NEW YORK, June 13, 2026, 06:55 EDT. AI chip stocks were stronger after a bump from an AMD upgrade and news that SK Hynix is planning a Nasdaq listing, sending the market back to Nvidia’s supply chain.
- AMD jumped Friday after Citi upgraded the shares. Nvidia stayed flat, but Broadcom and Micron lost ground as AI chip names moved.
- SK Hynix staying in the spotlight with talk of a possible Nasdaq listing, as traders watched high-bandwidth memory, or HBM, the quick memory used for AI servers.
- Marvell gets added to the S&P 500 on June 22, while Micron is set to report earnings June 24. Both are seen as the next key catalysts.
AI chip stocks finished the week mixed as buyers kept backing some big artificial-intelligence names but turned away from others seen as overvalued. The iShares Semiconductor ETF closed up 1.5% at $596.25 Friday. AMD jumped 4.7% to $511.57. Nvidia added 0.2% to $205.19. Taiwan Semiconductor Manufacturing was up 0.6%. Broadcom slipped 0.9%. Micron dropped 1.4%.
AMD shares got a boost after Citi moved its rating to Buy from Neutral and lifted its target to $575 from $460. The firm said AMD is looking more like a real GPU rival, aiming at chips for training and running AI. Citi flagged possible GPU wins with Meta, and now projects AMD will bring in $33 billion from AI chips by 2027, jumping to $50.8 billion by 2028. That lift in AI revenue could be key for the stock’s big gains this year.
Broadcom stayed in focus for chip stocks after posting record fiscal Q2 revenue at $22.19 billion, up 48%. AI chip sales jumped 143% to $10.8 billion. CEO Hock Tan said “The momentum continues.” Still, the stock dropped earlier this week as Wall Street wanted more. Reuters said Q2 revenue missed consensus, the latest AI-chip projection came in a bit light, and Broadcom kept its 2027 AI revenue target unchanged. Broadcom Inc.
AI chip stocks slipped even though the demand outlook still looks solid. Reuters said U.S.-listed chipmakers shed around $1.3 trillion in market value on June 5. The PHLX Semiconductor Index lost 10.3%. Nvidia dropped about 6%, Micron fell 13%, AMD slid nearly 11%. Higher rates added pressure, cutting into high-growth tech names since rising yields hurt the present value of future earnings. “I don’t think it’s the end of the (semiconductor) bull market,” Wells Fargo chief equity strategist Ohsung Kwon told Reuters. Reuters
AI demand is moving past Nvidia and into areas like memory, custom chips, and networking. Reuters said Friday that SK Hynix plans to pick Nasdaq for a U.S. listing following a 230% jump in its share price this year. Its market cap topped $1 trillion in May. The company is a major HBM, or high-bandwidth memory, supplier—memory designed to sit close to AI chips and allow faster data transfer.
Nvidia’s supply chain is still front and center for the AI trade. This week, Nvidia said it struck new South Korean deals with SK Hynix, SK Telecom, Naver, Doosan, LG Group, and Hyundai Motor. Reuters reported SK Hynix landed a multiyear tech deal with Nvidia focused on advanced memory for AI data centers worldwide. CEO Jensen Huang called SK Hynix “Nvidia’s largest memory partner,” a sign that memory suppliers like SK Hynix and Micron are now seen less as cyclical chip names and more as core AI infrastructure bets. Reuters
Valuation and execution risk remain the main negatives. AMD is trading at about 168 times trailing earnings, Broadcom at 98 times, and Nvidia at around 31 times. That price-to-earnings ratio—stock price versus profits—means a high number gives less margin if forecasts slip. Micron looks cheaper on some forward metrics, but Goldman Sachs analyst James Schneider kept his Neutral on the stock. He lifted his price target to $900 but flagged a high bar ahead of Micron’s June 24 earnings with investors watching DRAM pricing and HBM. DRAM, the primary memory in servers and PCs, sees prices move sharply depending on supply and demand.
AI chip stocks are still picking spots instead of trading cheap across the board. AMD is up on Citi’s upgrade, while Nvidia still sets the pace for AI semis. Micron is the next test for the HBM supply story, with results due for its fiscal third quarter on June 24. Marvell is another near-term trade as it enters the S&P 500 before the open on June 22; passive funds usually buy on inclusion, which can help move the stock.
