Bank of America has excluded Nvidia, Micron Technology, and Lam Research from its US 1 List, a curated selection of the bank's top-rated equity ideas. Despite this change, the bank maintains its Buy ratings for all three semiconductor companies.
The US 1 List is designed to highlight stocks with long-term outperformance potential. Lam Research had been part of the list since February 2026, when it replaced AMD. Micron's exit occurred on November 10, 2026, a day when its stock price rose by 6.25% to close at $733.
Analyst Vivek Arya attributes the sector's growth to rising cloud infrastructure spending driven by artificial intelligence. Arya projects cloud capital expenditures to reach approximately $1.01 trillion in 2026, which represents an increase of about 98% compared to 2025.
The bank maintains a positive outlook for the sector through 2027, noting that Nvidia, Micron, and Lam Research each play a distinct role in the AI hardware supply chain. Nvidia provides processors, Micron supplies memory, and Lam Research manufactures chip production equipment.
