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From: Julius Wong7/8/2024 6:05:24 PM
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AI hardware stocks outpace market as infrastructure spending hits high gear

Jul. 08, 2024 1:29 PM ET
By: Brandon Evans, SA News Editor

BlackJack3D

A host of semiconductor companies well positioned in the artificial intelligence race surged ahead of the market on Monday, as sector demand is poised to accelerate further in the quarters ahead.

Super Micro Computer (NASDAQ: SMCI) was leading the pack as it surged nearly 7% by early afternoon trading.

"The AI server market is booming, with a CAGR of 30.3% expected in the coming years, significantly benefiting SMCI's revenue growth," said Seeking Alpha contributor Johnny Zhang.

Advanced Micro Devices (NASDAQ: AMD) and Broadcom (NASDAQ: AVGO) increased about 3% while Marvell Technology (NASDAQ: MRVL) added nearly 4%. Intel (NASDAQ: INTC) was up nearly 5%.

Qualcomm (NASDAQ: QCOM) and Arm Holdings (NASDAQ: ARM) both inched up about 1%, while Nvidia (NASDAQ: NVDA) edged up 2%.

In addition to increasing demand for AI hardware in datacenters and cloud providers, on-device AI demand in PCs and smartphones is also poised for growth.

"Industry research organizations similarly see strong growth in AI PCs, with some forecasting annual AI PC shipments to more than triple by 2028," said Seeking Alpha contributor Beth Kindig in an analysis on Monday. "In other words, AI-capable PCs are projected to rise from ~19% of total PC shipments this year to more than 70%, even up to 80% by 2028."

Taiwan Semiconductor (NYSE: TSM) was up nearly 2% as AI needs continue to boost foundry demand.
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