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Chip makers like Nvidia are set to soar as semiconductor sales to reach $544 billion in 2021, Bank of America says
Sep 18, 2021 30 secs

Bank of America bumped up its sales outlook for the semiconductor industry as it sees growing demand for chips that make computers and cars run, and named Nvidia and auto chip supplier ON Semiconductor among its top stock picks heading into the final quarter of 2021.

The persistent global chip shortage that has dogged companies ranging from automakers, to video game publishers, to consumer electronics producers, has contributed to strengthening sales for chip companies.

BofA expects above-trend growth to last through next year and now projects total industry sales in 2021 to increase by 24% to $544 billion, up from its previous view for an increase of 21%.

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