tl;dr

Nvidia (NASDAQ:NVDA), Micron Technology (NASDAQ:MU), Qualcomm (NASDAQ:QCOM) and a host of other semiconductor stocks were in focus on Monday as KeyBanc Capital Markets weighed in on the sector. "Our quarterly supply chain findings were mixed," analysts John Vinh and Jim Long wrote in a note to clien...

Nvidia (NASDAQ:NVDA), Micron Technology (NASDAQ:MU), Qualcomm (NASDAQ:QCOM) and a host of other semiconductor stocks were in focus on Monday as KeyBanc Capital Markets weighed in on the sector. "Our quarterly supply chain findings were mixed," analysts John Vinh and Jim Long wrote in a note to clients. "In analog, we’re seeing signs of life within China, while remains muted, but 1Q appears to be the bottom; PCs are still tracking to roughly flat for the year; while iPhone demand is weaker in China, demand in India is stronger; Android high end remains healthy, offset by softness in mid/low. AI remains robust as expected, despite plenty of cross currents, while capacity is expected to double in 2025." Vinh and Long raised their estimates and price targets on Nvidia, Micron, Qualcomm and Monolithic Power Systems (MPWR). They also raised their price target on Arm (ARM), while pointing out the findings were positive for Analog Devices (ADI), Texas Instruments (TXN), and Microchip Technology (MCHP). They tweaked estimates on AMD (NASDAQ:AMD) after finding the picture was "mixed" for the Dr. Lisa Su-led company, while they believe it's negative for Skyworks Solutions (SWKS), Marvell Technology (MRVL), ON Semiconductor (ON), and Intel (INTC). The firm also downgraded Skyworks to Sector Weight from Overweight noting that its ability to see content growth in smartphones is "increasingly becoming more challenging," as 5G smartphones have a 60% penetration rate. Additionally, the company is seeing increased competition in the Apple (AAPL) ecosystem from Murata and Qualcomm and in Androids, especially in China. "We are also trimming our forward estimates as we had previously anticipated content growth in the iPhone 16," the analysts wrote. "However, with QCOM able to bundle its RF FE for low band with its modem, this is unlikely. While we expect SWKS to become more active in M&A, it’s difficult for us to underwrite an OW rating without a more compelling organic growth story." NVIDIA The firm boosted its target to $1,200 on Nvidia, noting the GB200 could generate revenue as much as $90B to $140B by itself, citing feedback from supply chain that indicates it could have an average selling price of $1.5M to $2M. Additionally, Nvidia is looking to double its CoWoS capacity at Taiwan Semiconductor (TSM) next year, and demand for the H20 in China is "much higher than anticipated" and could generate as much as $9B to $12B in incremental revenue this year, the analysts said. AMD The ramp of the MI300X is "going well," the analysts said, adding that there is a chance the first-quarter could see more than $1B in AI-related revenue, as demand is greater than what can be supplied, due in part to lack of silicon-on-insulator. However, Microsoft (MSFT) is supposedly cutting its forecast for the MI300X to reallocate costs to the GB200 due to the higher cost of Nvidia's offering. The firm has an Overweight rating and $270 price target on AMD. MICRON The analysts raised their price target on Micron to $150, citing strong feedback on its high bandwidth memory offering, HBM3E, compared to SK Hynix's offering. "With Samsung currently not competitive, we believe MU is in the pole-position heading into the ramp of B100/B200," the analysts wrote. "We believe MU has enough HBM capacity to meaningfully exceed its outlook of several hundred millions in FY24 and to ship over $1B in HBM revenues in CY24. As investors increasingly will recognize how strong MU’s position is in HBM, we expect the stock to rerate and be given credit as an 'AI' play." QUALCOMM The analysts raised their price target on Qualcomm to $205, citing "strong" demand for high-end and flagship smartphones; market share gains in the mid-range from Mediatek; the possibility of regaining 100% of the market in next year's Galaxy S25; Microsoft cutting back on Oryon, which could boost Arm AI

More about NVIDIA Corporation

NVIDIA Corporation Summary

NVIDIA Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on a chip units (SoCs) for the mobile computing and automotive market.

Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: $220 billion

Stock Price: $73.52

Price Change: 0.16

PE Ratio: 11.97

EPS: 24.68

Dividend Yield: 0.488%

Revenue: $60.92 billion

Net Income: $9.84 billion

Return on Equity: 7.61%

Debt to Equity: 2.653

More about Micron Technology Inc

Micron Technology Inc.

Micron Technology, Inc. is an American producer of computer memory and computer data storage including dynamic random-access memory, flash memory, and USB flash drives. It is headquartered in Boise, Idaho.

