The semiconductor industry is notoriously cyclical, with regular boom and bust cycles.
The firm's analysts see the S&P 500 rising to 5,200 by the end of the year.
Stocks defied fears of a recession to soar in 2023 and have continued to climb.
US corporations have been reluctant to repurchase their shares as the Federal Reserve pushed interest rates higher.
Investors might see their risk appetite grow after a couple of key moments this week.
The S&P 500 Index posted an average daily move of 0.3% in either direction last week, its tamest swings in half a year.
The Middle East conflict and surging Treasury yields have overshadowed earnings results.
Many sectors in the S&P 500 have posted improving earnings revisions.
Technical traders are concerned that the index will break its 200-day moving average, which sits around 4,204.
While strategists have largely capitulated on their forecasts for 2023, they aren't quite ready to turn into bulls.
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