Despite expected market volatility, the world’s biggest banks remain optimistic about the semiconductor sector. The logic is simple: artificial intelligence, cloud technologies, robotics and new computing platforms are still expanding rapidly, DKNews.kz reports.
Bank of America: the AI cycle is far from its peak
Bank of America says its view on companies tied to semiconductors, memory and AI chips remains constructive.
The bank highlighted its key picks for 2026:
- Nvidia
- Broadcom
- Lam Research
- KLA
- AMD
- Credo Technology
- Teradyne
According to BofA, today’s AI cycle is roughly in the middle. Previous platform cycles typically lasted 5-10 years.
Potential drivers:
- robotics
- on-device AI
- next-generation cloud infrastructure
Analysts especially emphasize Nvidia - thanks to its strategy of optimizing the entire AI stack, from networking to GPU workload management.
The risks of an asset “bubble,” BofA says, are already well recognized and priced in.
Goldman Sachs: TSMC will benefit most from the AI boom
Goldman Sachs raised its outlook for Taiwan Semiconductor Manufacturing Company:
- ADR target to $466
- local shares target to NT$2300
The bank sees AI as a multi-year growth engine for TSMC and expects capacity shortages to last until 2027.
The reason - an exponential surge in computing demand. Simply put, there isn’t enough silicon.
Goldman forecasts:
- revenue growth of 30% this year
- another 28% next year
Demand for 5 nm and 3 nm nodes is expected to be fully loaded.
Morgan Stanley: accumulate TSMC
Morgan Stanley recommends investors gradually accumulate TSMC shares.
The key catalyst - the company’s January 15 analyst meeting. If guidance matches expectations, the stock could move higher toward NT$1888.
Bernstein: ASML is Europe’s best semiconductor play
Bernstein upgraded ASML to “outperform” and raised its price target:
- from €800
- to €1300
They call ASML the best European semiconductor stock for 2026.
Reasons:
- accelerating memory investment
- stronger demand for logic chips
- more attractive valuation
Bernstein also believes ASML will benefit disproportionately from the upcoming DRAM upcycle, arguing that the market underestimates how much capacity the top producers plan to add.
AI is not a one-year story
Across major banks, the message is consistent:
- AI is becoming a structural driver of the global economy
- demand for advanced chips will continue to rise
- leaders like Nvidia, TSMC and ASML remain in focus
Volatility is likely. But the trend - is long and structural.
