Chip stocks did badly this year — but this fund manager is still bullish, naming 2 to buy

Chip stocks did badly this year , thanks to fears of a recession. The PHLX Semiconductor Sector Index is down nearly 37% year to date. Jeremy Gleeson, a portfolio manager at AXA Investment Managers, told CNBC Pro Talks last week that he's focused only on firms that have "long-term tailwinds behind them." The nature of the industry has changed, Gleeson said. "They used to be very highly cyclical," he said.

But he says he's confident that the semiconductor industry will "grow quite nicely" in the longer term, and he's focused on investing in semiconductor firms which benefit from long-term growth opportunities, such as the autos industry. Producing electric vehicles, for instance, involves using a lot more semiconductors, Gleeson noted. Gleeson highlighted some names that are active in the autos industry.

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Italy PM to meet with Intel to 'facilitate' chip factory investmentItaly's Prime Minister Giorgia Meloni said on Thursday she would request a meeting with representatives of Intel to discuss a possible multibillion-euro investment by the U.S. chipmaker in Italy. You and every other news site need to be focusing on rising tensions between all of our countries. Is intel making deals with fascists? I would hope that Southern Italy could be a location.
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