Shares of chip-making equipment suppliers rallied Thursday after a wave of earnings reports in the subsector boosted confidence in a second-half recovery in 2023.
Citi’s... Shares of chip-making equipment suppliers rallied Thursday after a wave of earnings reports in the subsector boosted confidence in a second-half recovery in 2023. Citi’s Laura Chen, who covers TSMC with a buy-grade rating, said the fab “reaffirmed our conservative view on [second-half] cyclical recovery,” as it lowered its outlook for the year and expects the foundry industry overall to be down in the high single-digit percentages year over year.
Lam Research Corp. LRCX LRCX shares, however, led gainers in the sector with a more than 9% surge after the chip-making equipment supplier’s lower-than-expected outlook late Wednesday lined up with what analysts see as a bottom before the sector turns around. That was hours after Netherlands-based ASML forecast a mixed 2023 as inventory continues to get digested in the channel, setting up for a possible 2024 recovery.
Tesla is plunging. 😉😁