Semiconductors_ ASIC enthusiasm is starting to feel excessive for US AI semi stocks

February 12, 2025 11:31 PM GMT Semiconductors | North America ASIC enthusiasm is starting to feel excessive for US AI semi stocks The market seems to be discounting large outperformance for ASIC custom silicon vs. NVDA/AMD merchant silicon. We take the other side of that debate. Key Takeaways In the last six months, the momentum in the AI trade has clearly moved to custom silicon, as NVIDIA has tread water and AMD has sharply underperformed. NVIDIA's $3 trillion of market cap is supported by over$32 bn of ...