- 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 (NASDAQ:ADI) (Overweight, Off-Quarter, PT $220), Microchip Technology Inc (NASDAQ:MCHP) (Overweight, PT $100), Marvell Technology Inc (NASDAQ:MRVL) (Overweight, Off-Quarter, PT $95), NXP Semiconductors NV (NASDAQ:NXPI) (Overweight, PT $260) and ON Semiconductor Corp (NASDAQ:ON) (Overweight, PT $80), given the strength in automotive and 5G infrastructure.
- KeyBanc saw Advanced Micro Devices Inc (NASDAQ:AMD) (Overweight, PT $165) benefiting from robust demand in the cloud data center, with increased deployment at CSPs, notably Microsoft Corp (NASDAQ:MSFT) Azure. It saw strength in the data center to more than offset softness in PCs and graphics.
- KeyBanc saw Broadcom Inc (NASDAQ: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 (NASDAQ:AAPL) iPhone demand.
- KeyBanc saw Micron Technology Inc (NASDAQ:MU) (Overweight, Off-Quarter, PT $110) benefit from robust data center demand.
- KeyBanc saw Intel Corp (NASDAQ: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 (NASDAQ: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 (NASDAQ: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.
