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☆ Analysts are saying this chipmaker, which just held an AI event, is the most levered to the trend besides Nvidia
▼ + stars: | 2024-04-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Investors may want to keep an eye on Marvell Technology , as it is poised for artificial intelligence success, according to Wall Street analysts. The commentary comes on the back of the chipmaker's AI event on Thursday, where it announced a new compute customer many speculate could be Microsoft. On the back of the event, Wells Fargo analyst Gary Mobley lifted 2025 revenue and earnings per share estimates to account for a quicker ramp in AI sales. While Morgan Stanley continues to view the stock as an AI winner, analyst Joseph Moore noted he still favors Nvidia. That is in part due to the "sideways" action Marvell has experienced over the past year and its elevated multiple.

Persons: MRVL, Timothy Arcuri, Arcuri, JPMorgan's Harlan Sur, Goldman Sachs, Toshiya Hari, Wells, Gary Mobley, Morgan Stanley, Joseph Moore, Marvell Organizations: Marvell Technology, Wall Street, UBS, Microsoft, Marvell, Nvidia Locations: CY28, Wells Fargo

☆ Here are some of Wall Street’s top derivative plays following Nvidia's latest chip launch
▼ + stars: | 2024-03-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Shares of the chip giant pulled back about 2% during Tuesday's session, after announcing its latest AI chips . While Nvidia's latest announcements solidify the company's AI leadership, Wall Street anticipates some positive tailwinds for a slew of derivative players. Semiconductor derivative plays Nvidia's latest announcements could pose some major tailwinds for companies operating within the chipmaker's ecosystem. Liquid cooling The liquid cooling industry may also benefit as Nvidia harnesses the technology to cool the 72 Blackwell GPUs in its new server rack system, known as GB200 NVL72. "We believe built-in liquid cooling capabilities in addition to the power density of the system should be a positive for VRT's liquid cooling and power management businesses," he wrote.

Persons: Harlan Sur, Blackwell, Rosenblatt, Hans Mosesmann, Goldman Sachs, Toshiya Hari, Matt Bryson, Laura Chen, Oppenheimer, Rick Schafer, Amit Daryanani, Vertiv, Headwinds, Nvidia's Blackwell, Hari Organizations: Nvidia, NVIDIA, Micron Technology, MU, Micron, Taiwan Semiconductor, Wall, Marvell Technology, Blackwell, Micro Computer, Mosesmann, Devices, AMD, Data, Intel Locations: America

☆ All the big Nvidia calls after AI conference: Goldman raises target to $1,000, JPMorgan sees 'dominance'
▼ + stars: | 2024-03-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Goldman Sachs Goldman Sachs' Toshiya Hari joined a handful of analysts turning more bullish on the chipmaker following the keynote event, boosting the firm's price target to $1,000 from $875. Wells Fargo Wells Fargo analyst Aaron Rakers said Nvidia didn't shock investors with any unexpected updates, but he still raised his price target to $970 from $840. Sur retained his overweight rating and $850 price target. The analyst retained his $1,100 price target and buy rating, citing the company's ongoing leadership within the AI value chain. The analyst retained his outperform rating and $1,000 price target, calling the company's ongoing expansion beyond chips "unmatched."

Persons: Jensen, Blackwell, Hopper, Huang, Morgan Stanley, Joseph Moore, Goldman Sachs Goldman Sachs, Toshiya Hari, Hari, bode, Aaron Rakers, NVDA, Morgan Stanley Morgan Stanley's Joseph Moore, Moore, Harlan Sur, Sur, Bank of America's Vivek Arya, Bernstein, Bernstein's Stacy Rasgon, Taylor Swift Organizations: Nvidia, Wall, Blackwell, Micron Technology, JPMorgan, NVIDIA, Bank of America, Bank of America's, SAP Center Locations: 2H24, Wells Fargo Wells Fargo, San Jose

☆ Chip analysts boost Nvidia price targets in race to catch up to chipmaker's relentless 'joyride'
▼ + stars: | 2024-02-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

That led several Wall Street banks to hike their price targets to account for the unrelenting demand. Bernstein and other Wall Street shops raced to catch up with Nvidia's share price, hiking their price targets in reaction to nonstop demand and the company's enormous total addressable market. Rasgon's new target was the equivalent of 48% upside from Wednesday's close, while the average price target according to FactSet implied more than 22% upside. Bank of America's Vivek Arya also lifted his Nvidia price target to $925 per share, equal to about 37% upside. JPMorgan analyst Harlan Sur boosted his price target to $850 to reflect strong data center growth and future product launches.

