Why Electric Vehicle Chip Stocks Aehr Test Systems, Axcelis Technologies, and Wolfspeed Fell in September

Shares of power semiconductor stocks crucial to the growth of electric vehicles, such as Aehr Test Systems (NASDAQ: AEHR), Axcelis Technologies (NASDAQ: ACLS), and (NYSE: WOLF), all had tough months in September. The aforementioned stocks were down 10.4%, 15.1%, and 20.3% for the month, respectively, according to data from S&P Global Market Intelligence.

Virtually all technology and semiconductor stocks sold off in September, largely due to profit-taking after impressive first-half runs, in combination with rising long-term bond yields.

In addition, each of these companies is targeting the high-growth electric vehicle industry. But some recent data points suggest the EV market may be slowing down, which is more concerning.

Source Fool.com