Citi hosted meetings at NVIDIA Corp (NASDAQ: NVDA), Applied Materials, Inc (NASDAQ: AMAT), and Marvell Technology, Inc (NASDAQ: MRVL) as part of the Annual Silicon Valley Tech Bus Tour.
Marvell confirmed a lack of slowdown in cloud data center demand and a disproportionate amount of growth or 50%+ coming from new product cycles.
Applied Materials looked to benefit from long-term secular growth drivers like advanced packaging (~$1 billion sales in 2023) and GAA device inflection (~500bps of share gain on incremental $1 billion opportunity).
Overall, comments from the bus tour supported Citi's view that semi caps and product cycle-driven cloud data center stocks like Nvidia and Marvell were better places to hide for investors amidst a semis downturn.
Price Action: NVDA shares traded higher by 0.22% at $188.27 on the last check Tuesday.
View More Analyst Ratings for NVDA
View the Latest Analyst Ratings
See more from Benzinga
Here's Why Wells Fargo Suggested Buying AMD Shares Before Analyst Day
After Microsoft And Nvidia, This Major Apple Supplier Became Ransomware Target
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
