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This is how the world’s shortage of chips plays on stocks

(Bloomberg) – A global shortage of semiconductors has increased access to everyday devices from smartphones to game consoles to technology-dependent cars. With companies warning that the problem could last in the second half, the fallout threatens to weigh stock prices for several months to come. Since the news in November that Apple Inc. was facing a shortage of chips for its latest iPhone, warnings about the effect have been coming thick and fast. Last week, the truck manufacturer Volvo Group and the electric vehicle company Nio Inc. joined a long list of car manufacturers that have gone on assembly lines. The shortage of chips has been caused by a high demand for technical equipment, mainly due to the pandemic and winter weather in Texas and a fire in Japan has contributed to the problem. It has been a boon for companies such as Applied Materials Inc. and Lam Research Corp. which produces equipment that semiconductor manufacturers need to increase production. Here̵

7;s a look at the companies that have the most at stake when the global chip shortage erupts, and how their stocks have been affected: Automakers’ auto stocks have returned roaring from their pandemic low. Now, both chip shortages and concerns about a resurgence of the coronavirus pandemic have dragged a Bloomberg index of global manufacturers down 14% from record highs on 25 January. Volvo Group fell 7% on Tuesday after saying it had to suspend production due to a lack of semiconductors, while China’s Nio slipped 4.8% on Friday when it said it would halt production at a factory in Anhui province. A fire on March 19 at a Japanese factory run by Renesas Electronics Corp., one of the largest manufacturers of car chips, hit the industry hard. This triggered a 6.7% drop in General Motors Corp. shares over three days last week. In Japan, shares of Toyota Motor Corp., which hit a six-year high on March 18, fell 6.1% in the following four sessions. “The car sector has undoubtedly experienced the greatest level of disruption, with more and more manufacturers either slowing down production. or close production facilities on a temporary basis, ”said Thomas Fitzgerald, a fund manager at EdenTree Investment Management Ltd., referring to original equipment manufacturers. China Geely Automobile Holdings Ltd. slipped 19% over three days last week after reporting disappointing earnings. Daiwa Securities cited the lack of pieces in the downgrade of the stock and the cut estimates for this year and next year. China is dealing with independent problems with chip supply. READ, Chip shortage could put market-beating rally in jeopardy: Taking stock Smartphones, consumer electronics Outside the automotive industry, it is more difficult to plague the stock market impact on companies that depend on semiconductors. . Shares in Apple, for example, did not react in November to the impact of the shortage, and they have risen more than 5% since then. Smartphone manufacturer Xiaomi Corp fell 4.4% on Thursday after warning that a shortage of parts could slow growth in the coming quarters. A positive aspect of chip shortages: With the demand for consumer electronics as strong as it is, it gives companies the opportunity to increase prices and give higher costs, said Neil Campling, analyst at Mirabaud Securities. “Stock prices have not reacted particularly negatively to the news, and I think that’s because the important part is that you see a downturn in the demand for these goods,” he said. Lenovo Group Ltd. said in August that the profit margins got a hit from the chip shortage, and in November it said it could not fill all customer orders due to lack of components. Demand for the company’s laptops continues to rise due to purchases from people working at home, and the share has doubled since August. Sony Corp. said last month that it may not be able to completely reduce demand for the new gaming console in 2021 due to production. bottlenecks. The stock touched a 21-year high in February, although it has fallen 8.2% since then. While Samsung Electronics Co., a foundry that makes chips for other companies, benefits from the favorable supply-demand equation, the South Korean company also has its own line of damaged consumer products. Samsung warned this month against problems, including the possible cancellation of the launch of the new Galaxy Note, one of the best-selling smartphone models. Network equipment manufacturers have also felt the pinch. Analysts at Oddo BHF marked a DigiTimes report that the lead time for the delivery of network chips extends to as long as 50 weeks, which indicates that the chip shortage has also reached the network segment and will probably last until the beginning of next year. the downside of the semiconductor shortage is that the companies that supply these chips can see a boost for the business. Most semiconductor companies should report strong results for the first quarter and provide good guidance for the second, said Janardan Menon, analyst at Liberum Capital Ltd. “This is good news for the semiconductor supplier,” Liberum’s Menon said by telephone. “This type of density – of capacity utilization, rising prices, very, very strong demand – always means that their results are very, very strong.” However, Menon warned that stock prices may not follow, given the market is now concerned. that the peak of the semiconductor cycle is approaching. The European supplier of car chips Infineon Technologies AG is up 12% for the year, while STMicroelectronics NV has received only 5.6%. In the US, Texas Instruments Inc. is up 15%, while NXP Semiconductors NV and ON Semiconductor Corp. has improved, 25% and 24%, respectively, against the Philadelphia Semiconductor Index’s 11% increase. There are also broader winners from shortages in the semiconductor industry, with tile foundries leading Taiwan Semiconductor Manufacturing Co. running near full capacity to try to keep up with demand. The TSMC shares are down 12% from the record set on 21 January, but are still up 11% compared to the year. Manufacturers of semiconductor equipment Manufacturers of equipment used to produce semiconductors take advantage of the supply squeeze when chip manufacturers rush to add capacity to their factories Governments concerned about national security risks are looking at measures to encourage local production. The combination has created a consumer environment that some analysts say will benefit the industry for years. Applied Materials, the largest manufacturer of equipment, has seen its shares double in the last six months, while Lam Research has gained 77% in the same period, almost twice the return on the Philadelphia Semiconductor Index. ASML Holding NV increased by 74%. TSMC committed $ 28 billion in capital expenditures in 2021, up from $ 17 billion the year before, while Intel Corp. presented a plan on March 23 to pour billions of dollars into production facilities. more articles like this, please visit us at bloomberg.com. Subscribe now to stay ahead of the most trusted news source. © 2021 Bloomberg LP


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