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Zhitong Finance APP learned that as investors demand more clear results from artificial intelligence (AI) investments and concerns about a US recession intensify, large-cap technology stocks have been sold off by investors. Among them, the chip giant that has benefited the most from this round of AI investment boomNvidia(NVDA.US) fell more than 15% last month, while the Philadelphia Semiconductor Index fell nearly 18% during the same period.

However, Nvidia (NVDA.US) closed up more than 4% on Monday, leading the technology sector.Bank of America、UBSSeveral major Wall Street banks, including , remain optimistic about Nvidia and say the recent decline in the semiconductor industry has gone too far.

Bank of America analyst Vivek Arya said Nvidia is one of the bank's most bullish "rebound" picks and expects the semiconductor industry to recover before the end of 2024. "Our base case remains that the semiconductor industry could rebound in the fourth quarter as seasonal headwinds dissipate," the analyst said in a report, noting thatBroadcom(AVGO.US) andKe Lei(KLAC.US) may also benefit from the rebound in the semiconductor industry because, with the exception of Nvidia, they are "the most profitable suppliers in their respective end markets."

Vivek Arya believes that volatility may continue until Nvidia's next earnings report on August 28 and extend into September, as September is historically the worst month of the year for semiconductor stocks. He pointed out that the current upward trend in semiconductor stocks has only lasted four quarters, while previous rallies usually lasted nearly ten quarters.

Nvidia's stock has been under pressure recently due to concerns about the sales of its Blackwell chip. It is reported that due to design defects, Nvidia told its customers that the release of the new Blackwell B200 chip will be delayed by three months or more, and mass shipments may be delayed until Q1 next year. The Blackwell chip was originally scheduled to start mass production in October 2024. If it is postponed to April 2025 due to the delay, it will directly affect Nvidia's quarterly earnings.

In response, Nvidia told the media that the strong demand for Hopper chips and the production plan for Blackwell chips have not changed. This means that even if the B200 is delayed, the impact on Nvidia's revenue may not be particularly large, because the market demand for Hopper chips is still strong.

Several Wall Street analysts also believe that the problem will be solved. John Vinh, an equity research analyst at KeyBanc Capital Markets, said: "If this is really a supply or timing issue, I think most investors are willing to ignore it. If it is a demand issue, I think we will see other problems with Nvidia. But from our perspective, we think Nvidia will exceed and increase its earnings guidance. We don't think demand will be a problem at all in the near term."

UBS analyst Timothy Arcuri believes that shipments of Blackwell chips to customers will be delayed by "up to" four to six weeks. He maintained a "buy" rating on Nvidia with a price target of $150. He said: "Major customers should have the first batch of Blackwell chips in April 2025. AI labs are still scaling up, and the proportion of enterprises in the demand mix is ​​also growing rapidly, both of which are bullish indicators."

In addition, Timothy Arcuri believes that the market may underestimate Nvidia's future earnings growth. He said that the market currently expects Nvidia's earnings growth to peak in 2025, but he believes that considering discussions with customers, 2026 "seems more likely to grow again."