Many semiconductor stocks slumped this year as investors fretted over concerns about slowing sales of PCs and smartphones, the potential overproduction of chips in response to the global chip shortage, and more conservative enterprise spending in a tougher macro environment. As a result, the Philadelphia Semiconductor Sector index has declined about 24% this year as the S&P 500 retreated just 12%.
(Bloomberg) -- Huawei Technologies Co. reported its first quarterly sales rise since the end of 2020, as the Chinese telecom gear giant fights to survive the US blacklisting that sank its smartphone business.Revenue ticked up by 1% to 170.6 billion yuan ($25.3 billion) in the three months ended in June, according to Bloomberg calculations based on the company’s first-half revenues of 301.6 billion yuan. It is the company’s first sales growth since the last quarter of 2020, when US sanctions heav
(Bloomberg) -- Semiconductor Manufacturing International Corp. warned that clients in sectors such as smartphones were freezing orders, underscoring how a downturn in consumer electronics demand is hurting the chip sector.Most Read from BloombergStriking Drop in Stress Hormone Predicts Long Covid in StudyThe Fed’s Damage to the Housing Market May Last YearsThree Days After Vote, Result Hangs in the Balance: Kenya UpdateChina Has Painted Itself Into a Semiconductor CornerGarland Seeks to Unseal T