Persons: Bernstein's Stacy Rasgon, Bernstein, America's Vivek Arya, Harlan Sur, allaying, Sur, Goldman Sachs, Toshiya Hari, Morgan Stanley's Joseph Moore, Moore, Deutsche Bank's Ross Seymore, Seymore, Timothy Arcuri, Arcuri, — CNBC's Michael Bloom Organizations: Nvidia, Bank, America's, JPMorgan, Deutsche, UBS Locations: CY24

Analyst Oliver Chen also maintained his buy rating for Ulta stock, simultaneously lifting his price target to $580 from $570. Deutsche Bank: Reiterate buy rating and $450 price target, implying 10% upside. Kallo's price target of $300 implies that Tesla stock could rally more than 56% from its Tuesday closing price. Citi analyst Christopher Danely also stood by his buy rating on the stock while lifting his price target to $192 from $136. Analyst Jeffrey Adelson downgraded the company to underweight from equal weight and cut his price target to $6.50 from $7.

Persons: Morgan Stanley, TD Cowen, Ulta, Oliver Chen, ULTA, Chen, — Lisa Kailai Han, Goldman Sachs, Kash Rangan, Baird, Tesla, Ben Kallo, Elon Musk's, Toshiya Hari, Hari, Christopher Danely, Vivek Arya, Danely, Arya, Harlan Sur, Kannan Venkateshwar, Venkateshwar, Eric Sheridan, Sheridan, Justin Post, Ross Sandler, Sandler, Ronald Josey, Josey, Morgan Stanley downgrades, Jeffrey Adelson, Adelson, SOFI, SoFi, Fred Imbert Organizations: CNBC, Google, Microsoft, SoFi Technologies, Deutsche Bank, Citi, Barclays, Tesla, Devices, Wall Street, AMD, Bank of America, Barclays downgrades Verizon Barclays, Verizon, Venkateshwar, Bulls, Morgan Stanley downgrades SoFi Locations: Ulta

The firm named the stock a top pick for 2024 and reiterated an overweight rating alongside a $105 per share price target. The firm downgraded the health insurance stock to neutral from buy, and lowered its price target to $370 per share from $530. Sur reiterated an underweight rating on Intel stock alongside a $37 per share price target, or more than 25% downside moving forward. Deutsche Bank's Ross Seymour reiterated a hold rating on the stock as well as a $42 per share price target, implying about 15% downside. Analysts Benjamin Black upgraded the Snapchat parent company to buy from hold and raised his price target to $19 from $10.

Persons: Oppenheimer, Wells, Timur Braziler, — Brian Evans, AJ Rice, Brian Evans, Piper Sandler downgrades, Bancorp Piper Sandler, Piper Sandler's, Scott Siefers, Harlan Sur, Sur, America's Vivek Arya, Arya, Deutsche Bank's Ross Seymour, Seymour, Owen Lau, Lau, Coinbase, Analysts Benjamin Black, Black, Fred Imbert Organizations: CNBC, Deutsche Bank, UBS downgrades Humana, UBS, Humana, Piper Sandler downgrades U.S, Bancorp, U.S . Bancorp, Intel, . Bank, America's, GM, Deutsche, U.S . Securities, Exchange Commission, Analysts Locations: Wells Fargo, Puerto Rican, ., Coinbase, Thursday's, China

☆ Top Wall Street analysts pick these stocks for solid returns
▼ + stars: | 2024-01-21 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

Nonetheless, analysts remain focused on the bigger picture and are bullish on stocks that offer attractive long-term growth prospects. Investors can weigh the recommendations of Wall Street's top analysts as they pick out the best names to add to their portfolios. With that in mind, here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance. The stock generated stellar returns last year due to the robust demand for the company's graphics processing units in generative AI. He thinks that the health-care business features among the top three verticals of the company's data center segment.

