Taiwan Semiconductor Manufacturing (NYSE: TSM) and Intel (NASDAQ: INTC) are  bellwethers of the semiconductor market. TSMC is the world's largest contract chipmaker, while Intel is the leading manufacturer of CPUs for PCs and servers.

Both stocks have fallen out of favor as investors fretted over slower sales of PCs, smartphones, and other devices in a post-pandemic market. Fears of a recession and rising interest rates exacerbated that sell-off.

Over the past 12 months, TSMC's stock declined nearly 40%, while Intel's stock tumbled almost 50%. Should contrarian investors buy either of these out-of-favor chip stocks as the bulls rush for the exits?

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Source Fool.com