For nearly two years, buying Nvidia Corp. was often the same as buying the artificial intelligence trade, but one technical chart suggests that relationship is beginning to change. The chart tracks Nvidia’s performance relative to the iShares Semiconductor ETF, and after peaking around the middle of last year, the NVDA/SOXX ratio has fallen from roughly 0.74 in July 2025 to about 0.31 today—a decline of nearly 58%. The ratio has now returned to levels last seen in early 2024, erasing almost two years of Nvidia’s relative outperformance versus the broader semiconductor sector. A falling ratio means Nvidia is underperforming the broader semiconductor index on a relative basis, as investors have gradually begun rotating into other parts of the AI ecosystem. Micron Technology Inc. surged following stronger-than-expected earnings and upbeat guidance, Broadcom Inc. continues to benefit from custom AI chips and networking, and companies tied to storage, power infrastructure and semiconductor equipment have also attracted fresh investor interest. Weekly trading activity has remained relatively steady throughout the decline, suggesting the move reflects a gradual rotation rather than a panic-driven exodus from Nvidia.