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BofA Research’s February report highlights a clear split in European IT hardware demand trends, with gaming spending significantly outperforming other consumer technology categories while smartphone sales remain under pressure. This divergence is shaping investment opportunities across European hardware and semiconductor stocks, particularly those with strong exposure to gaming and broader consumer electronics markets.
According to BofA, gaming was the strongest-performing consumer category in January, with spending rising 19% year-on-year and a rolling 12-month growth rate exceeding 40%. This sustained engagement is supporting companies tied to gaming peripherals, components, and connectivity solutions, even as smartphone demand continues to soften in the near term.
Logitech stands out as one of the most direct beneficiaries of resilient gaming demand. With approximately 35% exposure to the U.S. market and around 30% of group sales linked to gaming products, Logitech is well positioned to capitalize on strong consumer engagement in gaming hardware and accessories. The company’s focus on gaming peripherals makes it a key play on structural demand rather than purely cyclical trends.
Soitec is another European semiconductor name with meaningful consumer exposure. A significant portion of its revenue comes from engineered substrate technologies used in consumer electronics. While smartphone demand remains weak, BofA expects a recovery from 2026 as replacement cycles normalize, potentially driving renewed growth for companies leveraged to mobile devices and consumer tech components.
Mycronic offers indirect exposure to consumer electronics through its manufacturing equipment used in electronics production. Early signs of stabilization in consumer and hobby-related spending could gradually support capital equipment demand as production volumes recover.
Nordic Semiconductor, known for its low-power connectivity solutions used in gaming accessories and smart devices, also benefits from resilient gaming trends. Despite subdued smartphone spending, improving engagement metrics in gaming provide a supportive backdrop for connectivity-focused semiconductor stocks in Europe.
