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Broadcom and NVIDIA are Bernstein's top chip brands in 2025. The company sticks to Qualcomm
Bank of AmericaSimilarly, the investment company Bernstein will be Broadcom (NASDAQ: AVGO) and NVIDIA (NASDAQ: NVDA) is listed. Unlike Bank of America, the company didn't go according to plan Qualcomm (NASDAQ: QCOM We are steadfastly investing in).
Analyst Stacy Rasgon wrote in a memo for customers that Broadcom may be entering its own “NVIDIA moment” amid a rapid increase in AI integrated circuits and networks “amid core business restructuring and VMware expansion.” Also, NVIDIA is at the forefront, and the company's Blackwell series GPUs are being produced at full scale.
However, Qualcomm is a bit difficult to handle. This is because Rasgon thinks the smartphone industry has hit rock bottom, and he likes the company's product portfolio. The company's stock price has been lower than other companies in the same industry and the S&P 500 index since the beginning of the year, but Mr. Rasgon has stuck with the company for several reasons.
“Edge AI is positive from the viewpoint of content, the story of proximity is real, there is option value around PCs, and it has been pointed out on Analyst Day that sales of 50 billion dollars and EPS of 130 to 150 dollars are appropriate by 2029,” he wrote in a memo for customers. “Apple (AAPLI understand that it is necessary to resolve the excess inventory of) (it has been announced and we hope Street will follow suit), but I feel that there is no problem with waiting in the current assessment.”
He gave Qualcomm an outperform rating and a target price of $215.
others
Mr. Rasgon also expressed his opinion on other fields in the semiconductor industry, and stated that he “doesn't expect much” about the analog market amid concerns about cracks in the automobile industry and a “double bottom” drop in industrial products. Therefore, Analog Devices (ADI) and Texas Instruments (TXN) remains “pretty expensive,” while NXP Semiconductors (NXPI) is cheaper, but it has a high degree of exposure to the automobile industry.
In the semiconductor equipment field, Mr. Rasgon did Lam Research on the grounds of profit structures and the fact that China is “risk avoided” and the degree of dependence on NAND is low (LRCX) rather than Applied Materials ( AMAT ) I said I like it.
And finally, AMD ( AMD )'s AI story is “real,” but Rasgon stated that it is still small when viewed from the market as a whole, and it is “unlikely” that it will exceed investors' expectations. He evaluated AMD as Market Perform, and the target stock price is 150 dollars.
Analyst Stacy Rasgon wrote in a memo for customers that Broadcom may be entering its own “NVIDIA moment” amid a rapid increase in AI integrated circuits and networks “amid core business restructuring and VMware expansion.” Also, NVIDIA is at the forefront, and the company's Blackwell series GPUs are being produced at full scale.
However, Qualcomm is a bit difficult to handle. This is because Rasgon thinks the smartphone industry has hit rock bottom, and he likes the company's product portfolio. The company's stock price has been lower than other companies in the same industry and the S&P 500 index since the beginning of the year, but Mr. Rasgon has stuck with the company for several reasons.
“Edge AI is positive from the viewpoint of content, the story of proximity is real, there is option value around PCs, and it has been pointed out on Analyst Day that sales of 50 billion dollars and EPS of 130 to 150 dollars are appropriate by 2029,” he wrote in a memo for customers. “Apple (AAPLI understand that it is necessary to resolve the excess inventory of) (it has been announced and we hope Street will follow suit), but I feel that there is no problem with waiting in the current assessment.”
He gave Qualcomm an outperform rating and a target price of $215.
others
Mr. Rasgon also expressed his opinion on other fields in the semiconductor industry, and stated that he “doesn't expect much” about the analog market amid concerns about cracks in the automobile industry and a “double bottom” drop in industrial products. Therefore, Analog Devices (ADI) and Texas Instruments (TXN) remains “pretty expensive,” while NXP Semiconductors (NXPI) is cheaper, but it has a high degree of exposure to the automobile industry.
In the semiconductor equipment field, Mr. Rasgon did Lam Research on the grounds of profit structures and the fact that China is “risk avoided” and the degree of dependence on NAND is low (LRCX) rather than Applied Materials ( AMAT ) I said I like it.
And finally, AMD ( AMD )'s AI story is “real,” but Rasgon stated that it is still small when viewed from the market as a whole, and it is “unlikely” that it will exceed investors' expectations. He evaluated AMD as Market Perform, and the target stock price is 150 dollars.
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