(Bloomberg) — As the coronavirus prompts talk of an earnings recession for most Asian emerging stocks, there’s an industry that’s holding up: chipmaking.
The worldwide lockdowns due to the virus and the ensuing contractions in output have sparked indiscriminate selling across industries, and dismal earnings forecasts for this quarter and beyond — except for the tech industry.
Micron Technology Inc. last week reported adjusted earnings that beat Street estimates by 24{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} and predicted stronger-than-expected revenue, fueling optimism about other chipmakers’ prospects. With most of the population in major economies worldwide working or learning remotely, online and ecommerce services are booming,