CLSA issued a report upgrading Marvell Technology, Inc. (MRVL.US) and Advanced Micro Devices, Inc. (AMD.US) from Hold to Outperform. It maintained Outperform ratings on Broadcom Inc. (AVGO.US) and Apple Inc. (AAPL.US) , and reiterated Conviction List Buy ratings on Taiwan Semiconductor Manufacturing Company (2330.TW) and NVIDIA Corporation (NVDA.US) . The broker also raised TPs for multiple major US tech and semiconductor stocks (see table below).CLSA noted that NVIDIA Corporation holds only a 35% share of the overall total addressable market (TAM) for AI chips at Anthropic, indicating missed opportunities. However, the computing challenges faced by Anthropic during its rapid growth suggest there remains room for recovery. Meanwhile, shortages in computing resources are expected to worsen even Ampere computing prices are rising, while Hopper leasing prices are 20% higher. The broker stated that before computing supply improves (which may take several years), it will not assign Sell or Underperform ratings to any covered semiconductor stocks. Following upward revisions to EPS forecasts, it does not view semiconductor valuations as expensive and believes the semiconductor rally is just beginning.Related NewsBuilding Permits Prel for Apr in United States is 1.442M, higher than the previous value of 1.363M. The forecast was 1.39M.CLSA said Anthropic has currently deployed about 1.4 million chips, part of its total committed shipments of 14 million to 15 million units. The broker was surprised that Amazon.com, Inc. (AMZN.US) s Trainium 2 is currently the mainstay of Anthropics computing power.The broker expects this situation to change. Including all transactions, Amazon.com, Inc. will deploy an additional 4.75 million Trainium chips for Anthropic, while Google will add 6.55 million TPUs, compared with 1.7 million GPUs from NVIDIA Corporation. CLSA estimates that Google will capture 50% of the overall TAM in USD terms, NVIDIA Corporation will secure 35%, and Amazon.com, Inc. will account for 15%.The low uptime of Anthropics Claude model indicates that its computing strategy must be adjusted. The final chip procurement plan has yet to be determined, leaving NVIDIA Corporation with an opportunity to regain lost market share.Related NewsBuilding Permits MoM Prel for Apr in the United States is 5.8%, higher than the previous value of -11.5%.CLSA stated that severe computing shortages in 2026 to 2027 are unquestionable. However, surging Token demand has cast doubt on its previous concerns about a potential cyclical slowdown in 2028. Ampere leasing prices have risen 9% year to date, while Hopper and Blackwell leasing prices are 18% to 20% higher. In the short term, Tokens are becoming more expensive.CLSAs latest investment ratings and TPs for major US tech and semiconductor stocks are as follows:Stock\Rating\TPTaiwan Semiconductor Manufacturing Company (2330.TW)\Conviction List Buy\TWD3030WD3250NVIDIA Corporation (NVDA.US) \Conviction List Buy\USD300Broadcom Inc. (AVGO.US) \Outperform\USD425SD605Marvell Technology, Inc. (MRVL.US) \Holdutperform\USD90SD225Advanced Micro Devices, Inc. (AMD.US) \Holdutperform\USD230SD505Apple Inc. (AAPL.US) \Outperform\USD330SD355Related NewsInitial Jobless Claims for May/16 in the United States is 209K, lower than the previous value of 212K. The forecast was 210K.(da/a)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
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