Persons: Wall, Brad Erickson, Erickson, TipRanks, Brian Pitz, Pitz, Harlan Sur, Kimberly Powell Organizations: RBC Capital, Web Services, BMO Capital, TAM, Nvidia, JPMorgan, Pharmaceuticals Locations: U.S, Europe, DoorDash's U.S, Sur

☆ Goldman, JPMorgan and others crank up Nvidia price targets in wake of latest earnings
▼ + stars: | 2023-11-22 | by ( Alex Harring | ) www.cnbc.com time to read: +9 min

Several analysts hiked their price targets for the stock to show they expect greater upside ahead after the latest financials. Below, CNBC Pro compiled a list of major investment firms that raised their price targets following the Nvidia report, along with their key conclusions: Goldman Sachs Analyst Toshiya Hari raised the price target by $20 to $625. Morgan Stanley Analyst Joseph Moore added $3 to his price target, bringing it to $603. BMO Capital Markets Like JPMorgan, BMO analyst Ambrish Srivastava hiked his target price by $50 to $650. Bernstein Analyst Stacy Rasgon increased his target price by $25 to $700, equating to 40% upside over the coming year.

Persons: Jensen Huang, chalked, Goldman Sachs, Toshiya Hari, Harlan Sur, Morgan Stanley, Joseph Moore, Aaron Rakers, Vivek Arya, Timothy Arcuri, NVDA, Ambrish Srivastava, Grace Hopper, Ruben Roy, Bernstein, Stacy Rasgon, Vijay Rakesh yanked, 2024E, INTC's, William Stein, Michael Bloom Organizations: Nvidia, CNBC Pro, Center, Foundry Service, JPMorgan, NVIDIA, " Bank of America, NVDA, UBS, BMO, Markets, AMD Locations: China, Tuesday's, CY24, CY25

☆ Top Wall Street analysts remain optimistic about these five stocks
▼ + stars: | 2023-10-29 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

To that end, here are five stocks favored by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. Mahaney reiterated a buy rating on NFLX stock with a price target of $500. Baird analyst Colin Sebastian recently initiated a buy rating on CART stock with a price target of $31. SLBOilfield services company SLB (SLB), formerly Schlumberger, recently reported better-than-expected third-quarter adjusted earnings. Calling SLB a structural winner, particularly during pullbacks, Mehta reiterated a buy rating on the stock with a price target of $65.

Persons: Dado Ruvic, Wall, Mark Mahaney, Mahaney, TipRanks, roadmaps, Harlan Sur, Sur, Baird, Colin Sebastian, Sebastian, Instacart, SLB, Goldman Sachs, Neil Mehta, Mehta, Tesla Organizations: Reuters, Netflix, Nvidia, JPMorgan, TipRanks, Schlumberger, Saudi Aramco, United Arab Locations: Saudi, United Arab Emirates, Qatar

☆ What new U.S. export controls on China mean for Nvidia and other key parts of AI ecosystem
▼ + stars: | 2023-10-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Washington's tightened grip on artificial intelligence chip sales to China could have long-term implications for Nvidia , 2023's famed AI darling. Through Wednesday's close, Nvidia, the dominant AI player, had lost 7% this week, while Advanced Micro Devices and Marvell Technology slumped more than 2%. What it means for Nvidia Nvidia said in an SEC filing this week that the latest government curbs could hinder its new product development timeline, and a handful of chip models. The major aim of the latest U.S. restrictions is to prevent China from harnessing advanced semiconductor chips to strengthen its military. To be sure, Nvidia isn't the only company slated to feel the pressure from the latest export curbs.

