.69%

$2,117,545,766

$414,475,775

MARVELL TECHNOLOGY INC

MRVL

3.49%

$1,887,801,253

$353,068,894

LATTICE SEMICOND

LSCC

6.98%

$801,490,613

$298,482,931

LAM RESEARCH CORP

LRCX

2.19%

$1,844,012,379

$199,657,003

TAIWAN SEMICONDUCTOR ADR

TSM

0.37%

$1,981,094,278

$176,450,385

ANALOG DEVICES INC

ADI

1.20%

$1,075,062,387

$138,484,647

KLA CORP

KLAC

1.59%

$997,040,022

$121,627,213

MICRON TECHNOLOGY

2.52%

$1,968,019,972

$109,754,881

SKYWORKS SOLUTIONS

SWKS

2.73%

$455,040,331

$93,065,877

Increase in Short Covering

Ticker

SI % Float

Short Interest

30D Change Shs Shorted

NVIDIA CORP

NVDA

1.29%

$12,286,181,404

($789,690,527)

TEXAS INSTRUMENTS

TXN

1.83%

$2,934,305,844

($395,572,280)

ON SEMICONDUCTOR

5.77%

$2,080,981,739

($134,469,306)

MICROCHIP TECH INC

MCHP

3.22%

$1,322,808,675

($129,697,901)

GLOBALFOUNDRIES INC

GFS

12.30%

$584,012,891

($105,978,941)

ENPHASE ENERGY

ENPH

5.34%

$1,238,722,415

($76,919,774)

FIRST SOLAR INC

FSLR

3.33%

$676,215,566

($54,902,619)

MONOLITHIC POWER SYSTEMS

MPWR

4.64%

$1,069,854,295

($54,488,976)

LASERTEC CORP

LSRCF

0.98%

$116,594,366

($51,128,733)

ASML HLDG NV

ASMLF

0.05%

$142,992,114

($48,303,952)

The Semiconductor sectors have been an investing desert for short sellers with shorts down -$18.31 billion in year-to-date mark-to-market losses, down -36.3% on an average short interest of $50.5 billion. 63% of every stock shorted in the sectors was an unprofitable short and 92% of every dollar shorted was a losing trade.

There are only two stocks with over $100 million of year-to-date mark-to-market profits on the short side:

Semi, Materials & Equip YTD MTM P\L

Ticker

Avg Short Int

YTD MTM P\L

P\L %

ENPHASE ENERGY

ENPH

$1,225,584,345

$544,091,838

44.39%

WOLFSPEED INC

WOLF

$995,974,988

$300,265,796

30.15%

SEMTECH CORP

SMTC

$190,888,333

$61,744,688

32.35%

WISA TECHNOLOGIES INC

WISA

$1,698,765

$61,134,893

3598.78%

IMPINJ INC

$375,225,033

$50,405,434

13.43%

META MATERIALS INC

MMAT

$21,662,566

$33,326,312

153.84%

MAXLINEAR INC

MXL

$186,861,799

$23,530,072

12.59%

LASERTEC CORP

LSRCF

$124,121,590

$16,690,291

13.45%

MACOM TECHNOLOGY SOLUTIONS

MTSI

$168,822,450

$14,885,205

8.82%

CREDO TECHNOLOGY GROUP HOLDING LTD

CRDO

$86,220,778

$8,100,547

9.40%

But thirteen stocks with over $100 million of year-to-date mark-to-market losses on the short side:

Semi, Materials & Equip YTD MTM P\L

Ticker

Avg Short Int

YTD MTM P\L

P\L %

NVIDIA CORP

NVDA

$8,545,721,797

($8,604,106,768)

-100.68%

ADVANCED MICRO DEVICES

AMD

$2,799,959,409

($1,966,355,189)

-70.23%

BROADCOM INC

AVGO

$3,449,395,700

($1,457,977,286)

-42.27%

MARVELL TECHNOLOGY INC

MRVL

$867,587,773

($723,420,278)

-83.38%

TAIWAN SEMICONDUCTOR ADR

TSM

$2,038,625,280

($690,665,855)

-33.88%

MICRON TECHNOLOGY

$1,491,704,379

($602,774,515)

-40.41%

LAM RESEARCH CORP

LRCX

$1,331,500,152

($559,613,729)

-42.03%

ON SEMICONDUCTOR

$1,860,861,079

($471,652,183)

-25.35%

MONOLITHIC POWER SYSTEMS

MPWR

$1,161,915,462

($425,864,297)

-36.65%

APPLIED MATERIALS INC

AMAT

$1,377,585,875

($414,336,647)

-30.08%

Since May 24, when NVDA’s stock price jumped +24%, Semiconductor sectors shorts are down -$7.23 billion in mark-to-market losses, down -12.5% on an average short interest of $57.95 billion.

