In July 2024, traders invested over $2.8 billion into leveraged ETFs, particularly focusing on technology stocks, anticipating a significant rebound. However, these positions have faced severe losses, with many triple-leveraged tech ETFs experiencing declines of over 50% within a month. The 3x long Semiconductors ETF, $SOXL, saw its value plummet from a 220% gain to a 13% loss for the year in just four weeks. The Semiconductor Index has also been affected, dropping more than 15% in the last three sessions and closing below its 200-day moving average for the first time since November 2023. This downturn marks a 23% correction from its July peak, the largest for the semiconductor sector since 2022. The losses have raised concerns among investors regarding deteriorating economic data and upcoming earnings reports, leading some of the largest equity hedge funds to incur significant losses as well.