{"id":51720,"date":"2026-08-19T08:25:48","date_gmt":"2026-08-19T08:25:48","guid":{"rendered":"https:\/\/www.vtmarkets.com\/pl-eu\/uncategorized\/growing-pressure-across-semiconductor-stocks\/"},"modified":"2026-08-19T08:25:48","modified_gmt":"2026-08-19T08:25:48","slug":"growing-pressure-across-semiconductor-stocks","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/pl-eu\/analysis\/growing-pressure-across-semiconductor-stocks\/","title":{"rendered":"Rosn\u0105ca presja na akcje sp\u00f3\u0142ek p\u00f3\u0142przewodnikowych"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1250\" height=\"700\" src=\"https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC.webp\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"AI processor at the center of a glowing purple circuit board, with a digital globe and financial charts in the background\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC.webp 1250w, https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC-300x168.webp 300w, https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC-768x430.webp 768w, https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC-500x280.webp 500w, https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC-400x224.webp 400w, https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC-350x196.webp 350w, https:\/\/www.vtmarkets.com\/pl-eu\/wp-content\/uploads\/sites\/21\/2026\/08\/SMHandSemiC-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">Akcje sp\u00f3\u0142ek p\u00f3\u0142przewodnikowych zn\u00f3w s\u0105 pod presj\u0105, bo inwestorzy na nowo oceniaj\u0105 si\u0142\u0119 wzrost\u00f3w nap\u0119dzanych przez AI (sztuczn\u0105 inteligencj\u0119) oraz ostatnie zwy\u017cki w\u015br\u00f3d producent\u00f3w chip\u00f3w. <strong>VanEck Semiconductor ETF (SMH)<\/strong> to notowany na gie\u0142dzie fundusz (ETF), kt\u00f3ry odwzorowuje szeroki koszyk firm z bran\u017cy p\u00f3\u0142przewodnik\u00f3w, i jest wa\u017cnym wska\u017anikiem tego, czy obecny spadek to zwyk\u0142a przerwa po wzrostach, czy bardziej trwa\u0142a zmiana nastroj\u00f3w w sektorze.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Kluczowe punkty<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SMH by\u0142 notowany w okolicach <strong>569,77<\/strong>. Akcje p\u00f3\u0142przewodnik\u00f3w s\u0105 pod presj\u0105, bo inwestorzy ponownie oceniaj\u0105 wyceny zwi\u0105zane z AI i tempo wzrost\u00f3w w sektorze chip\u00f3w.<br><\/li>\n\n\n\n<li>W sektorze p\u00f3\u0142przewodnik\u00f3w wr\u00f3ci\u0142a sprzeda\u017c w kilku nazwach, co zwi\u0119ksza uwag\u0119 na to, czy popyt na infrastruktur\u0119 AI (sprz\u0119t i centra danych potrzebne do dzia\u0142ania AI) nadal b\u0119dzie wspiera\u0142 oczekiwany wzrost zysk\u00f3w.<br><\/li>\n\n\n\n<li>Traderzy (aktywni inwestorzy kr\u00f3tkoterminowi) obserwuj\u0105 <strong>op\u00f3r 590<\/strong> i <strong>wsparcie 565<\/strong>, a ETF pozostaje mi\u0119dzy 50-dniow\u0105 \u015bredni\u0105 krocz\u0105c\u0105 a \u015brodkiem pasm Bollingera.