花旗：美国半导体行业情绪调查 - 博通（AVGO）遥遥领先成为最受欢迎的单一持仓股，德州仪器（TXN）是头号做空对象，上调高通（QCOM）预期，行业周度动态积极

Investment Rating - The report indicates a positive sentiment towards Qualcomm (QCOM) with a raised estimate and a positive catalyst watch due to expected strength in the handset market, particularly in China [4][5][21]. Core Insights - Broadcom (AVGO) is identified as the most popular long position among investors, often seen as the only long, with its software component providing a defensive edge due to recurring revenue [2][10]. - NVIDIA (NVDA) ranks second in popularity but with significantly less interest compared to AVGO [11]. - Analog Devices (ADI) and KLA Corporation (KLAC) are viewed as defensive stocks due to ADI's high margins and KLAC's leading edge exposure and share gains at TSMC [12]. - There is a general lack of interest in the broader semiconductor sector, attributed to a consensus belief in an impending recession [13]. - Texas Instruments (TXN) is noted as the most popular short position, heavily shorted due to concerns over China tariffs [9][13]. Summary by Sections Popular Long Positions - AVGO is seen as the safest investment in the semiconductor sector, primarily due to its software component and recurring revenue model [2][10]. - NVDA follows as a less popular long position, indicating a significant drop-off in interest [11]. Defensive Stocks - ADI and KLAC are recognized for their defensive characteristics, with ADI benefiting from high margins and KLAC gaining market share at TSMC [12]. Market Sentiment - The semiconductor sector is experiencing a lack of conviction and interest, driven by widespread expectations of a recession [13]. - QCOM is positioned for potential upside due to low sentiment and reasonable valuation, with raised sales and EPS estimates indicating a positive outlook [4][6][18].