Nvidia, Taiwan Semiconductor, Alphabet, and ASML Highlighted as Top AI Stocks for August
Nvidia (NASDAQ: NVDA) is expected to see renewed growth as it reapplies for a license to export the H20 chips to China, which could recover an estimated $8 billion in projected revenue lost after a prior revocation. The company anticipates a positive impact on its future earnings.
Taiwan Semiconductor (NYSE: TSM) reported a 44% year-over-year revenue growth for Q2 and projects nearly 20% compound annual growth rate (CAGR) for the next five years. Alphabet (NASDAQ: GOOG) is currently trading at less than 20 times forward earnings despite a 14% revenue increase year over year, making it an attractive buy. Lastly, ASML (NASDAQ: ASML) maintains a monopoly on extreme ultraviolet lithography technology, essential for chip fabrication, and is expected to benefit from increasing chip demand.
