Evercore ISI has its eyes set on a handful of chip stocks ahead of earnings, including Nvidia and Broadcom . The third-quarter earnings season has surpassed Wall Street estimates. More than 90 S & P 500 companies have reported results, with 76% of those exceeding estimates, FactSet data shows. Chip stocks will come into focus later in the season, with artificial intelligence bellwether Nvidia slated to report on Nov. 20. Broadcom, meanwhile, is due to post fiscal fourth-quarter numbers in early December. Semiconductors have enjoyed a strong year. The VanEck Semiconductor ETF (SMH) has soared 43% in 2024. That is well above the S & P 500’s 22% advance. Against this backdrop, Evercore ISI highlighted several stocks in the space it likes heading into their quarterly reports. Nvidia made the list. The stock has gained more than 189% in 2024 and is the favorite semiconductor play over the next 12 months for investors polled by Evercore ISI in a survey. The AI darling on Tuesday hit a fresh all-time intraday high, helping restore confidence in the state of the artificial intelligence trade after a sluggish summer. The move higher also followed last week’s better-than-expected results from Taiwan Semiconductor , a company that produces chips for Nvidia and other semiconductor companies. NVDA YTD mountain Nvidia will report third-quarter results on Nov. 20. Broadcom also made the list. Shares have climbed nearly 61% in 2024. The chipmaker surpassed analysts’ estimates last month on the top and bottom lines. Moving forward, the company said it expects to sell $12 billion worth of AI parts and semiconductors in 2024. AVGO YTD mountain Broadcom will report fourth-quarter results on Dec. 5. Other semiconductor stocks Evercore ISI is eyeing heading into earnings include Marvell Technology and AMD .
