Semiconductors Hit Record Highs As Industry Reaches $6.3 Trillion: 5 Chip Stocks That Outpaced Nvidia This Week
Portfolio Pulse from Piero Cingari
The semiconductor industry has reached a combined valuation of $6.3 trillion, with the PHLX Semiconductor Sector Index poised for a 6% gain this week. Nvidia Corp. (NASDAQ:NVDA) has surpassed a $3 trillion valuation, but six other semiconductor companies, including Broadcom Inc. (NASDAQ:AVGO) and Arm Holdings plc (NASDAQ:ARM), have outperformed Nvidia this week.
June 14, 2024 | 6:48 pm
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POSITIVE IMPACT
Arm Holdings plc (NASDAQ:ARM) rose 14% this week, marking its sixth consecutive week of gains and will join the Nasdaq 100 Index on June 24.
Arm's consistent gains and upcoming inclusion in the Nasdaq 100 Index suggest continued positive momentum.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Broadcom Inc. (NASDAQ:AVGO) surged 22% this week, driven by stronger-than-expected earnings and an improved AI-related demand outlook from its top client, Apple Inc.
Broadcom's strong earnings and positive AI demand outlook from Apple have driven significant gains, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Nvidia Corp. (NASDAQ:NVDA) has surpassed a $3 trillion valuation, driven by its dominance in the AI space. However, it was not the top gainer among semiconductor stocks this week.
Nvidia's significant valuation and AI dominance suggest continued investor interest and potential for further gains, despite not being the top performer this week.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The broader tech sector, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), has risen by 39% from its October 2023 low and by 88% since October 2022.
The significant rise in the broader tech sector, as tracked by QQQ, indicates a positive trend and potential for continued gains.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Qorvo Inc. (NASDAQ:QRVO) saw its shares rise by 13% this week, making it one of the top-performing semiconductor stocks.
Qorvo's significant share price increase indicates strong performance and positive short-term impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
The PHLX Semiconductor Sector Index, mirrored by the Invesco PHLX Semiconductor ETF (NYSE:SOXQ), is set for a 6% gain this week, marking its strongest performance in two months.
The ETF is directly tied to the PHLX Semiconductor Sector Index, which is experiencing significant gains, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80