Nvidia beat Wall Street expectations on Wednesday as demand for artificial intelligence surged. But while the chipmaker remains the undisputed leader in the AI arms race, it’s far from the only company benefiting from the frenzy to overtake Wall Street. Shares soared more than 29% before Thursday bells, making it already the biggest share of the year soaring after it announced a startling forecast that far beat Wall Street’s expectations amid soaring demand for AI chips. further increased profits. Nvidia also beat expectations on revenue and bottom line earnings. NVDA 1D Mountain Nvidia’s Stock Pops Nvidia’s Results Seem To Repeat The Company’s Clear Chip Dominance, But Other Names Are Also Talking On Wall Street, And With The AI Boom Leading To Big Profits may be expected. Advanced Micro Devices Like Nvidia, Wall Street sees an opportunity for advanced micro devices in the near future. The chipmaker’s shares soared 10% before the bell after reports of Nvidia’s blockbuster hit. Like its competitors, AMD develops the graphics processing units that underpin most generative AI tools. Even big investors have ramped up their bets on the AI effort in recent weeks, with a securities report released earlier this month showing Dan Loeb’s third point was the company’s equivalent in the first quarter. It is shown that it acquired the shares of In a memo to customers in March, Raymond James called AMD “an underrated AI/ML effort” and said he expected the company’s continued share price gains through the end of the year. Taiwan Semiconductor Circuit Taiwan Semiconductor Circuit Manufacturing may also grow significantly with the help of Nvidia. Bank of America analyst Brad Lynn highlighted the company as a “major beneficiary” in a memo to clients on Thursday, adding that the stock is also attractive and hit a historic range low. He added that it was close. Lin estimates that NVIDIA alone accounts for about 10% of the company’s revenue. TSM YTD Mountain Stock in 2023 Like Bank of America, Needham emphasized the stock’s cheap valuation, with the market giving the stock “the credit it deserves” for its “unique” AI status. said, not giving. “With TSMC’s pole position in semiconductor manufacturing, we believe it is the only viable foundry to produce cutting-edge chips such as AI accelerators,” the company wrote. Needham also believes Taiwan’s capabilities will provide a “shortcut” for companies large and small looking to enter the highly competitive AI chip market. The stock rose about 7% before the bell, surpassing its 21% gain this year. Low profile efforts Not all companies that stand to benefit are well known to the investment community. In a recent memo to customers, Needham said that Monolithic Power Systems is the low-profile company responsible for providing power management solutions for Nvidia’s H100 graphics processing units and is an “incumbent in the field.” ” he emphasized. Needham said Monolithic should see significant growth as demand for the H100 surges as AI needs grow. A new distribution system that mitigates losses in the electricity distribution network would also benefit stocks over the long term. Shares rose nearly 8% in pre-market trading. Needham also highlighted Marvel Technology as a potential AI winner. The company, which is responsible for providing silicon for data centers and hyperscaler networking, should benefit as the need for faster bandwidth to store and process data grows. AI is also in the company’s “sweet spot,” the company said. “In general, we believe MRVL should benefit from overall growth in AI/ML and cloud, and we believe we will continue to be the leader in the data center silicon segment going forward,” the analyst wrote. . Bank of America raised its price target earlier this week, calling Broadcom one of the “most undervalued” AI businesses following its chip deal with Apple. AVGO YTD Mountain Broadcom Share Price in 2023 “We believe AVGO I reiterate that I will purchase at ,” wrote analyst Vivek Arya. The stock is up more than 21% so far this year, with another 2% up before the bell. — CNBC’s Michael Bloom contributed to the report