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Dlaczego warto obserwowa\u0107<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SMH jest uwa\u017cnie \u015bledzony jako szeroka miara kondycji sektora p\u00f3\u0142przewodnik\u00f3w, bo daje ekspozycj\u0119 na du\u017ce sp\u00f3\u0142ki z obszar\u00f3w: infrastruktura AI, pami\u0119ci (uk\u0142ady pami\u0119ci), odlewnie (fabryki produkuj\u0105ce uk\u0142ady na zlecenie) oraz sprz\u0119t do produkcji p\u00f3\u0142przewodnik\u00f3w. Wyniki ETF cz\u0119sto odzwierciedlaj\u0105 zaufanie inwestor\u00f3w do d\u0142u\u017cszego cyklu inwestycji w AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ostatnie os\u0142abienie pojawi\u0142o si\u0119 <a href=\"https:\/\/www.tradingview.com\/news\/te_news:576226:0-us-stocks-slide-on-chipmaker-selloff\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">gdy kilka sp\u00f3\u0142ek p\u00f3\u0142przewodnikowych spad\u0142o, co sk\u0142oni\u0142o inwestor\u00f3w do ponownej oceny wycen<\/a> po silnym rajdzie nap\u0119dzanym przez AI. Cho\u0107 popyt na infrastruktur\u0119 AI pozostaje wa\u017cnym tematem d\u0142ugoterminowym, rynek sta\u0142 si\u0119 bardziej selektywny: uczestnicy skupiaj\u0105 si\u0119 na tym, czy du\u017ce wydatki na chipy, centra danych i powi\u0105zan\u0105 infrastruktur\u0119 nadal b\u0119d\u0105 przek\u0142ada\u0107 si\u0119 na wzrost zysk\u00f3w.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sektor p\u00f3\u0142przewodnik\u00f3w jest te\u017c mocno powi\u0105zany z nastrojami wobec ca\u0142ej bran\u017cy technologicznej (<a href=\"https:\/\/www.vtmarkets.com\/opinion\/the-ai-trade-is-entering-its-proof-phase\/\" target=\"_blank\" rel=\"noopener\" title=\"\">sentiment, czyli nastawienie inwestor\u00f3w<\/a>). Oczekiwania dotycz\u0105ce popytu na chipy, plany wydatk\u00f3w na AI najwi\u0119kszych firm technologicznych, trendy poda\u017cy (dost\u0119pno\u015bci) p\u00f3\u0142przewodnik\u00f3w oraz prognozy wynik\u00f3w pozostaj\u0105 kluczowe dla tego, jak inwestorzy ustawiaj\u0105 swoje pozycje.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kluczowe poziomy dla handlu<\/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\">Kurs SOXX dost\u0119pny w aplikacji VT Markets, <\/span><\/a><span class=\"trademark\">obserwuj wsparcia, opory i momentum (impuls, tempo ruchu ceny), gdy b\u0119dzie si\u0119 kszta\u0142towa\u0107 kolejna sytuacja na SMH.<\/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>Przy 611:<\/strong> g\u00f3rne pasmo Bollingera (zakres waha\u0144 ceny wyznaczany statystycznie) i op\u00f3r dla wybicia w kr\u00f3tkim terminie<\/li>\n\n\n\n<li><strong>Przy 590:<\/strong> 50-dniowa \u015brednia krocz\u0105ca (\u015brednia cena z 50 sesji) i poziom odbudowy trendu w \u015brednim terminie<\/li>\n\n\n\n<li><strong>Przy 565:<\/strong> \u015brodek pasm Bollingera i najbli\u017cszy poziom zwrotny<\/li>\n\n\n\n<li><strong>Przy 550:<\/strong> wsparcie z ostatniej konsolidacji (okresu ruchu w bok)<\/li>\n\n\n\n<li><strong>Przy 519:<\/strong> dolne pasmo Bollingera i granica wi\u0119kszych spadk\u00f3w przy rosn\u0105cych wahaniach<\/li>\n\n\n\n<li><strong>Przy 492:<\/strong> ostatni lokalny do\u0142ek i wa\u017cny punkt odniesienia dla spadk\u00f3w<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Dla SMH kluczowe jest teraz, czy ETF ustabilizuje si\u0119 powy\u017cej \u015brodka pasm Bollingera i odzyska 50-dniow\u0105 \u015bredni\u0105 krocz\u0105c\u0105. Taki uk\u0142ad sugerowa\u0142by, \u017ce ostatni spadek pozostaje pod kontrol\u0105.