Microchip Technology (NASDAQ: MCHP), a leader in providing semiconductors and total system software solutions for industrial markets, just threw shade at the state of the economy to kick off 2024. The company issued a warning that its revenue for the quarter ended in December 2023 will be even worse than previously expected.

This news comes hot on the heels of a similar warning from self-driving car and driver-assist chip designer Mobileye (NASDAQ: MBLY), which said a glut of inventory at the start of the new year will sharply reduce its sales.

Microchip is a far more diversified company, though, with end-market spanning data centers to cars, healthcare devices to manufacturing. Did Microchip just signal tough times for the economy in 2024?

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Source Fool.com