Chip stocks, including Nvidia, 'have ways to go to the downside'

In a Thursday note to clients, analysts at Lynx Equity Strategies said the firm believes semiconductor chip stocks, including NVIDIA earnings release, which has resulted in the stock declining premarket Thursday.

"As we had previewed, our call was to sit out TSM's earnings event and wait for pull-back in TSM and SOX," Lynx wrote."SOX's sell-off yesterday, triggered by ASML's weak orders/outlook, is a good beginning.""We expected a catalyst to tip semis over the edge. And it did. ASML was the catalyst," added the firm."The TSM call today puts further pressure on the SOX as management lowered Semis outlook.

"The high-multiple names fell particularly hard. TSM's positive comments on AI may help them stabilize somewhat, but we think these names, including NVDA, have ways to go to the downside."Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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