There were only three shorted stocks in the semiconductor sectors with over $1 million of mark-to-market profits.

Semi, Materials & Equip May 24 MTM P\L

Ticker

Short Interest

May 24 MTM P\L

P\L %

JINKOSOLAR HLDG CO ADR

JKS

$105,420,495

$8,394,348

7.96%

DAQO NEW ENERGY CORP ADR

$127,410,219

$7,520,575

5.90%

MAXEON SOLAR TECHNOLOGIES

MAXN

$141,222,025

$1,366,135

0.97%

67% of all Semiconductor sector shorted stocks were unprofitable trades since May 24 and 98% of every dollar shorted produced negative returns.

Semi, Materials & Equip May 24 MTM P\L

Ticker

Short Interest

May 24 MTM P\L

P\L %

NVIDIA CORP

NVDA

$11,424,616,124

($2,835,318,128)

-24.82%

BROADCOM INC

AVGO

$4,759,129,414

($755,123,493)

-15.87%

ADVANCED MICRO DEVICES

AMD

$4,117,695,469

($550,281,329)

-13.36%

MARVELL TECHNOLOGY INC

MRVL

$1,752,245,203

($494,877,238)

-28.24%

TAIWAN SEMICONDUCTOR ADR

TSM

$1,941,331,757

($228,109,222)

-11.75%

MONOLITHIC POWER SYSTEMS

MPWR

$1,033,492,707

($202,949,569)

-19.64%

LAM RESEARCH CORP

LRCX

$1,812,821,820

($189,373,394)

-10.45%

APPLIED MATERIALS INC

AMAT

$1,411,116,744

($159,737,041)

-11.32%

TEXAS INSTRUMENTS

TXN

$2,858,676,602

($153,253,197)

-5.36%

MICRON TECHNOLOGY

$1,895,856,225

($130,121,644)

-6.86%

While there are few Crowded shorts in the Semiconductor sectors due to the large market caps, low SI % Floats, low days to cover due to larger than average trading volumes and high stock borrow liquidity due to large stock borrow pools there are several stocks that are very Squeezable due to recent mark-to-market losses.

Squeezable Stocks

Ticker

Short Interest ($ millions)

30D MTM P\L ($ millions)

30D MTM P\L %

7D MTM P\L ($ millions)

7D MTM P\L %

MARVELL TECHNOLOGY INC

MRVL

$1,888

$(679)

-52.79%

$(482)

-28.27%

CREDO TECHNOLOGY GROUP

CRDO

$87

$(35)

-55.57%

$(19)

-22.50%

SMART GLOBAL HOLDINGS

SGH

$108

$(34)

-40.30%

$(10)

-9.99%

ENTEGRIS INC

ENTG

$730

$(218)

-35.98%

$(74)

-10.64%

BROADCOM INC

AVGO

$4,918

$(1,096)

-26.00%

$(763)

-16.20%

NVIDIA CORP

NVDA

$12,286

$(3,646)

-38.45%

$(2,644)

-23.69%

ADVANCED MICRO DEVICES

AMD

$4,305

$(1,152)

-35.28%

$(559)

-13.78%

RAMBUS INC

RMBS

$259

$(79)

-38.83%

$(26)

-10.48%

AXCELIS TECHNOLOGIES INC

ACLS

$245

$(63)

-30.50%

$(24)

-10.32%

AMBARELLA INC

AMBA

$117

$(27)

-28.89%

$(11)

-10.09%

We expect short covering in these stocks as short sellers look to trim their exposure and limit future mark-to-market losses if these stocks continue to rally.

Our Blacklight SaaS platform and Black App provides an up-to-date view of short selling and short covering on an equity, sector, index, or country-wide basis allowing investors\traders to better manage their existing long and short positions.

The Black MaP and Black App products provide a total view of long and short positioning in the market with a breakdown between Active\Passive long investors, 24 Fund type entities, over 50k securities globally across 108 countries and data from 58 regulatory exchanges.

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