Semiconductor stocks are having a difficult month. Higher interest rates are driving technology valuation multiples lower, but there is also additional evidence an anticipated industry rebound might be farther out.
First, there are memory demand trends. Memory chips are important because they are found inside nearly every electronic device. The latest checks suggest no comeback for memory, and the chip industry recovery isn’t here yet. “Overall DRAM demand with large enterprise and cloud customers is still mixed at best,” he wrote. “We believe it may be a little too early to step into the stock, and thus, we choose to stay on the sidelines.”
It was “a mixed bag in August,” he wrote. “Macroeconomic challenges felt in 1H23 [first half 2023] will continue to be felt across semis now well into the 2H.”
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