Why Semiconductor Stocks Taiwan Semiconductor, Nvidia, and Skyworks Solutions Rallied Today
Shares of semiconductor stocks Taiwan Semiconductor Manufacturing (NYSE: TSM), Nvidia (NASDAQ: NVDA), and Skyworks Solutions (NASDAQ: SWKS) were rising on Tuesday, up as much as 3.4%, 4.6%, and 2.2%, before settling into gains of 2.7%, 4%, and 0.6%, respectively, as of 1:42 p.m. ET.
The sector-wide optimism was helped along by a positive note from Bank of America semiconductor analyst Vivek Arya this morning, along with continued optimism over moderating inflation and the broader economy.
In a note this morning, Arya wrote that he sees the potential for a "soft landing" in the semiconductor space. As interest rates have risen sharply over the past year, recession fears loom, and consumer electronics sales have plummeted at an historic rate, many fear a large decline in semiconductor sales in 2023.
Source Fool.com
