Nvidia, AMD Get Buy Ratings On Artificial Intelligence Prospects

Graphics-chip makers Advanced Micro Devices (AMD) and Nvidia (NVDA) received fresh buy ratings on Friday, as investment bank Cowen initiated coverage of a host of semiconductor stocks. Cowen analyst Matthew Ramsay started coverage of 11 chip stocks. He rated eight as outperform, or buy, and three as market perform, or neutral. Ramsay said his top picks are AMD, Ambarella (AMBA), Broadcom (AVGO) and Monolithic Power Systems (MPWR). He also likes Nvidia, even though it has a high valuation.