- KeyBanc saw a challenging setup for semiconductor earnings season, as correction concerns dominated strong, broad-based near-term fundamentals and robust results and guidance.
- It saw a continued robust pricing environment and strong demand trends across auto, cloud data center, and 5G infrastructure offset by the smartphone, PC, and consumer softness.
- KeyBanc saw robust results from Analog Devices Inc ADI (Overweight, Off-Quarter, PT $220), Microchip Technology Inc MCHP (Overweight, PT $100), Marvell Technology Inc MRVL (Overweight, Off-Quarter, PT $95), NXP Semiconductors NV NXPI (Overweight, PT $260) and ON Semiconductor Corp ON (Overweight, PT $80), given the strength in automotive and 5G infrastructure.
- KeyBanc saw Advanced Micro Devices Inc AMD (Overweight, PT $165) benefiting from robust demand in the cloud data center, with increased deployment at CSPs, notably Microsoft Corp MSFT Azure. It saw strength in the data center to more than offset softness in PCs and graphics.
- KeyBanc saw Broadcom Inc AVGO (Overweight, Off-Quarter, PT $720) benefiting from the acceleration of enterprise recovery and robust hyperscale demand, with both semi and software backlog remaining strong, further aided by Apple Inc AAPL iPhone demand.
- KeyBanc saw Micron Technology Inc MU (Overweight, Off-Quarter, PT $110) benefit from robust data center demand.
- KeyBanc saw Intel Corp INTC (Sector Weight) benefit from robust cloud demand trends and share gains in desktop PCs, with Alder Lake ramping.
- KeyBanc saw robust data center demand in the cloud, vertical industries, and healthy demand in gaming GPUs, driving NVIDIA Corp's NVDA (Overweight, PT $310) drive results, offset by headwinds from the Ukraine crisis and China's COVID lockdowns.
- KeyBanc saw in-line results and lower guidance for Qualcomm Inc QCOM (Overweight, PT $200) due to weaker than expected China smartphone sell-through and China's lockdowns offset by robust Apple and auto demand.
- Price Action: NVDA shares traded lower by 3.45% at $214.32 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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