3 Chip Stocks Besides Nvidia Worth Considering

QCOM and MU are taking a breather from record highs

Digital Content Manager
Jun 20, 2024 at 3:50 PM
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Semiconductor companies are dominating headlines amid rising demand for artificial intelligence (AI) technologies. The industry buzz has been so significant that Nvidia (NVDA) recently dethroned Microsoft (MSFT) to become the most valuable publicly traded company after a record-setting run, which greatly benefitted the tech-heavy Nasdaq Composite (IXIC) and S&P 500 Index (PC). 

Despite becoming more affordable after a 10-for-1 stock split, NVDA is far from being the only option for traders looking to profit off the chip industry. Below are three other stocks within the sector that are worth considering:

Qualcomm Inc (NASDAQ:QCOM) stock is 5.6% lower to trade at $214.71 at last glance, despite the company's beat-and-raise in early May. The shares are taking a breather from yesterday's all-time high of $230.63, but the 20-day moving average is ready to contain this pullback. QCOM sports a 85.6% year-over-year lead.

Shares of Micron Technology Inc (NASDAQ:MU) are cooling from record highs as well, last seen down 4.9% to trade at $145.87, after surging to a peak of $157.53 in the previous session. The stock is brushing off a price-target hike from Wells Fargo to $190 from $135 today, but added a whopping 121.2% over the last 12 months.

Conversely, Advanced Micro Devices, Inc. (NASDAQ:AMD) is up 5.3% to trade at $162.83 at last check, after Piper Sandler called the chipmaker a top pick among large caps and noted "bright prospects" heading into the latter half of 2024. The $175 region rejected AMD's late May rally, while the 20-day moving average emerged as a ceiling last week. Nevertheless, the security has risen 44.6% over the past year.


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