Nvidia stock is top pick as ‘fundamental bottom’ nears for chips, analyst says

After a semiconductor shortage flipped into a glut in 2022, chip stocks are headed for a strong entry point and will lead the broader market in the new year, with Nvidia Corp. the best pick among them, an analyst wrote Thursday.

Evercore ISI analyst C.J. Muse said he expects the beleaguered chip sector to turn around with a soft landing, having bottomed out in mid-October, when the SOX index hit 2,162, its lowest level since mid-September 2020. A “fundamental bottom,” however, should play out over the next three to six months,…

Source: https://www.marketwatch.com/story/fundamental-bottom-is-coming-for-chips-and-this-stock-could-be-the-biggest-winner-analyst-says-11671131800?siteid=yhoof2&yptr=yahoo