35 Chip Stocks Powering AI Boom

18. Microchip Technology Incorporated (NASDAQ:MCHP)

Number of Hedge Fund Holders: 46 

Microchip Technology Incorporated (NASDAQ:MCHP) develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The firm integrates artificial intelligence into several products, especially in fields like industrial automation and smart manufacturing. One of the key offerings includes solutions for predictive maintenance, where AI helps monitor equipment and anticipate failures to reduce downtime. The Internet of Medical Things (IoMT) solutions marketed by the firm also leverage AI, assisting in healthcare innovations, like smart pill dispensers that manage medication compliance.

Microchip Technology Incorporated (NASDAQ:MCHP) is keenly followed on Wall Street. Citi analyst Christopher Danely recently reiterated a Buy rating on the stock with a $92 price target, noting that after the company disclosed that its information technology systems were breached, manufacturing operations had been impacted and could impede the ability to fill orders. However, Citi claimed that while unfortunate, the impact also seemed temporary and did not have anything to do with inventory or demand.