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Broadcom (NASDAQ:AVGO) led semiconductor stocks in the S&P 500 higher on Wednesday as the sector and the broader market await the latest interest rate decision and outlook from the Federal Reserve. state.
In a research note on On Wednesday, Deutsche Bank analyst Ross Seymore said semiconductor industry fundamentals were “largely better-than-expected” as companies’ revenues (excluding memory) rose. 14% in 2022. In the coming year, sales are expected to decline and that the recent rally in semiconductor names is “too early” given the possibility that “fundamental decline will continue” .
Seymore added that Deutsche Bank’s favorite names for the coming year are Marvell Technology (MRVL) and Qualcomm (NASDAQ:QCOM), along with Broadcom (AVGO) and maximal linearity (MXL).
Broadcom is headquartered in San Jose, California (AVGO) rose nearly 2% to $581.69 in midday trading, while competitor Qualcomm (QCOM) and Intel (NASDAQ:INTC) increased from 0.5% to 1.5%.
In contrast, Advanced Micro Devices (AMD) and Nvidia (NASDAQ:NVDA) is slightly lower, losing less than 1%.
Similar chip company Texas Instruments (TXN) and Analog Devices (ADI) are mixed, as Texas Instruments is slightly active just after 12 p.m. and Analog Devices (ADI) fell by a fraction of 1%.
Other chip companies, including Micron Technology (MU), NXP Semiconductor (NXPI) and Microchip Technology (MCHP) also saw small gains or losses.
The Federal Reserve and its rate-setting committee, the Federal Open Market Committee, are expected to raise key rates by 50 basis points and update expectations on the outlook for 2023.
Earlier this week, it was reported that Broadcom (AVGO) VMware acquisition target (VMW) saw its top three executives leave the enterprise software company.
