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NEW YORK ( TheStreet) -- Microchip Technology (Nasdaq: MCHP) hit a new 52-week high Thursday as it is currently trading at $38.53, above its previous 52-week high of $38.47 with 160,153 shares traded as of 10:06 a.m. ET. Average volume has been two million shares over the past 30 days. Microchip Technology has a market cap of $7.45 billion and is part of the technology sector and electronics industry. Shares are up 16% year to date as of the close of trading on Wednesday. Microchip Technology Incorporated engages in developing, manufacturing, and selling semiconductor products for embedded control applications.