It wasn't a matter of "if" the semis would see a short-term pull back, but "when." The 30 semiconductor stocks in the Philadelphia SOX index were up an average of 73% year-to-date through yesterday (5/11). As shown at the bottom of the table below, they're down an average of 6.6% in early afternoon trading today.
While NVIDIA (NVDA) has been one of the smallest gainers in the SOX this year, it's down the least of any stock in the index today with a decline of just 1.2%.
The SOX was down 6.67% today at around 1 PM ET while the S&P 500 was down 0.87%. That 5.8 percentage point spread of underperformance for the SOX would be its worst day versus the market since "DeepSeek Monday" last January 27th and the 3rd worst since 2003.
If you're interested in historical precedent, below is a log chart of the SOX since 1994 with red dots marking the 64 trading days since then that the index has underperformed the S&P 500 by more than 5 percentage points:
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