Persons: Greg Bassuk, Atif Malik, Morgan Stanley's Joseph Moore, Malik, America's Vivek Arya, Harlan Sur, Goldman Sachs, Toshiya Hari, Paul Meeks, Meeks, Charles Shi, JPMorgan's, Raymond James, Srini Pajjuri, Michael Bloom Organizations: Nvidia, U.S . Commerce Department, Devices, Marvell Technology, Commerce Department, Micron Technology, AXS Investments, Nvidia Nvidia, SEC, United, United Arab Emirates, Citi, Intel, Investments, Bank, America's, JPMorgan Chase, Lam Locations: China, Boise , Idaho, Vietnam, Saudi Arabia, United Arab, Freemont , California

☆ JPMorgan says buy this newly public chipmaker with nearly 30% upside
▼ + stars: | 2023-10-09 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

JPMorgan thinks Arm Holdings ' penetration of higher growth segments within the chip market will drive revenue going forward. The firm initiated coverage of the semiconductor stock with an overweight rating and a $70 per share price target. Arm Holdings shares have risen 6% since the company went public in September . ARM YTD mountain Arm Holdings stock. Other firms, including Deutsche Bank and Goldman Sachs, also initiated coverage of Arm Holdings, both with buy ratings.

Persons: Harlan Sur, Goldman Sachs, — CNBC's Michael Bloom Organizations: JPMorgan, Arm Holdings, ARM, Deutsche Bank Locations: Sur

☆ Top Wall Street analysts pick these 5 stocks for compelling returns, including Nvidia
▼ + stars: | 2023-09-03 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Nvidia | via ReutersThe macro backdrop is looking challenging as September begins, but analysts have highlighted several stocks that they feel confident about for the long term. Here are five attractive stocks, according to Wall Street's top experts, as rated by TipRanks, a platform that ranks analysts based on their past performance. The company recently reported its fiscal second-quarter results, which crushed Wall Street's expectations, as revenue more than doubled compared to the prior-year quarter. Management expects sequential revenue growth to accelerate in the fiscal third quarter, fueled by AI and cloud infrastructure. He expects the company's AI initiatives to create value for small business owners, consumers, and taxpayers, driving long-term growth and improved profitability.

Persons: INTU PANW, Wall, Harlan Sur, Sur, Ross Seymore, MRVL, Seymore, Keith Bachman, billings, Bachman, Brad Zelnick, Zelnick Organizations: Nvidia, TipRanks, JPMorgan, Marvell Technology, Management, Deutsche Bank, Automotive, Marvell, Palo Alto, Palo Alto Networks, BMO Capital, Palo, Intuit Financial, Intuit Locations: Santa Clara , California, Palo, billings, Palo Alto

☆ Analysts see AI boosting Marvell, but warn of other headwinds for the chip stock
▼ + stars: | 2023-08-25 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Wall Street sees a clear opportunity for Marvell Technology to benefit from the artificial intelligence craze. The semi stock retreated more than 4% in premarket trading despite slightly exceeding Wall Street expectations in its quarterly report delivered Thursday. Bank of America analyst Vivek Arya lowered his price target by $5 to $75 but kept his buy rating. And UBS analyst Timothy Arcuri reiterated that Marvell is a favorite AI play with a $75 price target. Moore kept his equal-weight rating while pulling his price target back by $3 to $65.

Persons: Marvell, Refinitiv, Nvidia, Piper Sandler, Harsh Kumar, Goldman Sachs, Toshiya Hari, Hari, Vivek Arya, Arya, Raymond James, Srini Pajjuri, JPMorgan's Harlan Sur, Timothy Arcuri, Morgan Stanley, Joseph Moore, Moore, Michael Bloom Organizations: Marvell Technology, Bank of America, UBS, Marvell, Nasdaq, NVIDIA Locations: qtr

☆ Nvidia shares rally after big earnings beat
▼ + stars: | 2023-08-24 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Nvidia CEO Jensen Huang speaks during a press conference at CES 2018 in Las Vegas on Jan. 7, 2018. Shares of chipmaker Nvidia opened at a record high Thursday morning after the company reported a beat on the top and bottom lines and offered strong guidance for the upcoming quarter. Nvidia reported adjusted earnings per share of $2.70 for the fiscal second quarter, beating a Refinitiv consensus estimate of $2.09. The company also reported quarterly revenue of $13.51 billion, versus a consensus estimate of $11.22 billion. Analysts also honed in on strong guidance for the upcoming quarter.

