Nvidia ‘s latest blowout earnings report spells good news for a host of other tech stocks. The dominant maker of artificial intelligence processors delivered expectation-topping fiscal first-quarter results and stronger-than-anticipated guidance, declared a 10-for-1 stock split and raised its dividend. That strong showing bodes well for a host of other companies riding the AI tide or with specific connections to Nvidia. For Super Micro Computer , Bank of America analyst Ruplu Bhattacharya sees multiple growth opportunities ahead, and strong continued demand related to AI that extends beyond cloud services can be a big catalyst. “In our view perhaps the biggest takeaway from Nvidia’s F1Q25 earnings call was that demand for AI related accelerated computing remains strong and is expanding beyond cloud service providers to consumer internet companies, enterprise and sovereign AI,” Bhattacharya told clients. “In our opinion, Supermicro stands to benefit from this growing demand.” Bhattacharya said Super Micro is well-positioned with smaller cloud service providers that are expanding globally amid strong demand. It’s also in talks with sovereign entities looking for partners to best utilize AI on the hardware end. Super Micro has already had a monster year, soaring more than 211% in 2024 after climbing 246% in 2023. Despite that, Wall Street sees more room to run: The average analyst polled by FactSet has a buy rating and price target implying shares can climb almost another 15%. SMCI YTD mountain Super Micro, year to date Taiwan Semiconductor also stands to gain from Nvidia’s report, according to Bank of America analyst Brad Lin. Taiwan Semiconductor, which he called the “enabler of generative AI” as a supplier of integrated circuits and packaging, should benefit from high demand. Nvidia’s strong forward guidance is a particularly good sign, Bank of America argued. Lin also said that Nvidia’s growing focus on energy efficiency can strengthen Taiwan Semiconductor’s place in the industry. “We are encouraged to learn the robust cloud AI outlook shared by Nvidia,” Lin wrote to clients. Citigroup analyst Laura Chen told clients to expect “strong momentum to continue” at Taiwan Semiconductor following Nvidia’s latest financial results. Taiwan Semiconductor’s U.S. shares have jumped 52% in 2024. The majority of analysts surveyed by FactSet have a buy rating, with the average price target suggesting shares can rise more than 3% over the coming year. Dell can now tout bullish AI projections on its earnings call at the end of May, said Citi analyst Asiya Merchant. Dell, which announced an AI factory partnership with Nvidia earlier in 2024, is also likely to demonstrate its “fortitude” in growing market share through full-stack offerings, the analyst said. “Overall we believe the diversity of end markets + broadening customer base that are deploying AI infrastructure support our positive view on DELL,” Merchant said. Dell’s share price has more than doubled in 2024. However, while most analysts have buy ratings, the typical price target reflects a potential pullback of more than 7%, according to FactSet data. Stifel analyst Tore Svanberg saw two key groups as winners exiting the Nvidia report: those with high exposure to data centers and those that are focused on the intersection of AI and automotives. For the former, he listed Astera Labs , Credo Technology , Marvell Technology , Macom Technology Solutions and Monolithic Power Systems as likely winners given their high exposure. Maxlinear and Semtech are probably secondary beneficiaries, Svanberg said. On the auto side, the analyst pointed to NXP Semiconductors , ON Semiconductor , Ambarella and Texas Instruments as stocks that benefit. Analog Devices , Monolithic Power Systems and Microchip Technology can be secondary winners.
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