Top Semiconductor Stocks. Nvidia, AMD, Intel Poised for AI Growth

Raymond James told clients it still sees upside in semiconductor names, highlighting Nvidia NVDA, Advanced Micro Devices AMD, Intel INTC and Broadcom (AVGO), saying AI demand has reshaped the sector.

The firm reinstated coverage and placed "Strong Buy" ratings on Nvidia and Marvell MRVL, while assigning "Outperform" to AMD and Broadcom and "Market Perform" to ARM ARM, Astera Labs ALAB and Intel.

Analysts said Nvidia's deep software stack and platform lead give it a durable edge, while AMD is positioned to grab server GPU share after recent OpenAI-related wins. Marvell and Broadcom are viewed as likely AI infrastructure beneficiaries through custom silicon and optical products, the analysts added.

Astera Labs was singled out for its dominant retimer position as interconnect demand climbs.

Raymond James warned valuations are rich and risks remain, noting non-AI semiconductors and software could constrain near-term growth.