Persons: Jensen Huang, Harlan Sur, Sur Organizations: Nvidia Locations: Las Vegas

☆ Wall Street analysts are conflicted on AMD after its earnings
▼ + stars: | 2023-08-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

AMD may be nearing the end of its rally, according to some Wall Street analysts. Following the earnings report, Bank of America reiterated its neutral rating on the stock while lifting its price target by just $2 to $132. Although the firm raised its price target to $115 from $110, it still remains 2.2% below Tuesday's close. We also thought investors would eventually tire of the expensive valuation of AMD stock and we were wrong on that count as well. AMD shares gained 1.2% Wednesday during premarket trading.

Persons: Vivek Arya, Harlan Sur, Sur, Ross Seymore, Goldman Sachs, Toshiya Hari, Morgan Stanley, doesn't, Joseph Moore, Moore, Christopher Danely, Danely, —, Michael Bloom Organizations: AMD, Bank of America, JPMorgan, Deutsche Bank, Data, Citi Locations: 2H23

☆ Nvidia's stock has climbed as Wall Street bets on A.I. Why investors say its promise is worth the premium
▼ + stars: | 2023-03-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

NVDA YTD mountain Nvidia shares so far this year Nvidia's stock' is trading at a forward price-to-earnings ratio of roughly 58 times. The focus on Nvidia's capabilities in this area have only grown since it unveiled new AI technologies at its GTC conference. On the heels of the conference, Goldman Sachs called the chipmaker a "key AI enabler," while Bank of America said Nvidia's AI dominance could "reshape the existing tech industry." That's in part because along with the hardware and software, Nvidia offers the engineers and relationships with both end-users and research organizations, which could stunt competitor plans from the get-go, Freund explained . Because so many engineers are already using Nvidia's software, some companies may face resistance if attempting to transition to a new language, explained Pieran Maru, an investment analyst at global asset management firm GAM Investments.

The firm has a price target of $65, which implies 9.6% from the stock's closing price on Tuesday. Meanwhile, JPMorgan said that it is "starting to see some light at the end of the tunnel" for Micron as inventory levels begin to improve. The firm has a price target of $75, implying 26.5% upside from Tuesday's close price. His price target of $46 implies shares falling by almost a third from their closing price on Tuesday. Micron shares have rallied more than 18% in 2023, but have tumbled 27.7% over the last 12 months.

☆ Nvidia's 'dominant A.I. leadership' is clear after GTC developer conference, Wall Street analysts say
▼ + stars: | 2023-03-22 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

If there's one takeaway from Nvidia 's developer conference, it's the computing firm's dominant leadership in artificial intelligence, according to Wall Street analysts. Investors piled into Nvidia shares this year as they sought ways to play the growing AI trend. NVDA 1Y mountain Nvidia shares 1-year The event only added to their confidence in the stock. to a multi $Tn+ IT/Infrastructure as a service industry TAM from narrower chip-only industry opportunity," Arya wrote to clients on Tuesday. JPMorgan's Harlan Sur reiterated an overweight rating, saying Nvidia's "dominant AI leadership" is clear following the event.

☆ Analysts praise Nvidia's results, call A.I. opportunities the next big growth vector for the chipmaker
▼ + stars: | 2023-02-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Strong overall results from Nvidia and more artificial intelligence developments outweigh the chip stock's gaming center miss in its recent quarterly print, analysts say. The chipmaker on Wednesday posted better-than-expected quarterly results , driven by growth in its data center business that includes AI chips. CEO Jensen Huang added during a call with analysts that AI is at an "inflection point," leading businesses to purchase its chips for machine learning software. And, while the company's gaming business is unlikely to rebound to its pandemic heights, it looks "largely derisked" going forward, wrote Morgan Stanley's Joseph Moore. He added that this segment could become a steady 10% growth business for the chip maker.

