European Semiconductors Gain Momentum but Trail Behind Their American Counterparts

Riber and Soitec Lead a Nearly Universal Rally

Of the eleven stocks in the sector, ten are in the green this Tuesday. The movement is driven by players of very different sizes. RIBER, a supplier for the industry, is leading significantly with a surge of +140.93% over a month and another +20% today, followed by SEMCO TECHNOLOGIES (+51.34% over the period, +13.5% during the session). Among the heavyweights, SOITEC is up +19% over a month and jumps +8.6% today, while ASML HOLDING, the sector's largest capitalization, advances more modestly by +2.8%. BE SEMICONDUCTOR also posts a solid session at +5.4%.

The general context supports the movement: the Nasdaq gained +1.23% and the Nikkei +2.43%, in an environment where geopolitical tensions around the Strait of Hormuz have not yet dampened the appetite for tech stocks. Notably, the U.S. semiconductor sector shows a median performance of +18.74% over the same period, driven by surges from Corning (+35.66%) and Monolithic Power Systems (+30.37%). Europe outperforms its own market but remains behind the American dynamic, indicating a global sectoral movement whose epicenter remains in the United States.

Solid Medium-Term Momentum, But Short-Term Dynamics Are Faltering

For the investor, a technical reading of the sector advises caution. The weighted prices of European stocks are above their 50 and 200-day moving averages, indicating a confirmed upward trend in both the medium and long term. The sector's RSI, at 42, remains in neutral territory, far from any overbought signal, which removes the immediate risk of a mechanical consolidation.

However, the sector's MACD is below its signal line, indicating a weakening in short-term momentum. This bearish MACD crossover, amidst a background trend that remains upward, suggests a digestion phase rather than a reversal. Nonetheless, the gap with the American sector raises questions: while European outperformance is evident compared to the CAC 40, it lags behind the valuations offered by US markets, which could reflect lesser conviction among investors regarding Old Continent players.