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Analiza techniczna<\/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\">Na 19 sierpnia SMH jest notowany w okolicach <strong>569,77<\/strong>, po zej\u015bciu z lipcowych szczyt\u00f3w. ETF mia\u0142 problem z utrzymaniem tempa wzrost\u00f3w przy g\u00f3rnym ograniczeniu ostatniego zakresu waha\u0144.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ETF znajduje si\u0119 mi\u0119dzy dwoma wa\u017cnymi punktami technicznymi. <strong>50-dniowa \u015brednia krocz\u0105ca wypada na 590,82<\/strong>, a <strong>\u015brodek pasm Bollingera na 565,15<\/strong>. Oznacza to, \u017ce cena jest blisko \u015brodka ostatniego przedzia\u0142u zmienno\u015bci (waha\u0144), co zwykle wskazuje na faz\u0119 decyzji, a nie skrajne wykupienie lub wyprzedanie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pasma Bollingera pokazuj\u0105 g\u00f3rn\u0105 granic\u0119 w okolicach <strong>611,07<\/strong> i doln\u0105 w okolicach <strong>519,20<\/strong>. Poniewa\u017c cena pozostaje wyra\u017anie powy\u017cej dolnego pasma, wygl\u0105da to na korekt\u0119 w sektorze, a nie jednoznaczne prze\u0142amanie w d\u00f3\u0142.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Najbli\u017cszy przedzia\u0142 techniczny to <strong>wsparcie 565<\/strong> i <strong>op\u00f3r 590<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wybicie powy\u017cej <strong>590<\/strong> sugerowa\u0142oby, \u017ce kupuj\u0105cy odzyskuj\u0105 impet w \u015brednim terminie i mog\u0105 skierowa\u0107 uwag\u0119 na <strong>611<\/strong>. Spadek poni\u017cej <strong>565<\/strong> os\u0142abi\u0142by kr\u00f3tkoterminowy uk\u0142ad i otworzy\u0142 drog\u0119 do strefy wsparcia <strong>550<\/strong>, a szerszym punktem odniesienia dla spadk\u00f3w sta\u0142by si\u0119 <strong>519<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Scenariusz wzrostowy<\/td><td>Scenariusz spadkowy<\/td><\/tr><tr><td>Scenariusz wzrostowy zyskuje, je\u015bli SMH wr\u00f3ci powy\u017cej <strong>590<\/strong> i utrzyma si\u0119 nad 50-dniow\u0105 \u015bredni\u0105 krocz\u0105c\u0105. Trwalszy ruch powy\u017cej tego poziomu sugerowa\u0142by, \u017ce kupuj\u0105cy przejmuj\u0105 poda\u017c (sprzeda\u017c) i pr\u00f3buj\u0105 przywr\u00f3ci\u0107 tempo wzrost\u00f3w w sektorze p\u00f3\u0142przewodnik\u00f3w. Przebicie <strong>611<\/strong> by\u0142oby mocniejszym potwierdzeniem i ponownie skierowa\u0142oby uwag\u0119 na rejon poprzednich szczyt\u00f3w przy <strong>672<\/strong>.<\/td><td>Scenariusz spadkowy rozwija si\u0119, je\u015bli SMH spadnie poni\u017cej <strong>565<\/strong> i straci \u015brodek pasm Bollingera. Taki ruch oznacza\u0142by, \u017ce sprzedaj\u0105cy przejmuj\u0105 kontrol\u0119 nad kr\u00f3tkoterminowym trendem. Dalsza s\u0142abo\u015b\u0107 poni\u017cej <strong>550<\/strong> mog\u0142aby otworzy\u0107 drog\u0119 do dolnego pasma Bollingera w okolicach <strong>519<\/strong>, a spadek poni\u017cej <strong>492<\/strong> sygnalizowa\u0142by g\u0142\u0119bsze pogorszenie sytuacji w sektorze p\u00f3\u0142przewodnik\u00f3w.