刚刚！芯片巨头，暴跌熔断！

Core Viewpoint - The semiconductor industry is facing significant challenges, highlighted by the disappointing earnings forecast from STMicroelectronics, which has led to a sharp decline in its stock price and raised concerns about the industry's recovery [1][3]. Financial Performance - STMicroelectronics reported third-quarter revenue of $3.187 billion, a year-on-year decrease of 2% but a quarter-on-quarter increase of 15.2%. Net profit fell from $351 million to $267 million, with a gross margin of 33.2%, showing a slight decline year-on-year [6][8]. - The company's fourth-quarter revenue forecast of $3.28 billion is below the analyst consensus of $3.35 billion, indicating weaker-than-expected performance [8]. Market Sentiment - The disappointing forecast from STMicroelectronics has intensified market worries about the sustainability of the recovery in the mature semiconductor sector, especially following a similar negative outlook from Texas Instruments, which saw its stock drop over 5% [3][10]. - Analysts from JPMorgan maintain a "neutral" rating on STMicroelectronics, with a target price of €26.40 per share, citing uncertainties in growth expectations for fiscal year 2026, particularly due to ongoing weakness in the automotive sector [9][10]. Industry Context - The upcoming earnings report from Intel is highly anticipated, as it will be the first since the U.S. government acquired a 10% stake in the company. This report is expected to provide insights into the impact of recent investments and partnerships on Intel's business outlook [4][12]. - Despite the recent stock price increase following government investment, analysts remain skeptical about Intel's ability to sustain this momentum, with a majority rating the stock as "hold" or "sell" [12].