3 Tech Stocks the Market Sold Off for the Wrong Reasons This Past Month
There are several top tech stocks down over the past month for the wrong reasons, and now could be a great time to scoop up shares. Let’s look at three top artificial intelligence (AI) stocks to buy now, while their shares are down.
Nvidia(NASDAQ: NVDA) shares are down about 7.5% over the past month as of this writing, as its strong earnings report at the end of February wasn’t enough to allay longer-term growth concerns. However, the company is hitting on all cylinders at the moment, and spending on AI infrastructure is booming. The five largest hyperscalers alone are looking to spend around $700 billion in data center capital expenditures (capex) this year alone, which is more than the gross domestic product (GDP) of all but around two dozen countries.
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While there is a fear that hyperscaler spending will soon peak, these companies have consistently said they are getting strong returns on these investments, and in what most certainly can be characterized as a race, it is hard to see them slowing down.
Meanwhile, a bit underappreciated is how Nvidia is now positioning itself as a complete AI infrastructure solution. The introduction of language processing units (LPUs), stemming from its “acquisition” of Groq, NemoClaw, and its push into central processing units (CPUs), really sets the company up well for the next stage of AI centered on inference and agentic AI.
Micron Technology(NASDAQ: MU) shares have started to run out of steam over the past month, down about 15% as of this writing. The sell-off comes despite the memory maker reporting incredible fiscal Q2 results in mid-March and issuing guidance that blew away expectations. The sell-off has left the stock trading at a forward P/E of just 3.5 times fiscal 2027 analyst estimates, while growing its revenue by triple digits and forecasting its gross margins to be above 80%.
The company is benefiting from the current supply-demand imbalance in both the DRAM (dynamic random access memory), from which it derives about 80% of its revenue, and NAND (flash) markets. However, these businesses have historically been very cyclical with big boom-and-bust cycles, and investors are worried that the current boom cycle could be peaking soon. That said, the current constrained environment is expected to last at least beyond this year.
At the same time, there is a reason to believe that this isn’t the same old cyclical Micron. The big driver of the DRAM market has been high bandwidth memory (HBM), a special form of DRAM that is packaged with GPUs and other AI chips to optimize their performance. Where AI chip demand goes, so does HBM demand.
Meanwhile, Micron is also looking to turn to longer-term contracts with HBM and recently signed its first five-year deal. If this becomes the norm and the company can shake its cyclical image, the stock should have strong upside from here.
Image source: Getty Images.
Taiwan Semiconductor Manufacturing(NYSE: TSM), another top tech stock, has seen its shares pull back about 10% over the past month, as of this writing. The company is the largest chip manufacturer in the world, and it has a near-monopoly on making advanced chips at scale.
However, the current war in the Middle East has worried some investors about what impact it could have on the semiconductor industry. Numerous important resources used in the chipmaking process, including helium, bromine, and naphtha, are sourced from the Middle East, so there is some concern that this could disrupt the semiconductor industry. Even if this were to occur, though, it would be a short-term blip in a strong secular growth story.
TSMC is riding the AI infrastructure buildout wave, and it doesn’t matter whether companies are using GPUs or AI ASICs — it is the one manufacturing them. Meanwhile, the expected surge in demand for high-performance CPUs with the rise of agentic AI should be another growth driver. Throw in the advanced chips needed for the emerging robotaxi market, and TSMC has a very long growth runway ahead.
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Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
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