A Bank of America Securities Senior Semiconductors Analyst is bullish on several artificial intelligence (AI) chip companies despite the market’s correction.
In a new interview on CNBC Television, Vivek Arya he says that the chip industry still has a lot to offer.
Arya believes that Nvidia (NVDA), which closed at $208 on Tuesday, could rise to $350, an increase of 68%.
He also predicts that Credo (CRDO) will increase more than 7% from Tuesday near $234.
Other top Arya chip stocks include Analog Devices ( ADI ) at $460, up more than 13% from its $404 price at the time of writing, and Texas Instruments ( TXN ) at $370, up more than 28% from its current price of $288.
Arya believes that the need for AI-infrastructure is not diminishing, positioning the chip companies for future meetings.
“At the moment, what we see is that the use of these tools (AI) is very high. In fact, the likes of OpenAI and Anthropic, they are trying to buy computing power wherever they can find it. There is not a single GPU (for graphics processing) out there that is not 100% used. There is no dark GPU. There is no dark cloud.”
The expert also says that the demand for AI chips will continue for several years.
“The main thing that these companies are doing is planning for several years. There is already a road map that has come out for the next two or three years, and you have a very good place, whether it is certain types of memory chips, whether it is certain types of chips. production, it is difficult to double order and make the construction in abundance that we see with the combination of the most powerful and the most intelligent presence that comes to the market …
Finally, the analyst says that several semiconductor companies are undervalued at their current prices.
“The three largest companies that I cover – Nvidia, Broadcom, Micron – are all trading in the market at the moment. This is not the case when the calculations have not gone well. The growth figures continue to justify many of these semiconductor groups.”
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