Direxion Daily Semiconductors Bull 3x Shares (SOXL) fell 5.02% during the intraday session on Monday, erasing earlier gains after the leveraged ETF had risen over 3% in pre-market trading. The sharp reversal underscores the session's volatile sentiment shift in the chip space.

The decline was driven by broad-based profit-taking across the semiconductor sector, with the ETF having accumulated significant gains over the prior week, leading to crowded positioning. Semiconductor equipment stocks fell in tandem, adding to the downward pressure on the leveraged fund.

SOXL seeks daily investment results of 300% of the performance of an index tracking the thirty largest U.S.-listed semiconductor companies, amplifying both gains and losses from sector-wide moves.