Investing.com — Global semiconductor sales continued their impressive growth streak in August 2024, marking the ninth consecutive month of double-digit year-over-year (YoY) growth, according to a report from Bank of America this week. 

The bank said semiconductor sales surged by 28% YoY in August, further boosted by a 15% month-over-month (MoM) increase, underscoring the sustained demand across the industry.

BofA highlighted that core semiconductor sales, excluding memory, also showed steady growth, rising 8.4% YoY, marking the thirteenth consecutive month of positive YoY growth in this category. 

On a monthly basis, core semiconductor sales were said to have risen 3.9% MoM, outperforming seasonal trends by nine basis points.

BofA added that memory sales saw the most significant increase, with a 52% MoM jump driven by sharp rises in DRAM (+66.2% MoM) and NAND (+38.3% MoM). 

The surge in memory demand was a key driver behind August’s robust semiconductor performance, noted BofA.

The bank states that geographically, the Americas led the gains, with semiconductor sales increasing by 26.5% MoM, followed by China (+18.5% MoM) and Europe (+10.5% MoM). Japan and the APAC/Other regions also saw positive growth, albeit at a more modest pace of 2.7% and 4.9%, respectively.

On a year-to-date basis, total semiconductor sales were up 19.4%, with core semiconductors posting a 9.3% increase, led by microprocessor units (MPUs), which rose by 24.6%. BofA expects broader industry recovery to continue into 2025, driven by long-term growth trends in AI, semiconductor complexity, and the electrification of the automotive and industrial sectors.

BofA remains optimistic, noting that despite uncertainties surrounding demand recovery in automotive, industrial, and consumer sectors, the long-term outlook for the semiconductor industry remains strong.