SEMICONDUCTOR
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Research by TA
Overweight (Maintained)

“Strongest YoY Growth Since May 2022”

In January 2024, the global semiconductor saw its strongest YoY sales growth since May 2022. According to the Semiconductor Industry Association, global semiconductor sales during the month stood at USD47.6bn (-2.1% MoM, +15.2% YoY) versus December 2023’s of USD48.7bn. This marked YoY sales recovery for the 3rd consecutive month, signalling that it could be the beginning of a new upcycle. The substantial YoY improvement was largely driven by China (+26.6% YoY), Americas (+20.3% YoY), and Asia Pacific/All Other (+12.8% YoY). As the global semiconductor market is on track to recovery, the market growth is projected to continue over the remainder of the year, with annual sales forecasted to increase by double-digits in 2024, largely fuelled by robust double-digit growth from memory and single-digit growth from discrete, sensors, analogue, logic and micro.

Analyst(s):
Chan Mun Chun
mcchan@ta.com.my