Buy The Dip On These 10 Semiconductor Stocks Tumbling On China H20 Chip Sale Ban

3. Freeport-McMoRan Inc (NYSE:FCX)

Number of Hedge Fund Holders: 88

Freeport-McMoRan Inc is a mining company operating in North and South America as well as Indonesia. The company is a major copper supplier to the semiconductor industry.

FCX’s bullish thesis is driven mainly by gold prices, which have been up considerably in the recent past. On top of that, copper demand is set to stay elevated thanks to EVs, 5G, and AI initiatives that will result in increasing demand for semiconductors.

Earlier this month, the company’s CEO, Kathleen Quirk, warned about the negative impact of a recession and trade war. However, she was also quick to point out that the company expects copper sales to improve going forward. Combining this with a potential surge in copper prices means the firm’s earnings could be substantially elevated in the next couple of years, even if tariffs continue to batter the broader semiconductor industry.