Once high-flying semiconductor stocks suffered in 2022, but UBS is betting on these names in the new year.
The chip sector suffered as demand for consumer products like PCs and smartphones dwindled, and supply constraints weighed on production. A rotation out of growth stocks as the Federal Reserve hiked interest rates further pressured semiconductors as investors awaited a correction for the once-booming industry. Those issues are far from over, but UBS views some stocks as better positioned to ride out the new year.
"Nonetheless, we are bullish on semiconductor stocks for 2023 — expecting stock momentum to really build into CQ2 and 2H:23 before the ISM likely bottoms late in the year." Here are some of the stocks the bank is betting on in 2023. UBS named Advanced Micro Devices among its top picks in the new year. The chip stock, commonly known for its PC and server chips, made history this year as it surpassed its rival Intel in market capitalization . Shares are down more than 56% this year.
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