{"id":52876,"date":"2026-08-19T10:01:53","date_gmt":"2026-08-19T10:01:53","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/growing-pressure-across-semiconductor-stocks\/"},"modified":"2026-08-19T10:01:53","modified_gmt":"2026-08-19T10:01:53","slug":"growing-pressure-across-semiconductor-stocks","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/analysis\/growing-pressure-across-semiconductor-stocks\/","title":{"rendered":"Pression croissante sur les valeurs des semi-conducteurs"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1250\" height=\"700\" src=\"https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC.webp\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"AI processor at center of a glowing circuit board with a world globe in the background, in purple neon hues.\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC.webp 1250w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC-300x168.webp 300w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC-768x430.webp 768w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC-500x280.webp 500w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC-400x224.webp 400w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC-350x196.webp 350w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/SMHandSemiC-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">Les valeurs des semi-conducteurs subissent une nouvelle vague de pression, les investisseurs r\u00e9\u00e9valuant la solidit\u00e9 de la hausse port\u00e9e par l\u2019IA (intelligence artificielle) et les gains r\u00e9cents des fabricants de puces. Le <strong>VanEck Semiconductor ETF (SMH)<\/strong> \u2014 un ETF, c\u2019est-\u00e0-dire un fonds cot\u00e9 en Bourse qui r\u00e9plique un indice \u2014 suit un large panier d\u2019entreprises du secteur. Il sert d\u2019indicateur pour juger si le repli actuel n\u2019est qu\u2019une pause normale apr\u00e8s une hausse, ou le d\u00e9but d\u2019un changement plus profond du sentiment sur le secteur.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Points cl\u00e9s<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Le SMH \u00e9voluait autour de <strong>569,77<\/strong>, les valeurs des semi-conducteurs \u00e9tant sous pression alors que les investisseurs r\u00e9\u00e9valuent les valorisations li\u00e9es \u00e0 l\u2019IA (le prix pay\u00e9 au regard des profits attendus) et la dynamique du secteur des puces.<br><\/li>\n\n\n\n<li>Le secteur conna\u00eet de nouvelles ventes sur plusieurs titres, ce qui renforce l\u2019attention sur un point : la demande d\u2019infrastructures pour l\u2019IA (serveurs, centres de donn\u00e9es, r\u00e9seaux) peut-elle encore soutenir les attentes de r\u00e9sultats des entreprises ?<br><\/li>\n\n\n\n<li>Les traders (op\u00e9rateurs de march\u00e9 \u00e0 court terme) surveillent une <strong>r\u00e9sistance \u00e0 590<\/strong> (zone o\u00f9 la hausse bute) et un <strong>support \u00e0 565<\/strong> (zone o\u00f9 le cours a tendance \u00e0 se stabiliser), tandis que l\u2019ETF se situe entre sa moyenne mobile \u00e0 50 jours et le milieu des bandes de Bollinger.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi c\u2019est \u00e0 surveiller<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le SMH est suivi de pr\u00e8s comme barom\u00e8tre de la sant\u00e9 des semi-conducteurs, car il donne une exposition aux grands groupes du secteur : infrastructures IA, m\u00e9moire (puces de stockage), fonderies (usines qui fabriquent des puces pour d\u2019autres marques) et \u00e9quipements de production de semi-conducteurs (machines utilis\u00e9es pour fabriquer les puces). La performance de l\u2019ETF refl\u00e8te souvent la confiance des investisseurs dans le cycle d\u2019investissement IA \u00e0 long terme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cette faiblesse r\u00e9cente intervient <a href=\"https:\/\/www.tradingview.com\/news\/te_news:576226:0-us-stocks-slide-on-chipmaker-selloff\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">alors que plusieurs actions du secteur ont recul\u00e9, poussant les investisseurs \u00e0 revoir les niveaux de valorisation<\/a> apr\u00e8s une forte progression port\u00e9e par l\u2019IA. La demande d\u2019infrastructures IA reste un th\u00e8me de long terme, mais le march\u00e9 devient plus s\u00e9lectif : les op\u00e9rateurs veulent des preuves que les investissements massifs dans les puces, les centres de donn\u00e9es et les infrastructures associ\u00e9es se traduisent bien par une hausse des b\u00e9n\u00e9fices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le <a href=\"https:\/\/www.vtmarkets.com\/opinion\/the-ai-trade-is-entering-its-proof-phase\/\" target=\"_blank\" rel=\"noopener\" title=\"\">secteur des semi-conducteurs reste aussi tr\u00e8s li\u00e9 au sentiment sur la technologie dans son ensemble<\/a>. Les attentes de demande, les plans de d\u00e9penses IA des grands groupes technologiques, les tendances d\u2019offre (capacit\u00e9 de production) et les perspectives de r\u00e9sultats restent des facteurs cl\u00e9s dans le positionnement des investisseurs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Niveau de march\u00e9 cl\u00e9<\/h2>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.vtmarkets.com\/vt-markets-app\/?utm_source=&amp;utm_content=DMA\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">Cours de SOXX accessible sur l\u2019app VT Markets, <\/span><\/a><span class=\"trademark\">surveillez supports, r\u00e9sistances et dynamique \u00e0 mesure que le prochain signal sur le SMH se dessine.