Advanced Micro Devices (NASDAQ:AMD), Intel (NASDAQ:INTC) and Nvidia (NASDAQ:NVDA) were among the semiconductor industry's largest gainers on Friday, capping a week that saw a sharp downturn in technology stocks following the Federal Reserve's decision to keep raising interest rates.
AMD (AMD) rose slightly more than 3%, while Intel (INTC) and Nvidia (NVDA) gained more than 4% each, though the three finished the week mixed. AMD and Nvidia ended the five-day period with solid gains, while Intel (INTC) fell nearly 3.5%.
Qualcomm (QCOM) tacked on 2.5%, while several other semiconductor stocks also gained to close out the week, including Broadcom (AVGO), Micron Technology (MU), ON Semiconductor (ON), NXP Semiconductors (NXPI) and Skyworks Solutions (NASDAQ:SWKS), all of which gained 4% or more.
Skyworks (SWKS) gained nearly 7% after it reported third-quarter results on Thursday that were not as bad as feared. However, the Apple (AAPL) supplier offered tepid guidance in the wake of ongoing global weakness.
Cohu (COHU), Coherent (COHR) and Advanced Energy Industries (AEIS) rose on Friday after investment firm Citi upgraded the semiconductor capital equipment companies on the belief that the "group has bottomed."
Analyst Atif Malik raised the firm's ratings on Cohu (COHU), Coherent (COHR) and Advanced Energy Industries (AEIS) to buy from neutral, noting that there are three reasons for the belief that the group has "bottomed": the collapse in memory pricing; a "dislocation" in domestic Chinese spending; and estimates for 2023 wafer fab equipment fell 20% or more and have now stabilized.