JPMorgan Names Nvidia, Broadcom, Micron as Top AI Chip Stocks for 2026

TLDR

• JPMorgan names Nvidia, Broadcom, and Micron as top AI chip stock picks ahead of earnings season
• The firm expects semiconductor companies to report in-line or better Q4 results with positive guidance for 2026
• AI accelerator spending projected to reach over $200 billion in 2025 with 50% compound annual growth rate
• Nvidia dominates 80-90% of AI accelerator market with Q4 earnings scheduled for February 25
• Micron stock up 40% year-to-date on high-bandwidth memory demand but currently meets only half to two-thirds of customer needs

JPMorgan has identified its preferred semiconductor stocks ahead of the upcoming earnings season. The investment firm expects strong execution and solid demand to sustain momentum in the chip sector throughout 2026.

Analyst Harlan Sur highlighted Nvidia, Broadcom, and Micron as top picks. The firm also named Marvell Technology, Analog Devices, KLA Corp, and Synopsys as overweight-rated stocks.

NVIDIA Corporation, NVDA

Among small-cap stocks, JPMorgan favors MACOM Technology Solutions and Astera Labs. Both companies are expected to benefit from AI data center expansion.

Sur expects companies to report results that meet or exceed expectations for the fourth quarter. He also anticipates positive guidance for Q1 and the full year 2026.

The firm projects the semiconductor industry revenue could rise more than 15% this year. AI accelerator spending is estimated to reach over $200 billion in 2025.

Market Position and Growth Projections

Nvidia holds an 80-90% share of the AI accelerator market. The company’s Q4 FY2026 earnings are scheduled for February 25.

Strong demand from major cloud companies supports Nvidia’s position. The company’s CUDA software and ecosystem help maintain customer loyalty.

Wall Street analysts project about 43% upside for Nvidia stock. The stock currently holds a Strong Buy rating.

Broadcom will release Q1 FY26 earnings on February 26. The company controls 55-60% of the custom AI chip market.

CEO Hock Tan reported AI chip sales increased 74% year-over-year. This growth is driving record revenue for the company.

Analysts give Broadcom a Strong Buy rating with roughly 41% upside potential. The company provides custom chips and networking equipment for AI systems.

Memory Demand Drives Micron Performance

Micron is scheduled to report Q2 FY26 earnings on April 1. The stock has jumped 40% year-to-date.

High demand for high-bandwidth memory in AI data centers is driving growth. The company currently meets only half to two-thirds of major customer demand.

Micron holds a Strong Buy rating on Wall Street. However, the average price target of $374.35 suggests about 6% downside from current levels after the recent rally.

JPMorgan noted that rising memory prices could weigh on PC and smartphone sales later in 2026. Despite this concern, the firm sees continued strength in AI-related chip demand.

The AI accelerator market includes specialized chips used in servers, data centers, and cloud platforms. These chips speed up AI applications and processing tasks.

Shares of U.S. semiconductor companies moved higher on Wednesday following JPMorgan’s analysis. Nvidia and Broadcom led the gains among the highlighted stocks.

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