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Chip Stocks’ Outperformance May Not Last

barrons.com
Chip Stocks’ Outperformance May Not Last

Semiconductors haven't been the best-performing industry in tech, but they've easily beaten the broader market this year. Yet the sector could have trouble breaking higher from here. Where we were: Semiconductors have had a good run in recent years, and the iShares PHLX Semiconductor ETF (SOXX) is up double digits since the start of 2018.  Where we're headed: Consensus estimates and company managements don't appear to be factoring in tighter memory spending budgets, warns Morgan Stanley, which could leave the stocks range-bound. If you've been buying semiconductor stocks in recent years, you've probably been a relatively happy camper. Sure, they may not have the flashy performance of the FAANGs