Semi stocks edge higher, led by Arm and Nvidia, as quarterly financial results loom
Jan. 22, 2025 12:42 PM ET
By: Brandon Evans, SA News Editor
 luchezar
Arm Holdings (NASDAQ: ARM) and Nvidia (NASDAQ: NVDA) led an array of semiconductor stocks higher on Wednesday as quarterly financial results for most firms draw near.
Nvidia was up 4% by noon trading. The GPU giant was named a key partner in Project Stargate on Tuesday, which is a plan to build out $500B in data centers and other infrastructure for artificial intelligence applications over the next four years. Arm Holdings (NASDAQ: ARM), which was also named as a partner in the project, surged 14%.
Advanced Micro Devices (NASDAQ: AMD) ticked up 1.5%. It reveals fourth quarter 2024 results on February 4. Intel (NASDAQ: INTC) inched up 1% as it prepares to release its fourth quarter financial results on January 30.
Looking ahead, an analysis by Bank of America finds that AMD will likely discuss the AI GPUs in its 2025 outlook, while Intel is lacking an AI pipeline at this time.
"On the emerging side, we flag TSMC's ( TSM) growing footprint in US/Arizona that we believe blunts INTC's value as the only leading-edge foundry option in the US," said BofA analyst Vivek Arya, in an investor note.
BofA expects the PC total addressable market to increase by 3% to 5% year over year in 2025 and the server market to increase 7% to 9% year over year.
Other semi stocks trending higher on Wednesday include, Marvell Technology ( MRVL) +1.6%, Texas Instruments (NASDAQ: TXN) +1.3%, Broadcom ( AVGO) +2.5%, TSMC +2.7%, Qualcomm ( QCOM) +2% and Micron Technology ( MU) +0.5%. |
