SCOTTSDALE, AZ – Aggregate sales of the 20 largest semiconductor companies rose 21% sequentially, says IC Insights, on strong inventory replenishment.

That’s up 37 points from the first-quarter sequential results.

The research firm said inventory cutbacks reversed their trend of the previous two quarters, and seasonal demand for electronics will drive third-quarter semiconductor sales up at least another 8%.

The firm reiterated its forecast of a 17% decline for 2009.