Nvidia may be at the forefront of AI innovation, but other companies look poised to ride its coattails. Shares of the chip giant pulled back about 2% during Tuesday’s session, after announcing its latest AI chips . That, however, didn’t stop some Wall Street analysts from upping their price targets on the stock — up more than 75% this year — and retaining their bullish stance. NVDA YTD mountain Nvidia shares in 2024 “With leading silicon (GPU/DPU/CPU), hardware/software platforms, and a strong ecosystem, NVIDIA is well positioned to continue to benefit from major secular trends in AI, high-performance computing, gaming, and autonomous vehicles, in our view,” said JPMorgan analyst Harlan Sur. “Bottom line: NVIDIA continues to be 1-2 steps ahead of its competitors.” While Nvidia’s latest announcements solidify the company’s AI leadership, Wall Street anticipates some positive tailwinds for a slew of derivative players. Here’s what the latest Blackwell chips could mean for key players and industry competitors according to Wall Street. Semiconductor derivative plays Nvidia’s latest announcements could pose some major tailwinds for companies operating within the chipmaker’s ecosystem. Blackwell’s higher bandwidth memory needs, for example, could prove a major boon for dynamic random access memory chipmakers such as Micron Technology , according to Rosenblatt analyst Hans Mosesmann and Goldman Sachs analyst Toshiya Hari. “DRAM density continues to lift with the B100 and B200 each including 192 GB of [high bandwidth memory] (up from the H100’s 80 GB),” said Wedbush’s Matt Bryson in a Tuesday note. “Again we see this increase as positive for DRAM vendors (in light of premium pricing and margins for HBM) as well as the broader memory complex.” MU YTD mountain Micron shares year to date Another clear winner from Blackwell’s debut is Taiwan Semiconductor , since the latest chips harness the company’s 4-nanonmeter process technology. Citi’s Laura Chen reiterated the firm’s constructive view on the company following the keynote, noting that its close ties to Nvidia in chip design and advanced node manufacturing could more than double the company’s AI revenues in 2024. Wall Street also views Marvell Technology as a potential big winner from datacenter AI growth, with bank of America anticipating an opportunity for the company in optical transceivers. “We believe MRVL’s growth story remains unchanged and should benefit from the ongoing transition to 800 [gigabits…
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