Nvidia is leading the charge on chip stocks, in 2024, but there are certainly others that deserve honorable mentions.
Within the PHLX Semiconductor Index, so far this year, Nvidia stock has more than doubled, surging 162%, while Micron Technology has surged 68%, Taiwan Semiconductor Manufacturing has soared 66%, Coherent has jumped 63%, and Qualcomm added 51%. The S&P 500, for comparison, is up about 14%.
It…
is leading the charge on chip stocks, in 2024, but there are certainly others that deserve honorable mentions.
Within the
so far this year,
stock has more than doubled, surging 162%, while
has surged 68%,
Taiwan Semiconductor Manufacturing
has soared 66%,
has jumped 63%, and
added 51%. The
for comparison, is up about 14%.
It has been a fantastic year for chip stocks, and it’s largely thanks to the artificial-intelligence frenzy.
“We believe it’s too early to sift out winners and losers in the AI basket yet, but NVDA is our favorite,” Jefferies analysts wrote in a research note May 12. “NVDA maintains control over the entire ecosystem and is taking more pieces of the pie.” The report noted a Buy rating on Nvidia stock and $1,200 price target.
Nvidia stock actually reached Jefferies price target, after a 10-for-one stock split earlier this month. From the report through Thursday’s close, shares soared 44% to $129.61, on a post-split basis.
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Micron, however, was Citi analyst Christopher Danely’s top pick in a May 21 report, thanks to an uptick in demand for dynamic random access memory, or DRAM chips. He rates shares at Buy with a $150 price target.
Micron stock added 11% since the report to Thursday’s close at $143.14. That’s dwarfed by Nvidia stock’s return, but not bad for less than a month.
Write to Emily Dattilo at emily.dattilo@dowjones.com
