What's Going On With Microchip Technology Stock Friday?

Anusuya Lahiri

June 21, 2024

Microchip Technology (NASDAQ:MCHP) stock saw some redemption Friday after a selloff on Thursday.

The chipmaker announced that its portfolio of JAN transistors is now tested and qualified for Military-Standard Enhanced Low Dose Radiation Sensitivity (ELDRS) requirements.

The military-grade transistors are designed to withstand varying levels of radiation exposure and are part of the Joint Army Navy (JAN) designation system.

Also Read: Thanks To Apple, This Analyst Is Optimistic On ARM, Microchip Technology And More Ahead Of Earnings

Microchip’s legacy in aerospace and defense spans 60 years, with dedicated fabs in Ennis, Ireland, and Lawrence, Massachusetts.

The Ennis fab is a MIL-PRF-19500 screening and reliability testing facility, while the Lawrence fab is DLA Certified and capable of conducting in-house ELDRS to MIL-STD-750, Test Method 1019. These facilities allow customers to test components to the designated Radiation Hardness Assurance (RHA) level based on program needs.

Analysts anticipate a rebound in the analog industry as inventories reach their peak and utilization decreases throughout the supply chain, even with the lingering issue of rising fab capacity and supply.

Microchip stock gained over 7% in the last 12 months. Investors can gain exposure to the stock via Vanguard Total Stock Market ETF (NYSE:VTI) and SPDR Select Sector Fund – Technology (NYSE:XLK).

Price Action: MCHP shares traded higher by 2.00% at $90.80 premarket at the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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