Two key events on Wednesday could provide a much-needed catalyst for the recently troubled semiconductor sector. Nvidia is set to hold its annual shareholder meeting , while Micron Technology is slated to post its fiscal third-quarter results after the bell. “You’ve got two positive catalysts to get these stocks going the other direction on Wednesday,” said Paul Meeks, portfolio manager and co-chief investment officer at Harvest Portfolio Management. MU YTD mountain Micron shares this year Nvidia’s seemingly limitless rally stalled in recent sessions as investors took a break from semiconductor stocks. While the chip giant added nearly 6% on Tuesday and is up 14% this month, it is down more than 7% in the past week and roughly 10% off its all-time high. Broadcom and Qualcomm have slumped about 12% and 11%, respectively, this past week. While it isn’t a given that CEO Jensen Huang shows up at Nvidia’s meeting, any commentary could provide an impetus for the stocks. Meeks noted that recent comments from Huang about artificial intelligence chips during a trip to Asia spurred a bounce in shares. Comments could boost sentiment and convince investors the chip behemoth has yet to reach peak revenue, he added. Many investors — including Meeks — also view Micron’s earnings as a potential momentum mover for the sector, with many anticipating upward guidance revisions from the memory chipmaker. JPMorgan analyst Harlan Sur called rising AI-fueled demand the “fastest growing new memory driver in the history of the memory market,” and recommended that investors consider using pullbacks as buying opportunities. He expects a revision to earnings-per-share estimates as the industry continues its early recovery. NVDA 5D mountain Shares over the last five days Citi analyst Christopher Danely upped his price target to $175 from $150 a share heading into the print, also citing expectations for stronger-than-expected guidance and Micron’s increasing AI memory exposure. The new price target implies roughly 26% upside from Monday’s close. Meeks called the sell-off in chip stocks overdone, viewing a long-term runway for the AI theme at a reasonable valuation. He also regards the pullback as an opportunity for investors to get into the stock, but he suggests waiting for after the events to snatch up shares. “I have a bunch of cash and I’m not going to catch a falling knife,” Meeks said. “I may buy more Nvidia and more Micron Thursday morning after we get the news out.”
Wednesday could be a big day for AI chip stocks as their market-leading rally stalls
Jun 25, 2024
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