5 U.S. chip stocks to buy in 2026: Bernstein

Investing.com -- Bernstein has reiterated its bullish stance on several major U.S. semiconductor names in 2026, arguing that the sector remains supported by strong AI spending trends and rising prospects for wafer-fab equipment demand.

Analyst Stacy Rasgon said the firm sees “little reason to change our broad perspective,” maintaining a focus on companies best positioned to benefit from sustained investment in artificial intelligence.

Bernstein highlighted Nvidia and Broadcom as its “top picks,” saying AI spending “shows no signs of slowing” and that valuations “appear extremely attractive particularly as numbers seem to have a clear upward bias.”

Rasgon added that, despite intense competition, “NVDA appears to be pulling farther ahead,” with the firm preferring its roadmap over AMD.

Semiconductor capital-equipment makers also remain high-conviction ideas. Bernstein said it would “own semicap even as valuations reach nosebleed levels,” citing rising odds of positive revisions to wafer-fab equipment forecasts.

The firm rates Applied Materials and Lam Research Outperform, noting that semicap names “powered to new highs” in 2025.

Qualcomm rounds out Bernstein’s list of Outperform-rated stocks. The analyst said they “stick with QCOM as AAPL prepares to drop out of the model,” arguing that changes beneath the surface could prove “desirable” for investors once Apple-related noise fades.

By contrast, Bernstein remains cautious on analog chipmakers, saying valuations are high and the recovery path remains uncertain.

The firm also described Intel’s fundamentals as “unattractive,” despite political tailwinds, and kept AMD at Market Perform.

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