MU - 2 Top AI Stocks Ready for a Bull Run
2023-09-26 11:29:12 ET
Semiconductor stocks have mostly been on fire on the market in 2023, which is evident from the impressive 33% surge in the PHLX Semiconductor Sector index so far this year. A key reason why the market is upbeat about this sector is enthusiasm over the potential of artificial intelligence (AI) to boost chip sales.
AI turned out to be an important growth driver for semiconductor companies as this technology requires powerful processors, more storage, and faster memory, among other things. Nvidia , for instance, is a big beneficiary of the booming AI-driven chip demand as the tech giant's recent results tell us. However, Nvidia isn't the only company that stands to gain from AI.
The likes of Micron Technology (NASDAQ: MU) and Marvell Technology (NASDAQ: MRVL) also provide critical building blocks for AI infrastructure, and the good part is that they can be bought at attractive valuations right now. Let's look at the reasons why AI could turn out to be a catalyst for these two chip stocks.
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2 Top AI Stocks Ready for a Bull Run