☆ These are Wall Street's favorite chip stocks, including one expected to rally more than 30%
▼ + stars: | 2023-02-20 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

It might be time to look for buying opportunities in a beaten-down part of the tech sector: semiconductor stocks. Chip stocks have been under pressure from supply chain disruptions sparked by the Covid-19 pandemic. This, along with the recent push toward artificial intelligence technology, has boosted chip stocks in early 2023. The average analyst price target on the stock implies the most upside of any name on the list at 33%, FactSet data shows. He also hiked his price target on Analog Devices to $230 per share from $215.

☆ Chip stocks tumbled in 2022. How to play the sector in the new year
▼ + stars: | 2023-01-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

Semiconductor stocks suffered a series of blows in 2022 as demand for consumer discretionary items fell off a cliff and supply chain disruptions continued. Betting on semiconductor favorites Despite ongoing volatility, some analysts and investors are still betting on once high-flying names in 2023, even though the challenges of 2022 continue. One of those is Advanced Micro Devices, a chip stock commonly connected with PC and server chips that fell hard in 2022. Texas Instruments held up better than the rest of the semiconductor market in 2022, shedding a little more than 12%. Bailey is mostly shying away from former, rapid growth names, with small bets on ASML and Marvell for clients looking for possible higher growth.

☆ Will 2023 be a better year for the chip sector? Wall Street pros weigh in and share their top picks
▼ + stars: | 2022-12-27 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

It's been a tough year for the once-booming semiconductor sector. But several Wall Street pros are urging investors to take a longer-term view on the sector, given the importance of the semiconductor chip in several key secular trends. The bank said the next leg of growth for the sector will be led by government spending on renewable energy and carbon neutrality. The bank named Analog Devices , Marvell Technology , Globalfoundries and Microchip Technology among its top stock picks in the chip sector. TSMC in the headlines One chip stock that has consistently been on investors' radars is semiconductor powerhouse Taiwan Semiconductor Manufacturing Company (TSMC).

☆ Forget next year. The tech downtrend may be in danger of leaking into 2024
▼ + stars: | 2022-12-22 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Weak outlook, reduced estimates, significant oversupply. Looking for an imminent bottom in global tech demand is proving very elusive, at least if you look at Micron's earnings report. "These are the most challenging conditions for the memory market since the financial crisis," Chris Caso at Credit Suisse said, after he looked over Micron's numbers. "Losses mount over significant oversupply," Joseph Moore at Morgan Stanley said. "In a rapidly deteriorating memory environment driven by inventory corrections/demand weakness across nearly every end market, pricing continues to be the biggest headwind to memory profitability/earnings," Harlan Sur at JPMorgan warned.

☆ Here's what Wall Street analysts had to say after Micron's disappointing earnings report
▼ + stars: | 2022-12-22 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Micron Technology reported surprisingly weak quarterly results, raising concern among Wall Street analysts. On Wall Street, many analysts say the stock remains a buy, though they expect the semiconductor name will still face challenges ahead. His $65 price target implies the stock can jump more than 26%. The analyst reiterated a hold rating, as well as a $55 price target that implies 7% upside from Wednesday's closing price. He lowered his price target to $46, down from $49, implying shares could fall another 10% from Wednesday's closing price.

☆ Nvidia's results suggest its gaming business is close to a bottom, analysts say
▼ + stars: | 2022-11-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

The latest results from Nvidia suggest a gaming bottom is in sight for the battered semiconductor stock, according to analysts. The chipmaker on Wednesday posted a mixed quarter, with earnings falling slightly below analysts' expectations . Nvidia's gaming division reported a 51% decline in sales as the PC gaming market slows from pandemic-era growth and retailers grapple with a glut of inventory. Bank of America's Vivek Arya reflected similar sentiment, viewing the current period as an "inflection quarter" for the chip stock. Analysts see particular strength in the company's data center business, which saw sales rise 31% year over year.

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