Bernstein has reaffirmed its bullish stance on a handful of U.S. semiconductor names for 2026, citing sustained AI spending and a rebound in wafer‑fab equipment demand. Analyst Stacy Rasgon said the firm sees “little reason to change our broad perspective,” and highlighted NVDA, QCOM, AMAT, LRCX, AMD, AVGO, AAPL, and INTC as top picks. Rasgon noted that AI budgets show no signs of slowing and that valuations appear attractive, especially as forecasts lean upward.

She praised NVDA for pulling ahead on its roadmap, while maintaining a high‑conviction stance on semicap names even as prices hit “nosebleed” levels. The team remains cautious on analog chipmakers, labeling their fundamentals unattractive despite political tailwinds, and keeps them at Market Perform. Bernstein’s strategy hinges on the expectation that AI will continue to drive chip demand, pushing these companies toward new highs in 2026.

Investors watching the sector should note that the firm expects QCOM to benefit from a shift in its model, while INTC remains a watch‑list candidate amid competitive pressures.