- Citi hosted meetings at NVIDIA Corp NVDA, Applied Materials, Inc AMAT, and Marvell Technology, Inc MRVL as part of the Annual Silicon Valley Tech Bus Tour.
- Marvell confirmed a lack of slowdown in cloud data center demand and a disproportionate amount of growth or 50%+ coming from new product cycles.
- Applied Materials looked to benefit from long-term secular growth drivers like advanced packaging (~$1 billion sales in 2023) and GAA device inflection (~500bps of share gain on incremental $1 billion opportunity).
- Overall, comments from the bus tour supported Citi's view that semi caps and product cycle-driven cloud data center stocks like Nvidia and Marvell were better places to hide for investors amidst a semis downturn.
- Price Action: NVDA shares traded higher by 0.22% at $188.27 on the last check Tuesday.
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