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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