BofA Names Top Chip Stocks for AI Boom
Bank of America has identified five semiconductor stocks that are poised to benefit from the growing demand for AI infrastructure spending, which is expected to reach a projected $2.2 trillion market by 2030.
The bank's list includes Nvidia (NVDA), Intel (INTC), Marvell Technology (MRVL), Micron Technology (also referred to as MRVL in error, but correct ticker is MU), and Lam Research. According to the report, these companies are well-positioned for growth due to factors such as spending trends, company-specific catalysts, adoption of AI agents, competition among AI developers, and tight chip supplies.
Bank of America also expects significant capital spending by major U.S. and Chinese cloud companies, reaching about $1 trillion in 2026 and $1.4 trillion in 2027 before rising to $2 trillion to $3 trillion by 2030.