Bank of America removed Nvidia, Micron Technology, and Lam Research from its US 1 List of top US equity ideas. All three chipmakers keep their Buy ratings, and the bank's AI spending outlook stays in place.
Bank of America removed Nvidia, Micron Technology, and Lam Research from its US 1 List, the bank's curated lineup of its strongest US equity ideas. The three chip stocks still carry Buy ratings.
The list holds the bank's top-rated US equity picks, chosen with long-term outperformance in mind. Removal signals that the bank wants that limited space for something else.
Micron and Lam Research exits come with fresh details
The research ties Micron's exit to November 10, 2026. That same day, Micron's stock closed at $733, up 6.25% on the session.
Lam's stay on the list was relatively short. The equipment maker joined the US 1 List in February 2026, taking the place of AMD.
The AI spending case stays intact
Analyst Vivek Arya has pointed to AI-driven cloud infrastructure spending as the main engine behind the semiconductor sector. He expects cloud capital expenditures of about $1.01 trillion for 2026, nearly doubling 2025 spending, an increase of approximately 98%.
Arya also sees further growth into 2027, which supports the outlook for Micron, Nvidia, and Lam Research. Each touches a different part of the AI hardware stack: Nvidia supplies the processors that train and run AI models, Micron makes the memory, and Lam builds equipment used to manufacture chips.
What changed is the ranking
The Buy ratings, the spending forecast, and the case for growth into 2027 all survived. What changed is the bank's ranking of where its best ideas sit right now.
Crypto Briefing notes that Micron's $733 close on a day it gained 6.25% shows how much enthusiasm is already built into chip stocks. Strong rallies can leave less room for the outsized gains that high-conviction lists aim to capture, and a valuation question follows.
For the AI hardware trade, spending remains the key variable. Arya's forecast of roughly $1.01 trillion in 2026 cloud capital expenditures gives the sector a large target to deliver against.
Source: Crypto Briefing
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