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China, Suqian: Semiconductor Manufacturing
An employee works at a semiconductor manufacturer in Suqian city in east China's Jiangsu province (FANG DONGXU/Getty Images)

Confused by conflicting semiconductor earnings reports? Zoom out for some good news

There’s been good news and bad news from major chip players this week, but profit expectations for the industry recently rose to a fresh record.

Luke Kawa

Chip stocks have been whipsawed in recent days, with the VanEck Semiconductor ETF tumbling 5.4% on Tuesday after semi supplier ASML cut its 2025 guidance, and up about 2.5% in early trading on Thursday after chipmaker TSMC boosted its sales outlook for next year.

How do investors make sense of these conflicting narratives? Well, one way would be at looking at expectations for the semiconductor industry as a whole rather than just two examples.

The Philadelphia Semiconductor Index shows that 12-month estimates for the cohort’s forward earnings per share hit a fresh high ahead of the start of earnings season.

The message from Wall Street’s bottom-up bean counters is that Big Tech’s torrent of spending on AI will continue to be a potent catalyst for the semi space.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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