Daily Percentage Change in the Philadelphia Semiconductor Index (SOX) The Philadelphia Semiconductor Index (SOX) fell 10.26% last Friday, its sharpest decline since March 2020. The long-term story remains intact, but expectations had clearly overheated. Image: Deutsche Bank
Semiconductors vs. Consensus Fwd 12m EPS Semiconductor stocks have rallied faster than analysts have raised near-term earnings estimates, leaving valuations stretched relative to short-term fundamentals. The easy upside appears largely exhausted. Image: Goldman Sachs Global Investment Research
ISM Manufacturing Index vs. Semiconductors Semiconductors are discounting a substantial rise in the U.S. ISM Manufacturing PMI, which suggests a robust expansion in manufacturing activity and overall economic growth. Image: BofA Global Investment Strategy
Stocks – Global Semiconductor and Semiconductor Equipment Should investors expect global semiconductor stocks continue to fall? Image: BCA Research
Global Semiconductor Stocks Will global semiconductor stocks keep falling? Image: BCA Research
SOX Semiconductor Index vs. ISM New Orders The SOX Semiconductor Index tends to track the ISM New Orders Index closely. Image: BofA Global Investment Strategy
Markets Suffering From Semiconductor Shortage How long will the semiconductor shortage last? Image: Morgan Stanley Wealth Management
Stocks – Philadelphia Semiconductor Index (SOX) Can semiconductor stocks continue to soar this year? Image: Financial Times
China Imports of Semiconductor Manufacturing Equipment by Country China is a net importer of semiconductors and depends heavily on manufacturers from the U.S. and its allies. Image: Gavekal, Macrobond
Semiconductors – Integrated Circuits vs. Crude Oil Are semiconductors the new oil? Image: TS Lombard
Semiconductor Prices and ISM Manufacturing Index Chart suggesting that the surge in semiconductor prices implies ISM Manufacturing Index above 55 in the next 3-months. Image: BofA Merrill Lynch Global Research