Semiconductor stocks have slid 6 percent since May, which makes them the worst-performing S&P 500 industry group for the month. And one of the culprits appears to be broad concerns about the pace of global economic growth.
"Historically, semi sales are highly correlated to global GDP," said Erin Gibbs, equity chief investment officer with S&P Capital IQ. "Overall, so many conductors are always dealing with choppiness in demand, and always having to control their supply. We still see decent growth coming out of the U.S. as well as Europe, and we see a longer-term upturn trend, but there is going to be some volatility with that trend."
Betsy Van Hees, who covers semiconductor stocks for Wedbush Securities, says that broad insecurities are mixing with a bit of market consolidation to create the weakness.
"The group has had a big run, so we are seeing profit-taking and derisking as we head into summer, and questions regarding the strength of the second half," the analyst wrote to CNBC.
Additionally, it's not just semiconductor sales that may be affected by the macro environment—the rampant deal-making in the group could also slow down. Thus far in 2015, there has been $80 billion worth of mergers and acquisitions in the semiconductor space, which is the largest on record for the year-to-date period, according to Thomson Reuters. In two notable transactions, Intel agreed to acquire Altera and Avago Technologies is buying Broadcom.