"It's tough out there in the non-AI semis world"
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"IT'S TOUGH OUT THERE IN THE NON-AI SEMIS WORLD"
As traders gear up for ASML ASML.AS to kick off the earnings season for Europe's chip sector next week, Citi has looked at semi names which, unlike the Dutch group, have little exposure to the booming artificial intelligence (AI) market.
And clearly, their prospects look less shiny.
"It's tough out there in the non-AI semis world," writes Andrew Gardiner, analyst at the US bank. "Late cycle areas like automotive and industrial have some inventory still to clear and early cycle smartphones and PCs, after showing promise earlier in 2024, have stalled in their recovery."
According to Citi, the space faces a prolonged period of stagnation before any recovery shows up next year.
"Away from AI growth, many companies are talking not about a V, U or L shaped cycle, but a 'bathtub', with a prolonged trough before demand begins to improve in 2025," they say.
As a result, Gardiner and team have cut forecasts for most of their semi device and wafer coverage, "aiming to get to the proverbial final cut."
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THURSDAY'S OTHER LIVE MARKETS POSTS:
FED RATE CUTS NOT ENOUGH TO SHIFT FROM CASH TO EQUITIES
OIL PRICES COULD REACH $90/BBL IF MIDDLE EAST CONFLICT HITS SUPPLIES CLICK HERE
EUROPEAN SHARES MOSTLY LOWER; MARKETS AWAIT US CPI CLICK HERE
EUROPE FUTURES EDGE LOWER AS US CPI LOOMS CLICK HERE
CHINA STOCKS PARTY RESUMES WITH AN EYE ON SATURDAY CLICK HERE
Eu chip stocks YTD https://tmsnrt.rs/3zSSUIC
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