Semiconductor shares have seen a big boost on the back of strong demand for Nvidia's AI chips, but Wall Street expects some in the sector still have more upside ahead. The iShares Semiconductor ETF has jumped 42% for the year amid an artificial intelligence-driven boom. Nvidia , which has the largest market cap in the group of $1.1 trillion, has surged nearly 230% in 2023.
Advanced Micro Devices has the second-largest market cap among the list. Wall Street's average price target on its shares suggests the stock could rise nearly 30%. Its shares have already soared 57% in 2023. Rosenblatt named both AMD and Nvidia as its top AI picks in a Friday note. Still, AMD shares were down 7% on Thursday as the Nvidia-powered gains in the early morning fizzled. Shares of On Semiconductor notably pulled back by 15% in August.
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