凌云半导体股价下跌4.46%，技术回调与行业情绪成主因

Group 1: Stock Performance - On February 19, 2026, the stock price of Lingyun Semiconductor (CRUS.OQ) closed at $139.48, down 4.46% for the day, while the Nasdaq index rose 0.03% and the Philadelphia Semiconductor Index fell by 0.17% [1] - The stock experienced a daily trading volume of approximately $29.17 million with a turnover rate of 0.41%, despite a year-to-date increase of 17.70% [1] - The stock has seen a cumulative decline of 1.21% over the past five days [1] Group 2: Stock Price Fluctuations - The recent price decline is attributed to technical correction pressures after reaching a 52-week high of $146.88 on February 11, 2026 [2] - On February 18, the stock rose by 1.21% to $145.98 but failed to maintain this upward momentum on February 19, likely due to profit-taking [2] - The stock has shown a cumulative increase of 6.23% over the past 20 days, indicating some investors may be cashing out at high levels [2] Group 3: Industry Sentiment - The semiconductor sector is experiencing significant differentiation, with storage chips (e.g., Micron Technology) performing well due to AI demand, while the overall semiconductor sector is facing volatility [3] - A report from Galaxy Fund in November 2025 highlighted that the semiconductor industry is susceptible to external market sentiment, fluctuations in storage prices, and lackluster Q3 reports, leading to potential short-term corrections [3] - On February 19, the semiconductor sector as a whole declined by 0.17%, which may have negatively impacted individual stocks [3] Group 4: Institutional Holdings - As of February 20, 2026, several institutions have reduced their holdings in Lingyun Semiconductor, including The Vanguard Group, which cut 145,000 shares, and BlackRock, which reduced 79,600 shares [4] - Despite an analyst from Stifel raising the target price to $163 on February 5, short-term fluctuations in institutional positions may exacerbate stock price volatility [4] Group 5: Macro Factors - The Federal Reserve's meeting minutes from February 18 revealed internal divisions, with some officials suggesting that "re-raising interest rates cannot be ruled out," leading to cautious liquidity expectations in the market [5] - Concurrently, the Dow Jones Industrial Average fell by 0.37%, putting overall valuation pressure on tech stocks, which may amplify individual stock declines [5] Group 6: Company Fundamentals - Lingyun Semiconductor's fundamentals remain resilient, with a projected revenue growth of 5.99% year-over-year for fiscal year 2025 and a net profit growth of 20.74%, alongside a gross margin of 52.53% [6] - The audio chip business accounts for 59.97% of revenue, while mixed-signal chips make up 40.03%, benefiting from demand for AI terminal devices [6] - Institutions maintain an optimistic long-term growth outlook for the company, although short-term stock prices are influenced by technical factors and market sentiment [6]