<\/span><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async=\"\">\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 1,\n  \"chartType\": \"area\",\n  \"showVolume\": false,\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(242, 242, 242, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#0F0F0F\",\n  \"widgetFontColor\": \"#DBDBDB\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"dark\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"3\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NASDAQ:SMH|1D\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": true,\n  \"dateFormat\": \"MMM dd, yyyy\",\n  \"width\": \"100%\",\n  \"height\": \"100%\",\n  \"noTimeScale\": false,\n  \"hideDateRanges\": true,\n  \"showMA\": true,\n  \"maLength\": \"9\",\n  \"maLineColor\": \"#2962FF\",\n  \"maLineWidth\": 1,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END --><br>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u00c0 611 :<\/strong> borne haute des bandes de Bollinger (outil qui encadre les variations de prix) et r\u00e9sistance de court terme<\/li>\n\n\n\n<li><strong>\u00c0 590 :<\/strong> moyenne mobile \u00e0 50 jours (moyenne des cours sur 50 s\u00e9ances, utilis\u00e9e pour lire la tendance) et niveau de reprise de tendance \u00e0 moyen terme<\/li>\n\n\n\n<li><strong>\u00c0 565 :<\/strong> milieu des bandes de Bollinger et pivot imm\u00e9diat (niveau o\u00f9 le march\u00e9 peut basculer)<\/li>\n\n\n\n<li><strong>\u00c0 550 :<\/strong> support issu de la r\u00e9cente phase de consolidation (p\u00e9riode de pause apr\u00e8s une hausse)<\/li>\n\n\n\n<li><strong>\u00c0 519 :<\/strong> borne basse des bandes de Bollinger et limite de baisse dans un sc\u00e9nario de volatilit\u00e9 (fortes variations)<\/li>\n\n\n\n<li><strong>\u00c0 492 :<\/strong> r\u00e9cent plus bas en creux (point bas pr\u00e9c\u00e9dent) et rep\u00e8re majeur en cas de poursuite de la baisse<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Pour le SMH, l\u2019enjeu imm\u00e9diat est de savoir si l\u2019ETF peut se stabiliser au-dessus du milieu des bandes de Bollinger et repasser au-dessus de la moyenne mobile \u00e0 50 jours, ce qui indiquerait que le repli reste ma\u00eetris\u00e9.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Analyse technique<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/08\/codeNTczYzM2MzE2ZjMwMmNiNDg1NzJiZmIzZjZlMTNkNGNfT1NQM2h1Y3FqM2pCVWk2VXkyNHZoSnVLZWR6RzF1YXBfVG9rZW46TGVlc2JqbFFGb3E2ekx4czBZS2xodWdCZ2xjXzE3ODcxMjYxNzI6MTc4NzEyOTc3Ml9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Au 19 ao\u00fbt, le SMH s\u2019\u00e9change autour de <strong>569,77<\/strong>, apr\u00e8s un repli depuis ses plus hauts de juillet, l\u2019ETF ayant pein\u00e9 \u00e0 garder de l\u2019\u00e9lan pr\u00e8s du haut de sa zone d\u2019\u00e9volution r\u00e9cente.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019ETF se situe entre deux rep\u00e8res techniques importants : la <strong>moyenne mobile \u00e0 50 jours \u00e0 590,82<\/strong> et le <strong>milieu des bandes de Bollinger \u00e0 565,15<\/strong>. Le cours se trouve donc pr\u00e8s du centre de la zone de variation r\u00e9cente, signe d\u2019une phase d\u2019arbitrage plut\u00f4t que d\u2019un exc\u00e8s (ni surachet\u00e9, ni survendu).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les bandes de Bollinger indiquent une borne haute vers <strong>611,07<\/strong> et une borne basse vers <strong>519,20<\/strong>. Le cours restant nettement au-dessus de la borne basse, le mouvement ressemble davantage \u00e0 un repli du secteur qu\u2019\u00e0 une cassure baissi\u00e8re nette (rupture d\u2019un support).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La zone de court terme se situe entre le <strong>support \u00e0 565<\/strong> et la <strong>r\u00e9sistance \u00e0 590<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un passage au-dessus de <strong>590<\/strong> sugg\u00e9rerait que les acheteurs reprennent la main \u00e0 moyen terme et pourrait remettre <strong>611<\/strong> au centre de l\u2019attention. Une cassure sous <strong>565<\/strong> fragiliserait la structure de court terme et exposerait le support de <strong>550<\/strong>, avec <strong>519<\/strong> comme rep\u00e8re de baisse plus large.