The semiconductor industry has become an intense area of focus in the stock market over the past few years. It's always been important, but the advent of artificial intelligence is driving unprecedented interest. Since the beginning of 2023, companies like NVIDIA (NASDAQ: NVDA) and Broadcom (NASDAQ: AVGO) have emerged as massive winners in the space. The stocks are up over 800% and over 300%, respectively, over that time, as of the Feb. 10 close. They are far from the only winners, but the two stocks stand out. Their ability to continue rising somewhat steadily is an indication of their persistent strength to this point.
The three stocks detailed on this list have had their days in the sun but haven’t exhibited anywhere near the consistency of NVIDIA and Broadcom. Below, I’ll examine three giant names in the semiconductor industry that are still trading 50% or more below their 52-week highs. I’ll provide context around each of their individual journeys and give insight into how they can hope to reclaim their prior glory.
AMD: NVIDIA's Successful, But Still Disappointing, Little Brother
In the world of semiconductor stocks, some tides lift all boats, while others create winner-take-all situations. Both of these ideas somewhat characterize the recent journey of Advanced Micro Devices (NASDAQ: AMD). The stock has an impressive return of 70% since Jan. 1, 2023. However, it is still trading 51% below its 52-week high, reached on Mar. 8, 2024. The company is working to compete against NVIDIA. It wants to build graphics processing units (GPUs) and associated systems for data centers that can rake in cash as fast as its fierce rival.
Ultimately, markets have largely judged the stock by its ability to show any progress in taking market share from NVIDIA in this space. AMD’s data center revenue is growing fast, increasing by 69% in Q4 2024 versus Q4 2023. However, it's not on pace with NVIDIA. In Q3, NVIDIA’s data center revenue increased by 112%. NVIDIA's lead keeps growing. Note that these numbers aren't fully comparable since NVIDIA hasn't yet released the Q4 results. Ultimately, the market wants to see AMD achieve stronger growth for its AI Instinct GPUs and continue increasing profit margins, which are still massively below NVIDIA’s.
Intel: Needs Innovative New CEO to Come to the Rescue
Once the most important player in the U.S. semiconductor industry, Intel (NASDAQ: INTC) has been a huge disappointment recently. Since the beginning of 2023, shares have provided a total return of -22%. Its shares are currently down nearly 58% from their 52-week high. The company is an integrated device manufacturer. This means that it not only designs but also manufactures its chips. The company missed the boat on designing GPUs that would largely power the rise of AI in data centers. The company’s AI data center GPU chip, Gaudi, hasn’t come close to meeting expectations. Overall, the firm’s data center revenue dropped slightly year-over-year in Q4, while margins plummeted.
The best hope for the company going forward might be winning in the AI-enabled PC market. The company’s Client Computing Group segment is by far its largest revenue and profit driver. A refresh cycle in PCs that many are hoping for would be a boon to Intel. Most people agree that the company needs a new CEO, as it requires a new vision for how it will grow.
Supermicro: All Eyes on Feb. 11 Update
Super Micro Computer (NASDAQ: SMCI) has by far seen the most wild swings of all three of these firms. Shares are up over 400% since Jan. 2023. However, they are still down 65% from the incredible highs they reached back in Q1 2024. But, they are up 40% year to date in 2025. The rally started on Feb. 3, kicked off by the company announcing it would provide a business update on Feb. 11. The firm’s shares have gotten crushed as they delayed filings and its accounting auditor resigned. The company also announced that it is ramping up full production of its rack-scale solutions for NVIDIA’s Blackwell chips.
Ultimately, the company needs to address concerns about its accounting practices in the update. It also needs to convince investors that it is close to completing its filing of its Form 10-K and that it will do so by Feb. 25. The company’s revenue growth of over 143% in Q2 2024 is incredibly impressive. Even if it is accurate, the company needs to be forthcoming and fix its internal problems to be investable going forward.
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