D.A. Davidson initiated coverage of four major semiconductor companies, assigning only TSMC a Buy rating while starting AMD, Intel, and Broadcom at Neutral. Analyst Gil Luria's research notes highlight diverging competitive positions in the sector as AI demand reshapes market dynamics.

Broadcom faces pressure as hyperscalers increasingly favor customized accelerators, with Luria warning that largest customers could internalize more of their silicon stack. The firm initiated Broadcom at Neutral with a $335 price target, arguing its AI ASIC exposure doesn't justify a premium multiple versus market leaders like NVIDIA. Intel received a Neutral rating as well, with D.A. Davidson noting the company's attempt at one of the hardest resets in semiconductor history.

AMD also started at Neutral, described as a marginal AI accelerator player in the act of playing catch-up despite CPU strength. The firm set a $220 price target. TSMC stood alone with the Buy rating, as Luria cited the company's leading-edge execution as a durable, self-reinforcing advantage in expanding AI compute demand. The analyst assigned TSM a $450 price target, highlighting a compounding execution moat in leading-edge manufacturing.