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Few, if any, chip names have been left unscathed from the brutal selloff. But it's a chance to hunt for bargains.
B. Riley Wealth Advisors Inc. purchased a new stake in Invesco Semiconductors ETF (NYSEARCA:PSI) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,075 shares of the company's stock, valued at approximately $1,689,000. B. Riley Wealth Advisors Inc. owned approximately
CNBC's Jim Cramer said investors shouldn't give up on semiconductor stocks despite the recent sell-off, arguing that strong demand for chips continues to support the industry's long-term growth. Cramer highlighted Micron's long-term customer agreements and the expanding use of CPUs from Intel and AMD as reasons the sector's underlying fundamentals remain strong.
Invesco Semiconductors ETF (NYSEARCA:PSI - Get Free Report) was the recipient of a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 519,834 shares, a growth of 193.7% from the September 15th total of 177,002 shares. Currently, 2.7% of the company's shares are sold short.
Designed to provide broad exposure to the Technology - Semiconductors segment of the equity market, the Invesco Semiconductors ETF (PSI) is a passively managed exchange traded fund launched on June 23, 2005.
The Philadelphia semiconductor index, known as SOX, on Friday rose to its highest level in three months.
Despite a weak September for broader markets, shipping, rate hedges, oil and semiconductors delivered strong ETF gains.
One rival semiconductor ETF has quietly lapped the most popular chip fund on the market over the past year, and the reason comes down to a single position that most investors never think to question.