AI Chips

What's moving. NVDA closed +8.8% at $228.17 on Aug 27 after its fiscal-Q2'27 print (Aug 26): $96.2B revenue, +106% y/y, with $89.0B from data center (+117%), per Nvidia's release. The tape diverged hard around it — AVGO +4.4% ($371.22) into its Sep 2 report, TSM +2.2% ($427.17), QCOM +0.7% — against AMD -0.9% ($476.69), MU -1.0% ($927.36), ASML -0.5% ($1,734.85). Two drivers for the split: NVDA's Rubin / AI-CPU / specialized-inference roadmap (Ynetnews) reads as encroachment on AMD's server-CPU lane, and a same-day Politico report (via TipRanks) that the administration is weighing broad semiconductor tariffs extending to chip-containing products pressured the laggards.

Variant perception. The desk thinks the AMD fade overprices the CPU threat: Morgan Stanley (June, via Wccftech) has EPYC Venice outshipping NVDA's Vera 6.75M vs 5.75M units by 2027, and AMD's own benchmarks claim 2.4–3.3x agentic-AI leads. MU's dip reads as crowding relief after a tripled 2025 and +62% YTD run into March (CNBC), not thesis damage.

Why now. The demand signal from NVDA is unambiguous and lifts the whole supply chain; AVGO's Sep 2 print is the next custom-ASIC read-through. Tariff scope is the honest risk — details are unconfirmed and could reprice the group. Constructive on the basket into month-end.