KeyBanc Capital Markets isn’t seeing a rebound in the semiconductor industry just yet. But even in tough times, there are winners and losers.
However, the analyst said investors can find solace that business is at least “not getting meaningfully worse.” And two companies are outperforming in the soft environment.Nvidia shares were down 2.1%, at $438.23, in recent trading, while Intel stock was rising 1.5%, at $36.00. The S&P 500 index was down 1.5%.
Demand for AI servers that incorporate the company’s chips is “extremely robust,” he says. He reiterated his Overweight rating for Nvidia shares and raised his price target to $750 from $670. Generative AI products train on text, images, and videos to create content. Interest in this type of AI has been sparked by OpenAI’s release of ChatGPT late last year.
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