2 Top Semiconductor Stocks to Buy Hand Over Fist Before 2023
Semiconductor stocks had a forgettable 2022, as the 32% decline in the PHLX Semiconductor Sector index so far this year shows us. The drop is mainly due to the slowdown in the personal computer (PC) and smartphone markets that knocked the wind out of the sails of major players in this sector. But recent action shows that the sector is set to end the year on a high.
The PHLX Semiconductor Sector is trading up 10% in the past month. This sharp recovery can be attributed to signs of cooling inflation, the Federal Reserve's stated intent to reduce the pace of rate hikes, and some solid quarterly reports from industry bellwethers indicating that the industry didn't lose all of its momentum.
The sector's performance in the past month rubbed off positively on shares of Advanced Micro Devices (NASDAQ: AMD) and NXP Semiconductors (NASDAQ: NXPI). While AMD stock shot up 18% in the past month, NXP is up 8%. It wouldn't be surprising to see these chipmakers continue their bull runs in 2023.
Source Fool.com
