Nvidia, AMD lead chip decline as Truist finds 'hard evidence of order cuts'

seekingalpha2022-04-09

Antonio Bordunovi/iStock Editorial via Getty Images Nvidia (NASDAQ:NVDA), Advanced Micro Devices (AMD) and Broadcom (AVGO) led declines across the semiconductor industry, as investment firm Truist ...

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Dont be weak
2022-04-09
Dont be weak
Market manipulators at work again. "Hard evidence". Sure.

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While first-quarter results are likely to remain strong for the semiconductor industry, and perhaps even second-quarter guidance, cracks are starting to form for the second-half of the year and 2023. Stein added that two of his industry contacts are seeing order cuts, with both saying that the cuts are related to second-quarter production, but second-half demand is still \"robust.\" \"While a one-off quarter adjustment is possible, we stick to the adage we developed while selling components during the tech bubble: 'today's push-out is tomorrow's cancel,'\" Stein wrote in a note to clients. Stein lowered his price targets across the board, including cutting Nvidia to $298 from $347, lowering AMD to $111 from $144 and dropping Intel to $49 from $53, citing lower earnings multiples. Nvidia (NVDA) shares fell more than 3.5% to $233.52, while AMD (AMD), Broadcom (AVGO) fell more than 2%. Other chip companies, such as Intel (INTC) and Texas Instruments (TXN) declined less than 1%. Stein noted that it's not yet clear what the reasoning is for the cuts, but it's important nonetheless. It could be the cuts are due to incomplete kits and a simple desire to balance inventory, while another view is that although demand is still strong, a temporary delay is starting to cause the cuts. The most bearish view would be that there is demand destruction taking place and when coupled with additional supply is leading to a chip glut and traditional downturn. \"We remain constructive on the structural growers Nvidia and Monolithic Power Systems (MPWR), but recognize that near-term stock price effects may become more volatile given the elevated P/Es ascribed to these growth models,\" Stein explained. 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Sure.","text":"Market manipulators at work again. \"Hard evidence\". Sure.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015196417","repostId":2226520585,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":6,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2226520585"}