Bank of America raised price targets for Arm Holdings, Intel, and Micron on Tuesday. The firm cited an extended outlook for artificial intelligence spending.
Analysts now project visibility for AI-related capital expenditures through 2028. The firm increased its total semiconductor market forecast to $2.7 trillion. This target valuation applies to the year 2030.
Growth drivers include AI data centers and increased memory demand. Analysts also expect a recovery in the automotive and industrial sectors.