Deutsche Bankin mukaan Nokia on pudonnut liian paljon kesäkuun jälkeen.
Deutsche Bank sees AI monetization fears creating buying chance in EU chip stocks
Deutsche Bank analysts argue that semiconductor investing in recent months has been driven less by what chip companies actually say, or by classic axioms such as buying AI bottlenecks and hardware over software, which may have worked in the first half. Instead, worries over AI monetization, along with credit and macro concerns, have taken the lead.
What recent earnings evidence is changing AI monetization expectations? The result is a choppy, positioning-driven environment, with clear signs of a flight to quality and greater interest in idiosyncratic stories.
Even so, the analysts say fundamentals around AI spending remain very sound overall. The SOX index sits 9% below its June highs, and some of their coverage is down 30-45%. In their view, this presents an opportunity to pick up names at lower valuations.
The broker names five “buy”-rated European tech hardware stocks that have sold off excessively since June, namely, Infineon, ST Micro, Besi, SUSS and Nokia.