When the Chips Are Down

S&P's Amrit Tewary is cautious about the chip sector's prospects for 2005 but still has a few stocks on his buy list

Slower growth -- that's the prospect for the semiconductor market in 2005, with something like 5% growth, compared to 28% last year and 18% in 2003. And that means a neutral outlook for semiconductor stocks broadly, says Amrit Tewary, who covers the chip industry as a senior industry analyst at Standard & Poor's. He sees a slowdown in growth of the end products that semiconductors go into, notably personal computers and wireless handsets.

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