Wide-moat chipmaker Microchip Technology (MCHP) claimed the Moat Index's top spot in May after its shares surged over 25 percent during the month on an upbeat earnings release. Reported revenue was down year over year, though the market celebrated a figure that came in above expectations as well as April chip orders that were the strongest of any month in the prior quarter. Looking ahead, the company expects next quarter revenue to climb about 8 percent sequentially and reiterated a long-term gross-margin target of 65 percent, a signal that the semiconductor downturn may have reached bottom. Morningstar maintained its $63 fair-value estimate, pointing to sticky microcontroller design wins and high switching costs that anchor the firm's wide economic moat.