Investors looking for attractive chip stocks to buy may want to consider NVIDIA (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) as they dominate the AI chip space and are positioned as leading investments. However, there are other good chip stocks to invest in, such as Semiconductor Manufacturing in Taiwan (NYSE:SST), Qualcomm (NASDAQ:QCOM), NXP Semiconductors (NASDAQ:NXPI), and Super Micro Computer (NASDAQ:SMCI).
Qualcomm is a strong contender with its AI chips for smartphones and automotive verticals, experiencing a 35% growth in automotive sector revenue. Mizuho recently raised its price target for Qualcomm and the company is expected to continue rising in June.
NXP Semiconductors is positioned for growth in the automotive chip opportunity, with sales from the automotive segment contributing significantly to its revenue. With shares up more than 21% this year and a focus on reducing total debt, NXP Semiconductors is a good option for investors looking to diversify their chip stock investments.
Super Micro Computer, although not primarily producing or selling semiconductors, offers high-performance rack servers and storage solutions for the data center sector. With forecasts showing revenue and earnings per share expected to double in 2024, Super Micro Computer remains a strong option for investors looking to complement their Nvidia and AMD holdings.
Overall, while Nvidia and AMD are highly attractive chip stocks, investors may find value in exploring other options like Qualcomm, NXP Semiconductors, and Super Micro Computer. Each company offers unique opportunities for growth and diversification within the chip sector.
Article Source
https://investorplace.com/2024/06/3-compelling-chip-stocks-to-buy-if-you-already-own-nvidia-and-amd/