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Zastrze\u017cenie<\/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\">Czynniki rynkowe, kt\u00f3re warto obserwowa\u0107<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Poza wykresem uczestnicy rynku \u015bledz\u0105 wyniki finansowe sp\u00f3\u0142ek p\u00f3\u0142przewodnikowych, trendy wydatk\u00f3w na infrastruktur\u0119 AI, oczekiwania popytu na chipy oraz nastroje w technologiach. Kolejny ruch VanEck Semiconductor ETF (SMH) mo\u017ce zale\u017ce\u0107 od tego, czy inwestorzy uznaj\u0105 obecn\u0105 s\u0142abo\u015b\u0107 za \u201ereset\u201d wycen w cyklu AI, czy za szersz\u0105 zmian\u0119 oczekiwa\u0144 wobec wzrostu w bran\u017cy p\u00f3\u0142przewodnik\u00f3w.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Handluj SMH z VT Markets<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">CFD na VanEck Semiconductor ETF to kontrakt na r\u00f3\u017cnic\u0119 kursow\u0105 (CFD), kt\u00f3ry pozwala spekulowa\u0107 na zmianach ceny SMH bez kupowania samego ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Poniewa\u017c SMH \u015bledzi skoncentrowany koszyk sp\u00f3\u0142ek p\u00f3\u0142przewodnikowych, daje szeroki obraz nastroj\u00f3w wok\u00f3\u0142 AI, produkcji chip\u00f3w i sprz\u0119tu dla bran\u017cy. Na jego ceny wp\u0142ywaj\u0105 m.in. trendy inwestycji w AI, oczekiwania popytu na chipy, wyniki firm technologicznych oraz og\u00f3lna sytuacja rynkowa.<\/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>Dlaczego SMH jest pod presj\u0105?<\/strong><br>SMH jest pod presj\u0105, bo akcje sp\u00f3\u0142ek p\u00f3\u0142przewodnikowych zn\u00f3w spadaj\u0105, a inwestorzy ponownie oceniaj\u0105 wyceny zwi\u0105zane z AI, oczekiwania popytu na chipy i tempo ruchu w sektorze.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Jaki jest kluczowy poziom dla SMH?<\/strong><br>Kluczowe poziomy to <strong>op\u00f3r 590<\/strong> i <strong>wsparcie 565<\/strong>. Ruch powy\u017cej 590 poprawi\u0142by obraz w kr\u00f3tkim terminie, a spadek poni\u017cej 565 m\u00f3g\u0142by zwi\u0119kszy\u0107 presj\u0119 spadkow\u0105.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Czy SMH mo\u017ce odbi\u0107?<\/strong><br>SMH mo\u017ce odbi\u0107, je\u015bli kupuj\u0105cy odzyskaj\u0105 kontrol\u0119 powy\u017cej 50-dniowej \u015bredniej krocz\u0105cej i popchn\u0105 cen\u0119 w stron\u0119 g\u00f3rnego pasma Bollingera w okolicach <strong>611<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Czy mog\u0119 handlowa\u0107 SMH w VT Markets?<\/strong><br>Tak. VT Markets oferuje CFD na SMH, dzi\u0119ki czemu mo\u017cna uzyska\u0107 ekspozycj\u0119 na ruchy ceny ETF na p\u00f3\u0142przewodniki bez kupowania samego ETF.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Zacznij handlowa\u0107 teraz \u2014 kliknij <a href=\"https:\/\/www.vtmarkets.com\/pl-eu\/trade-now\/\">tutaj<\/a>, aby za\u0142o\u017cy\u0107 swoje prawdziwe konto VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>P\u00f3\u0142przewodniki trac\u0105 impet: SMH spada do 569,8 pkt, a rynek testuje, czy boom AI to tylko korekta. Kluczowe poziomy: wsparcie 565, op\u00f3r 590; wybicie wska\u017ce kierunek.<\/p>\n","protected":false},"author":87,"featured_media":51719,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-51720","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=\"P\u00f3\u0142przewodniki trac\u0105 impet: SMH spada do 569,8 pkt, a rynek testuje, czy boom AI to tylko korekta. 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