After a roaring start to the year, the chip sector has lost about 7% since the start of July — and Evercore ISI analyst Matthew Prisco says “a return to outperformance will remain difficult” in the near term.
Prisco is partial to names actually seeing artificial-intelligence benefits, and he calls out shares of Nvidia Corp. NVDA, +1.68% and Broadcom Inc. AVGO, +0.30% as possible earnings-season winners tied to that theme. Nvidia “remains our top pick overall, positioned well into earnings season based on sustainability of AI spend and beat/raise on the come,” he wrote. “The name also offers a surprisingly attractive valuation with [earnings per share] tracking to $20+” in calendar 2024.Meanwhile, Broadcom also has AI opportunity, along with “successful navigation of a soft-landing” and the imminent closing of its deal for VMware Inc. VMW, +0.14% later this month.
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