Semiconductor ETF SOXX hit fresh multi-week highs in short interest and utilisation this week despite a blistering 11% rally. Bears are doubling down at $461.60, even as the fund surged 35% in a month.
SOXX closed Friday at $461.60, up 4.7% on the day and 11% for the week. The fund has roared 35.4% higher over the past month. Semiconductor stocks staged a powerful reversal after weeks of selling pressure, lifting the ETF back toward prior resistance levels.
Short interest climbed to 10.27 million shares as of April 23. That represents 18.3% of float, the highest reading in three weeks. Shorts added 513,000 shares over the past week alone, a 3% increase. The monthly build is steeper — short interest is up 12.2% since late March, when it sat near 9.16 million shares.
The April 9 peak reached 10.67 million shares. Today's level is the second-highest in the past 30 days. Bears are rebuilding positions after a brief pullback mid-month.
Cost to borrow fell 15.1% over the week to 1.08%. The rate has dropped 12.9% in the past month. It peaked at 2.14% on April 9, coinciding with the short interest high. Lower borrowing costs typically reflect easing supply constraints, even as demand to short remains elevated.
Utilisation jumped to 57.4% on April 23, up sharply from 38.2% the prior day. The metric hit 100% on April 9, matching the 52-week high. It has swung wildly in recent weeks — from mid-30s to triple digits and back. Current levels suggest moderate but growing pressure on the lending market.
Put/call ratio stood at 2.82 on April 24, the highest in the past 20 sessions. The 20-day mean is 2.38 with a standard deviation of 0.36. The current PCR sits 1.20 standard deviations above the mean. This is an elevated but not extreme reading. Over the past year, PCR has ranged from 0.82 to 3.73. The week-over-week trend shows steady increases, with PCR rising from 2.03 on April 16 to the current level.
Goldman Sachs added 940,823 shares in Q4 2025, lifting its stake to 2.90 million shares. That represents 5.3% of shares outstanding, making Goldman the largest holder. Morgan Stanley increased its position by 545,469 shares to 2.36 million, a 4.3% stake. UBS Asset Management added 169,239 shares to reach 1.44 million.
Healthcare of Ontario Pension Plan trimmed its position by 405,000 shares but still holds 1.18 million. Profuturo AFP initiated a new 445,000-share position. Bank of America increased by 213,070 shares to 1.06 million. Wells Fargo added 119,851 shares to 939,443.
The holder list shows broad accumulation by major institutions through year-end 2025. The only notable seller was the Ontario pension fund.
Short interest and utilisation have both trended higher this week despite the sharp price rally. The divergence between rising shorts and rising prices rarely persists. Either the rally stalls and bears profit, or shorts capitulate and fuel further upside. The April 9 peak in both short interest and utilisation marked a temporary high in bearish positioning. Current levels are approaching those extremes again.
The next FINRA settlement date will confirm whether exchange-reported short interest matches ORTEX estimates. As of April 15, FINRA reported 8.14 million shares short with 1.18 days to cover.
See the live data behind this article on ORTEX.
Open SOXX on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
