Hot Picks: AI demand and supply lift semiconductor stocks

Bloomberg

Mar 18

Strong AI-driven demand and ongoing supply constraints are reinforcing a bullish outlook for semiconductor stocks, even as investor concerns around spending persist.BNN Bloomberg spoke with Matt ...

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Today, we are zeroing in on three plays in the semiconductor sector. Our next guest has Nvidia as his top pick, arguing the stock is still undervalued, even as it delivers quarter after quarter. For more, I’m joined by Matt Bryson, managing director of semiconductor and hardware research at Wedbush. It’s good to have you join us. Thanks so much.MATT: Thank you so much for having me.LINDSAY: So you think Nvidia is still undervalued. Why is that?MATT: The company keeps on performing. It’s trading at less than 20 times my fiscal 2027 and fiscal 2028 estimates, and they’re growing at, I think, 60 per cent this year in terms of top line. So I think they are still the leader in AI. I think AI is changing the world, and I just don’t think there’s anything that’s going to stop them over the next couple of years.LINDSAY: Some big announcements coming out from Nvidia’s CEO recently. Do you think all this spending that we’re seeing from the hyperscalers, including Nvidia — are you worried about investors being concerned about that level of spending?MATT: I think certainly that’s one of the concerns weighing on the stock. I think there are also concerns around competition. But when you look at what’s happening with their customers, and you listen to what they’re saying, they’re not demand-constrained at this point — they are supply-constrained. You talk to some of their peers, and they have the same problem. You can’t get enough wafer starts at TSMC. You can’t get enough memory from the memory players. That’s actually holding back revenue, as opposed to end demand. And from a supply chain perspective, that’s how things look through 2027. So it feels like the smartest players out there — the Microsofts and the Googles of the world — are continuing to lift their spending. And I think that tells you they’re betting more on AI and that we’re not going to see spending fall off anytime soon.LINDSAY: Do you think there’s a timeline for seeing a return on investment, in terms of investor patience?MATT: I think you have to show an ROI, but at the same time, if AI is going to change the world — and to some extent, we weren’t necessarily seeing that last year. Last year was all about training models for most of the year, until you got to the end of 2025 and inference workloads started taking off. And if you’re effectively doing the job of what used to be humans, you’re creating value. So I think we’re finally seeing value creation show up.LINDSAY: Okay, we’ll move on to your next topic. This one is Micron Technology. What is it you like about Micron?MATT: Memory is really tight. It comes back to how much is being spent on AI. You need a lot of DRAM to support these data centre buildouts. You need a lot of storage to support these AI workloads. And there just isn’t enough capital and production right now. So we’re seeing unprecedented increases in memory pricing. And when you look at Micron, I don’t think those price increases are fully reflected in estimates. So you have a company trading at roughly five times my out-year numbers. And if anything, I think my numbers are too conservative, given what we’re seeing in price shifts in the first and second quarters.LINDSAY: Okay, last pick is Everpure. What do you like about Everpure?MATT: Everpure makes storage systems, and they’re dealing with the same problem as other OEMs — costs are going up. But the way their system works, they simply use less memory than everyone else. They’re using 20 to 30 per cent less NAND for a usable block of storage than their peers. So when everyone’s costs go up, theirs go up less. At the same time, everyone in storage arrays is raising prices. System prices have already increased 20 to 30 per cent. If we see prices rise again — and I think we will — it becomes easier to hit growth targets in the teens, even if your costs don’t rise as much.LINDSAY: That’s interesting. They have such an advantage over competitors. Where does that come from?MATT: It’s just the way they structure their system. They’ve always had higher gross margins than the rest of the industry, and it’s always been an advantage. We just haven’t seen this type of cost acceleration before, so they haven’t been able to benefit from it the way I think they will this year.LINDSAY: Interesting. We’ll watch that. Matt Bryson, managing director of semiconductor and hardware research at Wedbush. Appreciate your time today. Thank you.DISCLOSUREPERSONALFAMILYPORTFOLIO/FUNDNVDA NASDAQNNNMU NASDAQNNNPSTG NYSENNN---This BNN Bloomberg summary and transcript of the March 17, 2026 interview with Matt Bryson are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}