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StockNews.com
StockNews.com
Business
RashmiKumari

2 Chip Stocks to Buy and hold for The Long Term

QCOM PLAB United States Semiconductor QUALCOMM Incorporated

Amid escalating macro headwinds, the outlook for the chips and semiconductor industry has been deteriorating. On October 13, 2022, Taiwan Semiconductor Manufacturing Company Limited (TSM) slashed its annual investment budget by at least 10% for 2022. However, the $52 billion CHIPS and Science Act is expected to support domestic chip manufacturing.

According to the Semiconductor Industry Association, global semiconductor industry sales increased year-over-year to $47.40 billion in August 2022. Furthermore, driven by robust demand for semiconductors across industries, the global market is projected to grow at a CAGR of 6.2% from 2022 to 2031.

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