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Cavalcare l'intelligenza artificiale: Nvidia batte i record in mezzo all'impennata delle azioni hardware AI

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On Monday, Nvidia (NVDA) achieved a record close as AI hardware equities surged in value due to growing investor enthusiasm for the increasing demand for artificial intelligence. This surge in value has propelled Nvidia’s shares up by 8% in just one week, bringing the chipmaker close to surpassing Apple (AAPL) as the most valuable company on Wall Street. The recent uptick in Nvidia’s stock price can be attributed to statements made by CEO Jensen Huang and the company’s partners, emphasizing the critical need for the company’s AI processors in the current market.

The AI boom has not only benefitted Nvidia but has also resulted in a significant increase in stock prices for other AI processor and hardware companies like Arm (ARM), Qualcomm (QCOM), Broadcom (AVGO), Super Micro Computer (SMCI), Astera Labs (ALAB), and Micron (MU). Each of these companies has reported strong demand for their AI-related products. Furthermore, on Monday, TSMC’s (TSM) stock also reached a record high, indicating the positive momentum in the AI hardware sector.

As a result of this trend, the PHLX Semiconductor Index (^SOX) has seen a 4.5% increase over the past five days, outpacing the S&P 500 (^GSPC), which experienced a 2.9% increase during the same period. This growth in AI chip equities serves as a positive indicator for future AI hardware spending, alleviating concerns on Wall Street regarding a potential investment slowdown in the near term.

Analysts at Goldman Sachs have noted that although Phase 2 stocks (AI infrastructure-related stocks such as Arm, TSMC, and SMCI) may appear slightly expensive compared to historical levels, the rising demand for AI technology could lead mega-cap tech companies to increase their spending on AI-related capital expenditures beyond current expectations. Tech giants like Google (GOOG), Microsoft (MSFT), Amazon (AMZN), and Meta (META) have all expressed their commitment to investing heavily in AI infrastructure throughout the coming years, which bodes well for AI hardware companies like Nvidia.

Goldman Sachs predicts that mega-cap tech companies will allocate between $215 billion and $250 billion to AI capital expenditures in 2024 and 2025, respectively. Additionally, OpenAI’s recent $6.6 billion funding round is expected to provide further capital to hardware companies like Nvidia as they continue to develop and enhance their AI models.

JPMorgan analyst Harlan Sur anticipates a 6% to 8% increase in semiconductor industry revenues by 2024, citing improved supply/demand dynamics and stable or rising earnings power trends in the years ahead. Despite these positive projections, analysts caution that a decrease in investment is inevitable at some point, raising questions about when this downturn might occur.

Unlike AI software, which is often offered on a subscription basis, AI hardware is typically sold as a one-time purchase. Analysts warn that the current surge in AI chip companies’ value could be a bubble that will eventually burst as Big Tech companies reduce their spending on AI infrastructure.

Recent earnings reports from tech giants have showcased a significant gap between their substantial investments in AI infrastructure and the return on those investments, causing concern among investors. Following the announcement of billions in AI expenditures in their quarterly reports, equities of Google, Microsoft, and Amazon all experienced declines in the latter part of the summer.

D.A. Davidson analyst Gil Luria remains cautiously optimistic about data center infrastructure spending in the near term but anticipates that hyperscale companies may reach their peak capital expenditures as early as the following calendar year, potentially impacting the AI hardware sector.

In conclusion, the recent surge in AI hardware equities, led by companies like Nvidia, has sparked investor interest and enthusiasm. While positive trends in AI spending and infrastructure investment are expected to continue in the short term, concerns about a potential slowdown in investment loom on the horizon. As the industry navigates these challenges, the future of AI technology and hardware remains uncertain, with both risks and opportunities on the horizon.

Circa l'autore  /  Anna Munhoz