Despite a tough quarter, Microchip Technology Inc (MCHP) showcases strategic resilience and future growth potential.
Slowing electric vehicle sales at a time when customers are clearing excess inventory have weighed heavily on demand for chips in the automotive industry, hitting chipmakers such as Microchip Technology amid an uncertain economic environment. Customers had built excess inventory to avoid a supply crunch during the pandemic.
It's the third-straight up-day for both the S&P 500 and the Nasdaq, fourth straight for the blue-chip Dow.