AI Chipmakers Show Divergent Performance Amidst Rising Yields

NVIDIA, Broadcom, and TSMC anchor the AI hardware supply chain with distinct roles, according to GN stocks/chips. NVIDIA trades near $218.36 with a market cap of $5.30 trillion, while Broadcom sits at $360.83. Recent Treasury yield increases caused a 2.26% drop in NVIDIA shares on September 10, illustrating how macro factors impact even dominant AI chip leaders.

The sector displays a sharp split in performance. AMD shares have risen 143.32% year-to-date to $521.10, and Marvell has gained 176.55% to $235.01. Conversely, equipment makers like Lam Research and KLA fell on September 10, reflecting sensitivity to capital expenditure cycles and interest rate pressures.

TSMC Posts Record Monthly Revenue

TSMC reported record August revenue of NT$514.806 billion, a 53.3% increase year over year. This follows July revenue of NT$467.580 billion, confirming sustained demand for advanced chip production. The company’s U.S.-listed shares trade near $435.36, supporting a market value of $1.58 trillion.

Looking ahead, TSMC projects third-quarter revenue between $44.6 billion and $45.8 billion. The company plans capital outlays of $60 billion to $64 billion for 2026. These figures indicate continued investment in manufacturing capacity to meet the growing requirements of AI infrastructure.

Micron Targets HBM Capacity Expansion

Micron shares trade near $1,028, driven by high-bandwidth memory demand that currently outpaces supply. The company aims to increase HBM output to 100,000 wafers per month by the end of the year. Fiscal fourth-quarter results scheduled for September 30 will test this expansion strategy.

HBM shortages have pushed AI chip prices higher across the market. While Micron holds a strong position, the memory sector remains volatile. New rivals are testing alternative memory designs, and increased capacity from competitors could shift pricing dynamics quickly.

Equipment Makers Face Budget Sensitivity

Lam Research, Applied Materials, and KLA provide tools for advanced fabs rather than AI processors. Lam Research fell 4.68% to $301.06 on September 10, while KLA dropped 3.13% to $177.18. Applied Materials remained near $469. Their performance is directly tied to chipmakers raising fab budgets and adding new manufacturing capacity.

ASML remains distinct due to its EUV lithography systems, which are critical for creating advanced processors at tiny process nodes. The stock closed near $1,698 on September 10. Few alternatives match ASML’s technology, though its shares can experience sharp moves when chip budgets weaken.