The chip stocks could jump more than 20% as enthusiasm ramps up for artificial intelligence and machine learning technologies.
Nvidia and Advanced Micro Devices are strong buys given their artificial intelligence leadership, according to Raymond James. Analyst Srini Pajjuri resumed coverage of the semiconductor stocks, saying the two companies will emerge as winners as enthusiasm ramps up for artificial intelligence and machine learning technologies. "Nvidia Corporation is the undisputed leader in AI/ML and arguably has the best autonomous driving solutions," Pajjuri wrote in a Wednesday note.
" The analyst's $290 price target on the company implies 27% upside from Wednesday's close. Meanwhile, Advanced Micro Devices is an "underappreciated play on AI/ML," according to the analyst. "Near-term investors focus is on server share gains, which should continue through the year." The analyst's $100 price target suggests shares can advance another 27% from Wednesday's close.
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