April 15 - Oppenheimer highlighted Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO), Marvell Technology (NASDAQ:MRVL), and Monolithic Power Systems (NASDAQ:MPWR) as its leading semiconductor picks heading into earnings season, citing stable AI-related demand despite growing macro and trade concerns.
Analyst Rick Schafer said the investment firm anticipates mostly positive results across the group, helped in part by early pull-ins driven by tariff uncertainty. However, management guidance may reflect cautious sentiment as U.S.-China trade tensions and unclear forward visibility continue to cloud the broader outlook.
Nvidia is expected to deliver strong performance in the quarter, with unit sales for its NVL72 platform estimated around 40,000, even as the period began at a slower pace. Capex spending from cloud providers is still projected to climb 40% in 2025, providing support to AI infrastructure players.
While semiconductors have largely escaped direct impacts from new tariff proposals, Oppenheimer flagged the possibility of sector-specific levies. Schafer noted such measures would likely weigh more heavily on end-user markets like PCs and smartphones.
AI investment remains a bright spot, with near-term spending expected to stay resilient despite broader economic crosswinds.
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