Heading into 2024, long-term investors should continue to focus on the multi-year track record of outperformance by semiconductor stocks, driven by the “crucial role semis play in the tech value chain,” increasing content tailwind opportunities in all applications, and structural profitability, JPMorgan tells investors in a research note. The firm says all of these remain intact and sets up well for continued outperformance relative to the broader indices in 2024. JPMorgan believes we are at the cusp of a semiconductor up-cycle with industry revenue growth turning positive year-over-year in Q4, which should persist through 2024 and into 2025. The firm’s top semiconductor picks for 2024 are Analog Devices (ADI), Marvell (MRVL), Micron (MU) and Microchip (MCHP). Its top semiconductor capital equipment pick is KLA Corp. (KLAC) and its chip design picks are Synopsys (SNPS) and Arm (ARM).
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