The sector has been helped by the performance of one of its market leaders AMD Micro Devices. Last Thursday, AMD beat analyst expectations with an earnings per share of $0.14 as opposed to $0.13 while reported revenue of $1.76 billion beat estimates of $1.72 billion.

The chipmaker got more positive news today when financial services firm Cowen Group raised its price forecast for AMD’s stock to $25 from an initial target of $21. As of 2:00 p.m. ET, shares of AMD are just below $20.

The recent spate of positive news could provide the positive picture painted by the industry’s fundamentals, which could give the sector a boost and in the case of SOXL, 300% of the performance of the PHLX Semiconductor Index. Nonetheless, trade wars could continue to weigh heavily on the sector until the U.S. and China can ameliorate their issues.

“We’re really facing, in the next 20 to 40 days, unprecedented supply chain risk for the semiconductor industry, and the stocks are telling you something,” said Larry McDonald, macro strategist and editor of the Bear Traps Report.

For more market trends in technology, click here.

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