Shares of auto and industrial-focused chip companies NXP Semiconductors (NASDAQ: NXPI), Axcelis Technologies (NASDAQ: ACLS), and SiTime (NASDAQ: SITM) had a tough October, falling 13.8%, 21.8%, and 12.6%, respectively, on the month, according to data from S&P Global Market Intelligence.

These three companies operate in slightly different areas of the automotive and industrial chip markets. And while many other types of semiconductors entered a correction in mid-2022, the auto and industrial markets had remained resilient through 2023.

There was some thinking these end markets may be resilient to a downturn, given that new cars and industrial equipment will have growing content per unit each and every year. However, the correction in these names now appears to be arriving.

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Source Fool.com