Industry Information

Industry: Manufacturing

Sector: Semiconductors & Related Devices

Key Financial Data

Market Cap: $136.85 billion

Dividend Yield: None

Price to Earnings Ratio (P/E): 0.46

Return on Equity (ROE): -3.44%

Debt to Equity Ratio: 16.67

Revenue: $18.31 billion

Operating Income: $13.14 billion

Earnings per Share (EPS): -0.206

More about Qualcomm Incorporated

Qualcomm is an American multinational corporation headquartered in San Diego, California, and incorporated in Delaware. It creates semiconductors, software, and services related to wireless technology. It owns patents critical to the 5G, 4G, CDMA2000, TD-SCDMA and WCDMA mobile communications standards.

Industry: MANUFACTURING, RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT

Market Cap: 191.43 Billion

Current Price: $24.43

PE Ratio: 3.15

EPS: 7.02

Dividend Yield: 32.53%

Beta: 0.214

Revenue: 36.29 Billion

Gross Margin: 164.04%

Net Income Margin: 0.245

Debt to Equity: 0.05

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Monolithic Power Systems Inc Summary

Monolithic Power Systems, Inc. is an American, publicly traded company headquartered in Kirkland, Washington. The company provides power circuits for systems found in cloud computing, telecom infrastructures, automotive, industrial applications, and consumer applications.

Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES

Market Cap: 31,839,379,000

Stock Price: $74.61

Dividend Yield: 4%

P/E Ratio: 8.77

52-Week High: $38.25

52-Week Low: $0.235

Volume: 1,821,072,000

Average Volume: 774.4

EPS: -0.191

EPS Growth: -0.013

More about Arm Holdings plc

Company: Arm Holdings plc

Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: 128.5 billion

Current Price: 1388.78

Dividend Yield: None

P/E Ratio: 0.09

EPS: 2.864

Beta: 0.0289

Volume: 2,938,000,000

50-Day Moving Average: 106.74

200-Day Moving Average: -0.549

Relative Strength Index (RSI): 0.138

More about Analog Devices Inc

Analog Devices Inc. Stock Analysis

Analog Devices, Inc. (ADI), a leading semiconductor company, specializes in data conversion, signal processing, and power management technology. Headquartered in Wilmington, Massachusetts, the company operates in the manufacturing sector within the semiconductors and related devices industry.

Current Market Data:

Market Cap: $96.58 billion

Current Price: $34.72

Dividend Yield: 3.5%

Price/Earnings Ratio: 5.61

EPS: $23.16

Beta: 0.243

Revenue: $11.57 billion

Net Income: $2.11 billion

Operating Margin: -0.505

Net Profit Margin: -0.227

More about Texas Instruments Incorporated

Technical Analysis Summary: Texas Instruments Incorporated

Texas Instruments Incorporated (TI) is an American technology company headquartered in Dallas, Texas, that designs and manufactures semiconductors and various integrated circuits, which it sells to electronics designers and manufacturers globally. It is one of the top 10 semiconductor companies worldwide based on sales volume.

Industry: Manufacturing

Sector: Semiconductors & Related Devices

Market Cap: 152.43 billion

Current Price: $23.69

Price/Earnings Ratio: 5.02

Dividend Yield: 7.07%

52-Week High: $19.29

52-Week Low: $0.372

Shares Outstanding: 17.5 billion

Public Float: 16.92 billion

Beta: -0.302

EPS: -0.127

More about Microchip Technology Inc

Microchip Technology Inc

Microchip Technology Inc. is a publicly-listed American corporation that manufactures microcontroller, mixed-signal, analog and Flash-IP integrated circuits.

Industry: MANUFACTURING

Sector: SEMICONDUCTORS & RELATED DEVICES

Market Cap: 47,790,289,000

Price: 20.66

Change: 1.59

Change %: 4.28

PE Ratio: 15.7

Dividend Yield: 0.276

Revenue: 8,541,300,000

EPS: 93.12

Net Income: -0.26

Net Margin: -0.186

More about Advanced Micro Devices Inc

Company: Advanced Micro Devices Inc

Description: Advanced Micro Devices, Inc. (AMD) is an American multinational semiconductor company based in Santa Clara, California, that develops computer processors and related technologies for business and consumer markets. AMD's main products include microprocessors, motherboard chipsets, embedded processors and graphics processors for servers, workstations, personal computers and embedded system applications.

Sector: Manufacturing, Semiconductors & Related Devices

Market Cap: 275.42 Billion

Stock Price: 321.55

Dividend Yield: None

P/E Ratio: 0.53

EPS: 14.05

Beta: 0.0377

Revenue: 22.68 Billion

Net Income: 17.58 Billion

Operating Margin: 48.69%

Profit Margin: 10.2%

More about Skyworks Solutions Inc

Skyworks Solutions Inc Summary

Skyworks Solutions, Inc. is an American semiconductor company headquartered in Irvine, California, United States. Skyworks manufactures semiconductors for use in Radio Frequency (RF) and mobile communications systems.

