4 Chip Stocks to Consider for Semiconductor Earnings Season. Yes, Nvidia Is One.

Semiconductor companies are heading into earnings season with artificial intelligence at the top of the agenda. Investors will be watching Nvidia, the market’s AI chip favorite, but they should also be thinking about Monolithic Power Systems, Marvell Technology, and Broadcom, according to Oppenheimer’s Rick Schafer.

Spending on server systems equipped with AI accelerators is up more than 30% this year so far from the prior year, while spending on unaccelerated servers is down 20%, Schafer wrote in a research note. That means investors should be favoring chip stocks with exposure to AI. Schafer has an Outperform rating on Nvidia stock, with a target of $650 for the price. Nvidia shares were up 1.3% in early trading at $463.87.

But Monolithic also provides components for Nvidia’s rivals such as Advanced Micro Devices . The result is that Monolithic is even more of a picks-and-shovels play, or a company that sells tools needed to take advantage of a broad new opportunity, than the AI chip makers themselves.

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