Bank of America has removed Nvidia, Micron Technology and Lam Research from its US 1 list of preferred U.S. stocks, withdrawing three major semiconductor companies from its selection of highest-conviction investment ideas while retaining Buy ratings on all three.
Seeking Alpha reported the changes. Bank of America did not provide a public explanation for removing the three companies from the list.
The decision does not amount to a downgrade. Nvidia, Micron and Lam Research still carry Buy ratings from Bank of America’s equity research team, indicating the bank has not withdrawn its positive recommendations.
The US 1 list represents Bank of America’s selection of preferred investment ideas from among U.S.-listed stocks covered by its fundamental equity research analysts. The bank describes it as a collection of investment opportunities intended to deliver superior performance over the long term.
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The distinction between the US 1 list and an individual stock rating is important. A company can retain a Buy rating while losing its place among the bank’s most preferred investment selections.
Three companies at the center of the AI semiconductor industry
The three companies operate in different segments of the semiconductor supply chain, which has benefited from rising demand for artificial intelligence infrastructure.
Nvidia, led by CEO Jensen Huang, is a leading supplier of graphics processing units and AI computing systems used to train and run advanced AI models. Its chips and networking technologies are central to the expansion of AI data centers operated by major technology companies.
Micron Technology is a major U.S. semiconductor manufacturer specializing in memory and storage products, including dynamic random-access memory (DRAM), high-bandwidth memory (HBM) and NAND flash. Demand for high-bandwidth memory has increased as AI systems require greater computing and data-processing capacity.
Lam Research supplies semiconductor manufacturing equipment and services used in processes such as wafer fabrication, etching and deposition. Its technology is used by chipmakers producing advanced logic and memory semiconductors.
Together, the three companies represent different parts of the AI hardware ecosystem, from computing processors and memory to the equipment required to manufacture semiconductors.
Removal comes amid volatility in semiconductor stocks
The changes come as semiconductor stocks experience fluctuations linked to investor expectations for AI infrastructure spending, company valuations and the sustainability of technology companies’ capital expenditure. According to GuruFocus, all three stocks experienced declines in premarket trading on November 10, following mixed movements in the previous session.
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Micron had gained 6.25% on Nov. 9 before falling 3.84% in premarket trading on Nov. 10. Nvidia had declined 4.27% in the previous session and was down another 1.88% in premarket trading. Lam Research had advanced 10.41% on November 9 before falling 3.21% in premarket trading the following morning.
The simultaneous removal of the three companies has drawn attention because they are closely associated with the AI semiconductor investment cycle. However, Bank of America has not confirmed whether valuation concerns, portfolio changes, risk management or any other factor influenced its decision.
The move also comes ahead of Nvidia’s scheduled November 17 quarterly earnings announcement, which investors will be watching for further indications of demand for AI computing infrastructure.
For now, the three companies remain Buy-rated stocks in Bank of America’s coverage universe, despite losing their positions on its US 1 list.