[US-AI반도체] 05/18 Wall St. Recap

NVIDIA continues to demonstrate robust momentum, underpinned by its dominant position in the Artificial Intelligence (AI) infrastructure market. Despite periodic volatility, the company’s sustained leadership in GPU architecture and its expanding footprint in data center revenue provide a strong fundamental floor. Market sentiment remains largely bullish, with long-term forecasts reflecting confidence in the company’s ability to capitalize on the ongoing semiconductor supercycle. Investors are advised to focus on the company’s earnings growth trajectory and capacity to maintain high margins amidst increasing competitive pressures.

AMD’s Q1 performance underscores a pivotal shift in the semiconductor landscape, driven primarily by the explosive growth of its Data Center segment, which reported a 57% revenue surge. The company’s ability to capitalize on the AI demand cycle is validating its competitive positioning against incumbents. Furthermore, the strategic exploration of GAA (Gate-All-Around) technology—potentially involving partnerships with Samsung—signals a proactive effort to diversify its foundry supply chain and mitigate reliance on TSMC. As the industry enters a “CPU Renaissance” fueled by Agentic AI, AMD is well-positioned to capture significant market share, provided it maintains its current execution pace in high-performance computing.

Broadcom (AVGO) is currently experiencing a period of price volatility following a significant 96% rally over the past year. While the stock has faced recent downward pressure—highlighted by a sharp 14.6% decline—it is currently testing critical technical support levels around $410, with $455 acting as a key resistance level. Investors are now debating whether the stock’s valuation remains attractive after such an aggressive run-up or if a period of consolidation is necessary to digest these gains. The outlook remains balanced between long-term growth momentum and the need for a healthy technical correction.

Arm Holdings is currently undergoing a strategic transformation that extends beyond its traditional IP licensing model. The emergence of high-performance Snapdragon X Elite chips signals a pivotal shift in the PC market, where Arm-based architectures are finally challenging the x86 dominance in efficiency and performance. Furthermore, the company’s reported move to develop its own AI chips indicates a vertical integration strategy aimed at capturing higher value within the AI infrastructure ecosystem. While this puts Arm in direct competition with partners like Nvidia, it underscores the company’s ambition to become a primary architect of the AI era. Supported by strong SoftBank backing and a robust roadmap, Arm is well-positioned to command a premium valuation as it pivots from a component provider to a central platform player.

ASML is currently navigating a complex transition period characterized by a divergence between long-term structural growth and short-term operational headwinds.

The commitment to produce 80 (EUV) units in 2025 underscores the company’s indispensable role in the (AI) infrastructure build-out. As the sole provider of high-NA and standard EUV lithography, ASML remains the primary beneficiary of the industry’s push toward advanced nodes. However, the recent announcement of (large-scale layoffs) signals a strategic pivot to manage costs amid a cooling semiconductor cycle and tightening (export controls), particularly regarding the Chinese market. While the company maintains its technological moat, investors should monitor the balance between sustaining R&D intensity—such as potential expansion into (hybrid bonding)—and the necessity of streamlining operations to protect margins in a volatile macroeconomic environment.