Once high-flying semiconductor stocks suffered in 2022, but UBS is betting on these names in the new year.
The chip sector suffered as demand for consumer products like PCs and smartphones dwindled, and supply constraints weighed on production.
Those issues are far from over, but UBS views some stocks as better positioned to ride out the new year.
"Nonetheless, we are bullish on semiconductor stocks for 2023 — expecting stock momentum to really build into CQ2 and 2H:23 before the ISM likely bottoms late in the year."
The chip stock, commonly known for its PC and server chips, made history this year as it surpassed its rival Intel in market capitalization .