Bullish analyst note gives troubled chipmakers a much needed boost. Here’s our view

Barclays on Monday published its December-quarter earnings preview and 2023 outlook note that was particularly bullish for our semiconductor holdings Qualcomm (QCOM), Advanced Micro Devices (AMD) and Nvidia (NVDA). At a high level, the analysts like data centers, personal computers, and handsets. They remain negative on the industrial/automotive industries, analog chips, and semiconductor capital equipment end markets. Despite a more positive outlook, Barclays was quick to point out that its quarterly estimates remain below consensus for nearly every name in its coverage universe, “even without a macro downturn.” That implies a decent amount of conservatism around the upward revisions. For…