Chip stocks have been rising in the past year on optimism that the AI boom will require companies to buy more semiconductors and memory.Jensen Huang, co-founder and CEO of Nvidia, displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference in San Jose, California, on March 18, 2024.fell 7%. The SMH, an index that tracks semiconductor stocks, was down over 7%, its worst day since March 2020.
The sector has been led by Nvidia, which is still up nearly 129% so far in 2024, and which dominates the market for AI data center chips. Other chip companies want investors to recognize their AI products and the potential for growth. Intel and AMD sell AI chips as well, though demand for them is less than for Nvidia's products. Broadcom works onLast week, Nvidia reported $30 billion in quarterly earnings for the quarter ending in July, higher than Wall Street's already elevated expectations.
that can run AI programs on the device itself, instead of relying on servers in the cloud. Broadcom, which works with big companies to develop custom AI chips, reports third-quarter earnings on Thursday.
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