Nvidia jumps as Goldman adds to Conviction List, but chips mixed to start the week
sankai
Semiconductor stocks were mixed to the start the week even as Goldman Sachs added Nvidia (NASDAQ:NVDA) to its Conviction Buy List.
According to the firm, the Jensen Huang-led Nvidia (NVDA) will be the principal "shovel supplier" in the artificial intelligence "gold rush." Additionally, it will maintain its status as the âaccelerated computing industry standard for the foreseeable future given its competitive moat and the urgency with which customers are developing and deploying increasingly complex AI models,â Goldmanâs Toshiya Hari said.
The company will remain a standard for the foreseeable future âgiven its competitive moat and the urgency with which customers are developing and deploying increasingly complex AI models,â Goldmanâs Hari wrote in a note.
Separately on Monday, the European Union said there was no "formal investigation" into processors used for artificial intelligence after French regulators raided the offices of a technology company in the country.
Nvidia (NVDA) shares rose more than 3% in late morning trading, while AI competitors AMD (AMD) and Intel (NASDAQ:INTC) were fractionally lower.
Additionally, pricing details for Intel's (INTC) newest Raptor Lake chips may have leaked, with prices up to 7% higher than the previous generation.
Credo Technology (NASDAQ:CRDO) shares rose nearly 5.7% after Barclays started coverage with an overweight rating, pointing out it should see "robust" growth from artificial intelligence.
Broadcom (AVGO) shares were fractionally higher as the company announced the availability of its new 200G/lane PAM-4 DSP PHY for next generation switches and AI networks.
Applied Materials (NASDAQ:AMAT) shares rose 1.5% after it was reported that it and its partners have come into Intel's (INTC) supply chain for its recently announced glass substrate for advanced packaging.
The glass substrate allows for additional flatness and better thermal stability, resulting in a higher interconnect density. It will allow companies to create more high-density and higher performance chip packages, important, considering the power needs for AI workloads.
Other semiconductor equipment stocks were mixed on Monday, as Lam Research (LRCX) and KLA Corp. (KLAC) rose more than 1%, while ASML Holding (ASML) fell fractionally.
Most other chip stocks oscillated between fractional gains and losses on Monday as the broader markets contended with rising yields. Micron (MU), Qualcomm (QCOM), Texas Instruments (TXN) and NXP Semiconductors (NXPI) slipped, while ON Semiconductor (ON) and Microchip Technology (MCHP) were among the few gainers.

More on Nvidia, Intel and more

Intel's Turnaround: A Buy Approaching The New Age Of AI
Intel: We Expect A Successful Transformation
Intel: Threat To Margins Is Increasing
Nvidia to supply the shovels in AI gold rush, Goldman says; adds to conviction list
Credo Technology started with overweight at Barclays, expects 'robust' AI growth