European semiconductor stocks rise despite disappointing Nvidia forecast

Nordic Semiconductor ASA

29/08/2024 13:06

** Shares in European semiconductor companies rise, despite
artificial intelligence (AI) chip giant Nvidia's  NVDA.O 
quarterly results failing to impress investors
    ** The pan-European STOXX tech index  .SX8P  rises 1.7% to
one-week high, leading sectoral gains on the wider STOXX 600
 .STOXX  index, which is up 0.6%
    ** ING FM analyst Marc Hesselink says that there were very
high expectations going into Nvidia's results but the company's
general tone on structural demand remains relatively good
    ** "The outlook is maybe slightly lower than some expected.
But in general, I think it was not a major event, except for
NVIDIA itself," Hesselink says
    ** "But for the sector as a whole, I don't think it really
changed anything for the sector. So therefore, maybe a little
bit of relief today," he adds
    ** Among single stocks, semiconductor production equipment
maker ASM International  ASMI.AS , ASML  ASML.AS , and BE
Semiconductor  BESI.AS  are up between 2% and 3%
        ** German chip manufacturer Infineon  IFXGn.DE  and
Franco-Italian chipmaker STMicroelectronics  STMPA.PA  rise 1.9%
and 2.3%
    ** Soitec  SOIT.PA  is up 3%, while Nordic Semiconductor
 NOD.OL , Siltronic  WAFGn.DE  and Aixtron  AIXGn.DE  rise
around 2.5% 

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))