Bank Of America Identifies 6 Global AI Stocks As 'Hidden Gems' With Great Potential
Portfolio Pulse from Benzinga Neuro
Bank of America has identified five global stocks with significant growth potential in the field of end-device AI. The bank forecasts a 96% compounded annual growth rate for foundries and a 105% growth rate for chipmakers from 2023-2025, reaching over $14 billion in revenue. The stocks identified are Qualcomm Inc., MediaTek Inc., Nordic Semiconductor, SK Hynix Inc., and Renesas Electronics Corporation.
October 11, 2023 | 7:42 am
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SK Hynix is identified by Bank of America as a potential beneficiary of the growth in end-device AI.
The identification of SK Hynix as a potential beneficiary of the growth in end-device AI by Bank of America is likely to have a positive impact on the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Bank of America expects MediaTek to implement generative AI functions into its upcoming flagship smartphone chips.
The expectation of Bank of America that MediaTek will implement generative AI functions into its upcoming chips is likely to have a positive impact on the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Nordic Semiconductor is identified by Bank of America as a potential beneficiary of the growth in end-device AI.
The identification of Nordic Semiconductor as a potential beneficiary of the growth in end-device AI by Bank of America is likely to have a positive impact on the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Bank of America predicts that Qualcomm will benefit from automakers leveraging advanced end-device AI capabilities from Qualcomm’s Ride platform for in-car services.
The prediction of Bank of America about Qualcomm's potential growth in end-device AI, especially in in-car services, is likely to have a positive impact on the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Renesas Electronics is identified by Bank of America as a potential beneficiary of the growth in end-device AI.
The identification of Renesas Electronics as a potential beneficiary of the growth in end-device AI by Bank of America is likely to have a positive impact on the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70