• Citi hosted meetings at NVIDIA Corp (NASDAQ: NVDA), Applied Materials, Inc (NASDAQ: AMAT), and Marvell Technology, Inc (NASDAQ: MRVL) as part of the Annual Silicon Valley Tech Bus Tour.

• Marvell confirmed a lack of slowdown in cloud data center demand and a disproportionate amount of growth or 50%+ coming from new product cycles.

• Applied Materials looked to benefit from long-term secular growth drivers like advanced packaging (~$1 billion sales in 2023) and GAA device inflection (~500bps of share gain on incremental $1 billion opportunity).

• Overall, comments from the bus tour supported Citi’s view that semi caps and product cycle-driven cloud data center stocks like Nvidia and Marvell were better places to hide for investors amidst a semis downturn.

• Price Action: NVDA shares traded higher by 0.22% at $188.27 on the last check Tuesday.

Latest Ratings for NVDA

Date

Firm

Action

From

To

Mar 2022

Goldman Sachs

Reinstates

Neutral

Feb 2022

Summit Insights Group

Downgrades

Buy

Hold

Feb 2022

Mizuho

Maintains

Buy

View More Analyst Ratings for NVDA

View the Latest Analyst Ratings

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