35 Chip Stocks Powering AI Boom

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29. Axcelis Technologies, Inc. (NASDAQ:ACLS)

Number of Hedge Fund Holders: 25  

Axcelis Technologies, Inc. (NASDAQ:ACLS) markets ion implantation and other processing equipment used for the fabrication of semiconductor chips. The company is heavily involved in enabling the production of AI chips used in sectors like automotive and industrial automation. For the first half of 2024, Axcelis reported $508 million in revenue, with its Power segment, which includes silicon carbide and other components crucial for AI-driven applications, as a major growth driver. This segment continues to expand due to increased demand from AI and electric vehicle sectors​.

Axcelis Technologies, Inc. (NASDAQ:ACLS) has grabbed the attention of finance experts. B Riley analyst Craig Ellis recently lowered the price target on the stock to $165 from $190 and kept a Buy rating, noting that the absence of more pronounced seasonal PC and smartphone demand acceleration had left general mature foundry a little softer than Axcelis expected, and this was an industry rather than company-specific issue.

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