JP Morgan Sees Semiconductor Stocks Bottoming as SOXX Down 13% in a Month

MU11.90%
INTC8.50%
AMAT7.52%
According to JP Morgan strategist Misleav Matejka on July 20, semiconductor stocks will likely bottom out supported by strong earnings fundamentals, and investors should resume buying this summer. The iShares Semiconductor ETF (SOXX) has declined approximately 13% over the past month amid concerns about AI investment slowdown and export restrictions. Micron has seen its market cap shrink by roughly $350 billion from its peak, while Sandisk, Intel, Applied Materials, and Lam Research each lost over $100 billion in market value.
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