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By Joey Frenette, 247WallSt.com
The semiconductor stocks got caught up in the shockwaves following the latest Nvidia (NASDAQ:NVDA) quarterly earnings results. Undoubtedly, the GPU maker delivered a nice beat on earnings, but with such a high bar going into the number, the reaction shouldn’t have been a surprise to anybody. Sometimes, it takes more than just a big beat to move the needle after a stock has more than doubled in less than a year.
With Nvidia stock plunging 6.4% on record second-quarter results, the mood for the broader basket of semi stocks has been set. And it’s a pretty gloomy one going into September, a historic rough patch for stocks, with notable semiconductor stocks settling slightly in the red on Thursday’s session.
The State of the Semiconductor Scene Following Nvidia's Earnings
While the semiconductor trade didn’t crumble before our eyes, it did hit the brakes a bit, as Nvidia’s third-quarter outlook (the GPU maker now sees Q3 revenue in the ballpark of $16 billion) underwhelmed the many nearsighted traders who attempted to play the red-hot GPU maker going into earnings.
For a company that’s been swinging homerun after homerun, a great but not jaw-dropping guide just isn’t able to do it anymore. And while those Nvidia numbers were profoundly influential on the technology sector and perhaps the broad market as a whole, Wednesday’s market action (the S&P 500 and Nasdaq 100 were flat on the day) seems to suggest that the market (and most semi stock peers) doesn’t need Nvidia to keep moving higher to gain ground.
As its semiconductor peers digest the Nvidia earnings and the implications for the broader semiconductor market and AI boom over the coming sessions, perhaps there’s an opportunity for dip-buyers to go to work. Here are two intriguing chip stocks that look tempting going into September.
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NVIDIA After Earnings
Nvidia stock was punished after some exceptional earnings—that seems pretty unfair to me. Unless you’re trading it, I think you have to view the nearly 7% single-day plunge as a buying opportunity.
Up ahead, Nvidia’s incredibly strong, but not surprisingly so, quarter suggests the AI boom remains alive and well going into the second half of 2024. With numerous AI-focused data centers ramping up on spending to meet robust demand and plenty of AI applications to come online over the coming quarters, enterprises are going to continue to need the very best hardware to run things smoothly. Even if future generations of Nvidia chips don’t improve on performance by leaps and bounds, improved power efficiency alone may be enough to have prospective customers sold.
Indeed, the company’s next-generation Blackwell chips may have been delayed, but that’s more of a minor Nvidia hiccup than anything for the rest of the semi scene to fret over. Such a small delay certainly doesn’t speak to the strength of the AI boom at this critical crossroads.
Additionally, such delays seem so mild that Nvidia shareholders probably shouldn’t make too much of the matter. The concern seems already more than baked into the stock at less than $118 per share. At 47.3 times price-to-earnings (P/E), NVDA stock’s valuation is the most palatable it’s been in a while, making it a great buy in September.
Advanced Micro Devices
Whenever Nvidia makes a big move, you can expect some action in fellow chip stock Advanced Micro Devices (NASDAQ:AMD) as well. Following Nvidia’s latest post-earnings plunge, AMD stock shed 0.6% on the day, slightly lower than the rest of the market. It’s noteworthy that AMD shares spent most of the day in the green before the gains were wiped out in the final hour and a half of trade. Either way, the initial reaction suggests AMD can proceed past go and collect $200 as the AI boom continues.
Unlike Nvidia, which went into its number with a strong past-year rally behind it, AMD stock has been on a steady descent since it peaked back in March. Now down around 32% from its high, AMD stock trades at a slight discount to Nvidia at 42.9 times forward P/E.
Though Nvidia is the clear AI chip leader, AMD is more than willing to drop the gloves. Making smart acquisitions could help the trailing AI chip giant catch up. The company’s latest $4.9 billion acquisition of infrastructure compute firm ZT Systems could help even the playing field a bit as the AI wave makes its way through the data center. All considered, I’m a big fan of the deal and think M&A could be a secret weapon AMD can leverage to keep winning the AI race.
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