Share prices of US semiconductor firms 'best for a decade'
New industry data has revealed that US-based semiconductor stocks have risen by a collective 66% this year – the biggest spike since 2009.
The Philadelphia Stock Exchange Semiconductor Index reported that all but one of the stocks in its 30-member index rose in 2023. Numbers were good across the board, but Nvidia's stood out. Thanks to its central position in the white-hot artificial intelligence space, its shares more than tripled, making Nvidia the first chipmaker with a market capitalisation above $USD trillion.
Behind Nvidia was Advanced Micro Devices, another beneficiary of the AI boom, whose stock has climbed more than 130%. At the other end of the table, Wolfspeed lost more than a third of its value this year. This came after production issues at a new plant resulted in below expectations forecasts for 2023.
It all added up to a 66% average share price hike across the year, the best since the 70% registered in 2009 following the credit crunch crash.