Texas Insturments should not set the tone for chip stocks, Jim Cramer says

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텍사스인스트루먼트(TI) 실적 쇼크를 반도체 업황 전반의 신호로 볼 필요는 없으며, 반도체 기업 간 사업 구조 차이에 따라 엔비디아·AMD·마이크론 등은 오히려 반등 여지가 있다는 주장. TI는 자동차·산업용 등 경기민감 업종 비중이 높아 세계 경기둔화 영향을 크게 받는 반면, 대만반도체(TSMC)·램리서치 등은 강한 수요를 보이고 있다고 설명. TI 실적 발표 후 시간외 급락했던 엔비디아·AMD·마이크론은 TI와 고객·최종시장이 달라 장 마감 후 낙폭을 회복했음. 경기둔화 환경에서는 산업 노출이 적은 기업이 승자이며, TI 악재를 반도체 전체 악재로 일반화하면 안 된다는 결론.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. should we take our cue from this this is a chart of Texas Instruments the huge semiconductor company last night it reported a hideous shortfall shaded down its forecasts and sent the stock tumbling 7.5 percent now you got it wonder if this is a sign for the rest of the chip makers right with Texas Instruments be another say workday which recently issued some cautious commentary and sparked a monster sell-off in the cloud cohort a lot of experts are claiming this company's a real bellwether Texas Instruments is indeed a 111 billion dollar company with across the board exposure to the semiconductor industry if they're in bad shape then everybody else must be suffering too right or at least that's what they'd have you believe unless Ty's dismal conference call management kept hammering home that it's all about the macro the pessimist and the trailer which came together to make the companies weary customers more cautious and first the market bought this one the hook line and sinker the $70 stocks all rolled over and after-hours trading but today many of these stocks shrugged off this company shortfall and rebounded from the lows I think that comeback made a lot of sense and like I said at the top of the show some of the things that seem unfathomable just aren't explained well enough of course we can't just dismiss what this companies had to say last night it's a gigantic company 15 billion dollars in sales and the world view doesn't matter but and this is a big but Sir mix-a-lot but going into the quarter Texas Instruments had been an incredible reform was up 36% for the year and when you look at the reasons for that strength it's because the company did everything in its power to stop being a semiconductor bellwether as Eric Johnson points out the fantastic piece for the street calm Texas Instruments was a winner because it moved aggressively to get off the treadmill of cellphone components although it still has some in here it's no one will be on and off instead they diversified that ever starting automobiles they're one of the dominant chip makers for the auto industry they diversified minute.what industrial automation think the digitization of manufacturing so Texas has made itself into a lot more cyclical company than the average chip maker for years this was a brilliant strategy because cellphone sales were slowly in the industrial economy was just fine but that's no longer the case we're headed into a worldwide economic slowdown it's many indicators seen these are the last businesses you want exposure to bed and Marcos Texas Instruments is levered - what's uniquely not working these days I think we have better tells for vast swaths in the semiconductors I want you to consider a company like Taiwan Semiconductor last week this gargantuan chip maker told us they were seeing real strength across pretty much each product line Taiwan semi is more than twice the size of Texas Instruments their communication business is on fire right now as is their DRAM there let's just call it their commodity semi business or how about last night when a very good testing measurement company it's her died told us the tale of tremendous strength particularly an ongoing demand for 5g infrastructure and flash memory lamb research the huge sim inductor equipment manufacturer went into total beast mode this very evening we're putting a quarter that sent the stock soaring a dozen points in a few hours meanwhile we have plenty of chip makers that have nothing to do with Texas Instruments Nvidia stock got hammered last night but then it came back hard today because in videos leave her two totally different end markets that are much better shape plus it's led by the incomparable Jensen Wang who just this week was named the best performing CEO by HBR magazine we saw the same thing with AMD and micron they got hit hard and then they were abandoned today because there's simply not much overlap with Texas Instruments after plunging as much as Texas Instruments did in the after-hours let's say AMD stock ended up losing just 15 cents micron stock closed flat listen all seven director companies are not created equal some are more equal than others right now the winners are the ones with less industrial exposure because we're going into a worldwide slowdown but more will the story you don't run from an AMD or Nvidia if Texas Instruments says business is weakening across the board you run to them because they don't have the same customers as far as these less Siculus enemies are concerned business is fine and just made me as in the case with LRC X lamer search this evening maybe it's much better than we ever thought stick