Micron Technology (NASDAQ: MU) and Taiwan Semiconductor Manufacturing (NYSE: TSM) are both considered bellwethers of the semiconductor sector. Micron is one of the world's largest manufacturers of DRAM and NAND memory chips, while TSMC is the world's largest and most advanced contract chipmaker.

Both stocks closed at their all-time highs on Jan. 14, 2022. At the time, the bulls believed the global demand for fresh chips would continue to outstrip the available supply as new 5G devices arrived, consumers bought more PCs, automakers developed more advanced vehicles, and data centers upgraded their hardware to process more cloud-based and AI tasks.

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Source Fool.com