{"id":32542,"date":"2023-07-07T05:56:04","date_gmt":"2023-07-07T09:56:04","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/chip-stocks-lag-market-as-semiconductor-sales-decline-for-11th-straight-month\/"},"modified":"2023-07-07T05:56:05","modified_gmt":"2023-07-07T09:56:05","slug":"chip-stocks-lag-market-as-semiconductor-sales-decline-for-11th-straight-month","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32542","title":{"rendered":"Chip stocks lag market as semiconductor sales decline for 11th straight month"},"content":{"rendered":"
\n

Chip stocks underperformed the broader market Thursday after the semiconductor industry logged its 11th month in a row of steep losses from the year-ago period. <\/p>\n

Global chip sales in May fell 21.1% to $40.7 billion, from April 2022\u2019s $51.7 billion, according to the trade group Semiconductor Industry Association late Thursday. <\/p>\n

\n

\u201cDespite continuing market sluggishness compared to 2022, month-to-month global semiconductor sales inched upward in May for the third consecutive month, sparking optimism for a possible market rebound during the second half of the year,\u201d said John Neuffer, SIA\u2019s chief executive, in a statement.<\/p>\n

The PHLX Semiconductor Index
\n SOX,
\n -1.24%<\/bg-quote>
\n declined 1.3% Thursday, while both the S&P 500 index
\n SPX,
\n -0.79%<\/bg-quote>
\n and the tech-heavy Nasdaq Composite Index
\n COMP,
\n -0.82%<\/bg-quote>
\n closed down 0.8%.<\/p>\n

SIA expects chip sales to fall 10.3% in 2023, with a rebound of 11.9% growth in 2024, using World Semiconductor Trade Statistics forecast data. <\/p>\n

Year to date, the SOX index is up 41.3%, compared with a 30.7% gain by the Nasdaq and a nearly 15% rise by the S&P 500. <\/p>\n

Among the large caps, leading those chip gainers are shares of Nvidia Corp.
\n NVDA,
\n -0.51%<\/bg-quote>,<\/span>
\n which have rallied 178% in 2023 on the promise of cashing in big on artificial intelligence models like Microsoft Corp.
\n MSFT,
\n +0.92%<\/bg-quote>
\n -backed OpenAI\u2019s ChatGPT. <\/p>\n

Advanced Micro Devices Inc.
\n AMD,
\n -0.41%<\/bg-quote>
\n shares have rallied 50.6% on the year; Marvell Technology Inc.
\n MRVL,
\n -1.56%<\/bg-quote>
\n shares have gained 58.8%; Lam Research Corp.
\n LRCX,
\n -1.21%<\/bg-quote>
\n is up 47.8% on the year; ON Semiconductor Corp.
\n ON,
\n -0.37%<\/bg-quote>
\n has gained 48.5%; and Broadcom Inc.
\n AVGO,
\n -1.61%<\/bg-quote>
\n has grown 51.7%.<\/p>\n

Citi Research analyst Christopher Danley said sales growth and pricing are both rising, but he remains cautious on the sector, with memory-chip maker Micron Technology Inc.
\n MU,
\n -1.34%<\/bg-quote>
\n his top pick. <\/p>\n

\u201cWe remain cautious on the group and expect every analog company to lower outlook over the summer due to an inventory correction,\u201d Danley said. <\/p>\n

Micron reported earnings last week and called a bottom in the memory-chip market. <\/p>\n

Read:<\/strong> Micron CEO calls bottom in memory-chip market, but weak PC, smartphone forecasts cut into expected AI gains<\/p>\n

Evercore ISI analyst C.J. Muse, whose top picks include Nvidia, Marvell and Broadcom, said he is sticking to his forecast of $420 billion in industry sales for the year, excluding memory sales. <\/p>\n

Intel Corp.
\n INTC,
\n -1.66%<\/bg-quote>
\n shares are up 21% year to date, while Taiwan Semiconductor Manufacturing Co.\u2019s ADRs
\n TSM,
\n -1.56%<\/bg-quote>
\n are up 33.5%. Shares of Texas Instruments Inc.
\n TXN,
\n -0.97%<\/bg-quote>
\n shares have only risen 5.8% on the year, while Qualcomm Inc.
\n QCOM,
\n -1.63%<\/bg-quote>
\n shares are up only 4.8%.<\/p>\n

PC maker Dell Technologies Inc.
\n DELL,
\n -0.76%<\/bg-quote>
\n has seen shares rise 33.8% for the year, while HP Inc.
\n HPQ,
\n +0.72%<\/bg-quote>
\n shares are up 15%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chip stocks underperformed the broader market Thursday after the semiconductor industry logged its 11th month in a row of steep losses from the year-ago period. Global chip sales in May fell 21.1% to $40.7 billion, from April 2022\u2019s $51.7 billion, according to the trade group Semiconductor Industry Association late Thursday. \u201cDespite continuing market sluggishness compared […]<\/p>\n","protected":false},"author":1,"featured_media":14325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-32542","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nChip stocks lag market as semiconductor sales decline for 11th straight month | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Chip stocks underperformed the broader market Thursday after the semiconductor industry logged its 11th month in a row of steep losses from the year-ago\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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