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Semiconductor stocks are going to fall as chipmakers start to cut their earnings forecasts for the second half of the year, AlphaOne Capital Partners’ Dan Niles said on Thursday.
Niles started shorting semiconductor stocks this week and sold out of all is long semiconductor positions, in which he previously owned Qualcomm and Lumentum Holdings, he told CNBC’s Squawk Alley. Niles expects most semi companies will cut their earnings forecasts “due to bad end-demand & elevated inventories,” he said on Twitter on Tuesday.
