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Goldman cuts 2023 earnings forecast for chip stocks ahead of CHIPS Act vote

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Goldman Sachs slashed its earnings forecast for chipmakers and semiconductors due to fears of a slowdown in global growth.

Video Transcript

RACHELLE AKUFFO: All right, shifting gears now to another sector on the move today, semiconductors. Goldman Sachs slashing its 2023 earnings forecast for chipmakers and semiconductor equipment companies by an average of 20%. The analyst making that move due to the macroeconomic environment, saying, none of the companies are immune to a slowdown in global growth.

Well, the news not moving the stocks lower. The sector is broadly higher, thanks to strong results from Taiwan Semiconductor. Another headwind for the industry here in the US, the stalled Chips Act. The Senate reportedly set to vote on it Tuesday. And we'll hear from Commerce Secretary Gina Raimondo next hour.