Micron’s upcoming fiscal Q3 earnings on June 24 sit at the center of a powerful story in AI-focused semiconductors, with its stock up roughly 8x in 12 months and expectations running extremely high. Strong demand for high-bandwidth memory has pushed this part of the market into the spotlight, while tight supply and higher memory prices are shaping how investors view risk and opportunity around Micron and its peers. This article looks at 3 stocks from our AI Semiconductor Stocks screener that are exposed to the same news catalyst, helping you decide which exposures might still fit your portfolio and which to approach more cautiously.

Everspin Technologies (MRAM)

Overview: Everspin Technologies develops and sells magnetoresistive random access memory, or MRAM, which is a fast, non-volatile memory used in industrial, automotive, aerospace, medical and data center equipment that must keep data intact when power is interrupted. The company also licenses its technology and provides foundry services and sensors to equipment makers and contractors across the US and key international markets.

Operations: Everspin Technologies currently generates about US$56.9 million in revenue from its Semiconductors segment.

Market Cap: US$635.7 million

Everspin Technologies operates at the intersection of current memory shortages and emerging AI hardware. MRAM is positioned as an alternative when traditional NOR, NAND and DRAM capacity is diverted toward higher margin products. Recent contract wins, including a US$40 million US defense collaboration and an expanded onshore manufacturing partnership with Microchip, support supply security and longer term visibility as AI accelerators look for faster, persistent memory. At the same time, the stock trades on a relatively high P/S multiple, earnings remain sensitive to execution on new MRAM products, and the share price has been volatile alongside recent insider selling. For investors, the key consideration is whether the AI and defense opportunity adequately offsets those risks and today’s valuation premium.

Everspin Technologies sits where AI demand, defense contracts and a rich P/S multiple intersect. The missing piece is how that trade off really looks under the hood, so start with the 2 key rewards and 2 important warning signs (1 is major!)

Ichor Holdings (ICHR)

Overview: Ichor Holdings designs and manufactures the fluid delivery subsystems that feed gases and chemicals into chipmaking tools, making it a key supplier to the equipment companies that build factories for AI memory and logic chips. Its products help control the precise flows needed for etch, deposition, cleaning and other critical semiconductor manufacturing steps across the US, Singapore, Europe and other regions.

Operations: Ichor Holdings generates about US$959.3 million in revenue from semiconductor equipment and services, with Singapore, the US and other international markets all meaningful contributors.

Market Cap: US$3.4b

Ichor Holdings sits right in the slipstream of Micron’s high bandwidth memory story, supplying the gas and chemical subsystems that need to scale as DRAM, NAND and advanced foundry spending remain in focus. Revenue is already close to US$1b, and recent guidance points to improving revenue and a smaller loss. At the same time, the stock carries execution and funding risks, with thin margins, an at the market equity program and recent insider selling. For investors watching Micron’s earnings as a read across, the key question is whether Ichor’s potential margin uplift and AI exposure compensate for those pressures and the share price volatility.

Ichor’s AI build out story is accelerating, yet thin margins and funding questions linger in the background. For the full picture, see the 1 key reward and 2 important warning signs

Alpha and Omega Semiconductor (AOSL)

Overview: Alpha and Omega Semiconductor designs and supplies power chips that sit inside everything from smartphone chargers and laptops to AI data centers and industrial equipment, managing how efficiently devices draw, convert and control electricity.

Operations: Alpha and Omega Semiconductor generates about US$685 million in revenue from the design, development and supply of power semiconductor products, with most sales tied to power discretes and power ICs across computing and consumer devices.

Market Cap: US$1.44b

Alpha and Omega Semiconductor stands out in the AI semiconductor story because it sells the power MOSFETs, controllers and protection devices that AI servers and GPUs cannot run without, yet its stock is still valued below many US semiconductor peers on P/S while remaining loss making. Recent product launches aimed at AI data centers and high performance PC platforms, plus fresh design wins for Intel aligned controllers, point to rising content per system; at the same time, investors also need to weigh persistent losses, reliance on external borrowing and exposure to cyclical PCs and smartphones. The key consideration is whether its shift toward higher margin power ICs and AI focused solutions can meaningfully change that trade off in the coming years.

Alpha and Omega Semiconductor’s AI power story is accelerating, yet the stock still trades below many US peers on P/S while remaining loss making. As a result, the real tension sits inside the 2 key rewards and 1 important warning sign

The three AI semiconductor stocks in this article are just a starting point, with the full AI Semiconductor Stocks screener surfacing 45 more companies that each come with their own potentially compelling narrative around chip, memory and infrastructure demand. Use Simply Wall St to identify and analyze the specific catalysts and storylines that matter to you so you can focus on the AI semiconductor opportunities you find most interesting in minutes.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.