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Sc\u00e9nario haussier<\/td><td>Sc\u00e9nario baissier<\/td><\/tr><tr><td>Le sc\u00e9nario haussier se renforce si le SMH repasse au-dessus de <strong>590<\/strong> et se maintient au-dessus de la moyenne mobile \u00e0 50 jours. Une stabilisation \u00e0 ce niveau indiquerait que les acheteurs absorbent les ventes r\u00e9centes et tentent de relancer la dynamique des semi-conducteurs. Une cassure au-dessus de <strong>611<\/strong> renforcerait ce signal et ram\u00e8nerait en vue la zone de l\u2019ancien sommet vers <strong>672<\/strong>.<\/td><td>Le sc\u00e9nario baissier se met en place si le SMH passe sous <strong>565<\/strong> et perd le milieu des bandes de Bollinger. Cela indiquerait que les vendeurs prennent le contr\u00f4le de la tendance de court terme. Une faiblesse suppl\u00e9mentaire sous <strong>550<\/strong> pourrait renvoyer vers la borne basse des bandes de Bollinger autour de <strong>519<\/strong>, tandis qu\u2019une cassure sous <strong>492<\/strong> signalerait une d\u00e9gradation plus marqu\u00e9e du secteur.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Avertissement<\/strong><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Facteurs de march\u00e9 \u00e0 suivre ensuite<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Au-del\u00e0 du graphique, les traders surveillent les r\u00e9sultats des groupes de semi-conducteurs, les tendances de d\u00e9penses en infrastructures IA, les attentes de demande de puces et le climat sur la technologie. La prochaine direction du VanEck Semiconductor ETF (SMH) d\u00e9pendra de la lecture des investisseurs : simple ajustement des valorisations dans le cycle de l\u2019IA, ou r\u00e9vision plus large des perspectives de croissance des semi-conducteurs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trader le SMH avec VT Markets<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Le CFD (contrat sur la diff\u00e9rence : produit d\u00e9riv\u00e9 qui permet de miser sur la hausse ou la baisse d\u2019un prix sans d\u00e9tenir l\u2019actif) sur le VanEck Semiconductor ETF permet de s\u2019exposer aux variations du SMH sans acheter l\u2019ETF lui-m\u00eame.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comme le SMH r\u00e9plique un panier concentr\u00e9 d\u2019entreprises de semi-conducteurs, il donne une lecture d\u2019ensemble du march\u00e9 li\u00e9 \u00e0 l\u2019IA, \u00e0 la fabrication de puces et aux \u00e9quipements de production. Ses variations d\u00e9pendent notamment des tendances d\u2019investissement dans l\u2019IA, des attentes de demande de puces, des r\u00e9sultats du secteur technologique et du contexte de march\u00e9.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>TL;DR<\/summary>\n<p class=\"wp-block-paragraph\"><strong>Pourquoi le SMH est-il sous pression ?<\/strong><br>Le SMH recule alors que les valeurs des semi-conducteurs subissent de nouvelles ventes et que les investisseurs r\u00e9\u00e9valuent les valorisations li\u00e9es \u00e0 l\u2019IA, les attentes de demande de puces et la dynamique du secteur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Quel est le niveau cl\u00e9 \u00e0 surveiller sur le SMH ?<\/strong><br>Les niveaux cl\u00e9s sont la <strong>r\u00e9sistance \u00e0 590<\/strong> et le <strong>support \u00e0 565<\/strong>. Un passage au-dessus de 590 am\u00e9liorerait la lecture de court terme, tandis qu\u2019une cassure sous 565 augmenterait le risque de baisse.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Le SMH peut-il se reprendre ?<\/strong><br>Une reprise est possible si les acheteurs reprennent le contr\u00f4le au-dessus de la moyenne mobile \u00e0 50 jours et poussent le cours vers la bande de Bollinger haute autour de <strong>611<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Puis-je trader le SMH avec VT Markets ?<\/strong><br>Oui. VT Markets propose des CFD sur le SMH, qui permettent de s\u2019exposer aux mouvements de prix de l\u2019ETF sans d\u00e9tenir l\u2019ETF.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Commencez \u00e0 trader d\u00e8s maintenant \u2014 cliquez <a href=\"https:\/\/www.vtmarkets.com\/fr-eu\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Attention, l\u2019euphorie IA vacille : le VanEck Semiconductor ETF (SMH) reflue vers 569, les investisseurs r\u00e9\u00e9valuant les valorisations. Niveaux cl\u00e9s : r\u00e9sistance 590, support 565 ; cassure, direction 550\/519 ou reprise 611.<\/p>\n","protected":false},"author":87,"featured_media":52875,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-52876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Attention, l\u2019euphorie IA vacille : le VanEck Semiconductor ETF (SMH) reflue vers 569, les investisseurs r\u00e9\u00e9valuant les valorisations. 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