Industry: Manufacturing

Sector: Semiconductors & Related Devices

Market Cap: $16.92B

P/E Ratio: 18.7

EPS: 2.6

Dividend Yield: 5.64%

52-Week High: $29.13

52-Week Low: $0.195

Revenue: $4.644B

Operating Income: $1.153B

Operating Margin: -25.4%

Net Income: -9.6%

More about Marvell Technology Group Ltd

Marvell Technology Group Ltd, also known as Marvell Technology, Inc., specializes in designing, developing, and selling analog, mixed-signal, digital signal processing, and integrated and independent integrated circuits. The company is headquartered in Wilmington, Delaware.

Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: 62.914 billion

Dividend Yield: None

P/E Ratio: 0.24

ROE (Return on Equity): -1.08

EPS (Earnings Per Share): 6.39

Volatility: -0.17

Revenue: 5.5077 billion

Stock Price: 88.33

50-Day Moving Average: -0.702

200-Day Moving Average: 0.006

More about ON Semiconductor Corporation

ON Semiconductor Corporation

ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. The company is headquartered in Phoenix, Arizona.

Sector: MANUFACTURING

Industry: SEMICONDUCTORS & RELATED DEVICES

Market Cap: 29.73B

Current Price: $14.15

Dividend Yield: None

P/E Ratio: 4.89

52-Week High: $19.16

52-Week Low: $0.265

Volume: 8.253B

Beta (5Y Monthly): 88.48

EPS: -0.052

Profit Margin: -0.041

More about Intel Corporation

Intel Corporation

Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, in Silicon Valley. It is the world's largest semiconductor chip manufacturer by revenue, and is the developer of the x86 series of microprocessors, the processors found in most personal computers (PCs).

Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: $164.78 billion

Current Price: $96.78

Price Change: 0.74 ( 0.4%)

Dividend Yield: 12.94

Earnings per Share (EPS): $0.0312

Revenue: $54.23 billion

PE Ratio: 45.47

Beta: -0.717

Volatility: 0.097

More about Apple Inc

More about Taiwan Semiconductor Manufacturing

Taiwan Semiconductor Manufacturing Company, Limited is a Taiwanese multinational semiconductor contract manufacturing and design company. It is one of Taiwan's largest companies, the world's most valuable semiconductor company, and the world's largest dedicated independent (pure-play) semiconductor foundry, with its headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan. It is majority owned by foreign investors.

Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES

Market Cap: 745.32 billion

Current Price: $28.45

P/E Ratio: 13

Dividend Yield: 5.05%

52-Week High: $52.11

52-Week Low: $38.88

Total Outstanding Shares: 2.161735893 trillion

EPS: $142.79

Beta: -0.193

Volatility: 0.0

More about Microsoft Corporation

Company: Microsoft Corporation

Description: Microsoft Corporation is an American multinational technology company which produces computer software, consumer electronics, personal computers, and related services. Its best known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Its flagship hardware products are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers. Microsoft ranked No. 21 in the 2020 Fortune 500 rankings of the largest United States corporations by total revenue; it was the world's largest software maker by revenue as of 2016. It is considered one of the Big Five companies in the U.S. information technology industry, along with Google, Apple, Amazon, and Facebook.

Industry: Technology

Sector: Services-Prepackaged Software

Revenue: $316.18 billion

Current Price: $38.47

Change: 2.86

Change (%): 11.06%

Market Cap: $30.61 billion

EPS: 0.363

Volume: 227,583,001

52-Week Range: $460.92

Beta (3Y Monthly): 0.332

PE Ratio (TTM): 0.176

More about Broadcom Inc

Broadcom Inc Summary

Broadcom Inc. is an American designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products. Broadcom's product offerings serve the data center, networking, software, broadband, wireless, and storage and industrial markets.

Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: $62.07 Billion

Current Price: $49.79

PE Ratio: 19.7

EPS: 26.9

52-Week High: $91.77

52-Week Low: $0.299

Volume: 38,864,998

Average Volume: 1,504.34

Dividend Yield: 1.881

Beta: 0.164

More about Cirrus Logic Inc

Cirrus Logic Inc Summary

Cirrus Logic, Inc., a factory-less semiconductor company, offers high-precision, low-power mixed signal processing solutions in the United States and internationally. The company is headquartered in Austin, Texas.

Industry: MANUFACTURING

Sector: SEMICONDUCTORS & RELATED DEVICES

Market Cap: 4949615000

Current Price: $29.04

Dividend Yield: None

P/E Ratio: 3.16

52-Week High: $32.76

52-Week Low: $0.0984

Volume: 1789885000

EPS: 97.5

Beta (3Y Monthly): 0.366

Forward P/E: 0.048

More about Qorvo Inc

Qorvo Inc is an American semiconductor company that designs, manufactures, and supplies radio-frequency systems for applications that drive wireless and broadband communications, as well as foundry services.

Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES

Stock Performance:

- Change: -2.09

- Price: $35.19

- Change (%): -0.0611

- Volume: 3,461,221,000

- Market Cap: $116.36 billion

- Change (YTD): -0.456

- Dividend Yield: 0.445

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