KeyBanc Sees Negative Trends for Nvidia

It’s a mixed bag for semiconductor stocks, says John Vinh, equity research analyst at KeyBanc Capital Markets.

“Despite the softening backdrop across now consumer-facing applications, broad-based demand trends remain healthy and robust,” he wrote in a commentary.

“Given the softening consumer backdrop in personal computers and smartphones, we were somewhat surprised by how healthy broad-based demand Trends sounded in the channel.”

He was referring to KeyBanc’s Quarterly supply-chain checks.

“Covid lockdowns in China are worsening and affecting both supply and demand,” Vinh said. That’s particularly true in the Shanghai area.

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