Semiconductor Stocks to Watch: Broadcom, Micron, and NVIDIA Lead
Broadcom and Micron are set to report earnings on September 2 and September 30, respectively, following NVIDIA's strong July quarter. Hyperscaler capital expenditures are expanding, memory supply remains tight, and custom silicon backlogs extend visibility into 2028. These factors make semiconductor stocks attractive heading into September.
The upcoming earnings cycle creates a concentrated test for AI hardware demand. NVIDIA's July quarter showed data center revenue at $89 billion of its $96 billion total, with management projecting supply constraints through fiscal 2028. Hyperscaler capital expenditures are projected to approach $800 billion in 2026 and $1.3 trillion in 2027, with cloud industry backlog exceeding $2 trillion.
Broadcom's September 2 report carries particular weight given its $30 billion in AI bookings against $10.8 billion shipped in the prior quarter. The company has locked in multi-year commitments including 10 gigawatts for OpenAI by 2029 and a Meta partnership targeting 3 gigawatts through 2028. Micron's contracted minimum revenue of $100 billion and $18 billion in customer deposits underscore the memory supply tightness driving its low forward multiple.
This earnings cluster could shape how capital flows into AI infrastructure over the next year. Investors, pension funds, and tech workers with exposure to these names may see significant volatility around the reports. Broader implications include potential effects on enterprise technology pricing, data center construction employment, and the pace of AI adoption across industries. If guidance disappoints, it could ripple through supplier networks and regional economies dependent on semiconductor manufacturing, while strong results may accelerate competitive investment across the sector.