Signs of a resilient U.S. economy are boosting the appeal of semiconductor stocks, even as worries over the Federal Reserve's monetary policy tightening weigh on the sector along with the broader market.
14% on Thursday after it forecast first-quarter revenue above estimates as its CEO said use of its chips to power artificial intelligence services had "gone through the roof in the last 60 days."
The rally in Nvidia’s shares has catapulted its market value to $570 billion, making it the sixth most valuable S&P 500 company after electric automaker TeslaWhether the group maintains its momentum could depend on companies hitting earnings estimates that were marked down severely in the last year. Forward 12-month earnings estimates for semiconductor companies declined 28% from June of last year to January, the largest such downward revision in a decade, according to Stacy Rasgon, an analyst at Bernstein.Earnings for the S&P 500 semiconductor and semiconductor equipment industry, which has a nearly 6% weight in the index, are expected to fall 20% this year, but are seen perking up in the last quarter of the year, according to Refinitiv IBES.
"It’s not that fundamentals are incredibly good right now," said Peter Tuz, president of Chase Investment Counsel. But, he said, "the outlook down the road seems to be a little bit better than it was in late 2022.”
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