Micron’s latest quarterly results, with profits surging to almost 15 times the prior level, have put semiconductor and memory chip stocks back in the spotlight and reignited interest across global indices such as the Nasdaq and S&P 500. For investors watching how AI related demand, data centers, and supply and demand expectations ripple through this part of the market, the recent move in Micron and peers has created fresh questions about which stocks might benefit most from this renewed optimism. This article walks through 3 stocks from the screener that appear positively exposed to the news.

Amtech Systems (ASYS)

Overview: Amtech Systems manufactures equipment and consumables used in key steps of semiconductor fabrication and advanced chip packaging, including thermal processing, wafer cleaning and polishing, and related chemicals and parts. Its tools and consumables serve chip, substrate, electronics assembly, ceramics, and optics manufacturers across North America, Europe, and Asia.

Operations: Amtech Systems generates most of its revenue from Thermal Processing Solutions at about US$57.5m, with Material and Substrate contributing around US$21.3m, while geographically the United States contributes roughly US$45.4m and China about US$35.1m.

Market Cap: US$0.34b

Amtech Systems sits at the intersection of rising AI and data center demand because its thermal processing tools and consumables are directly tied to semiconductor and memory production, which helps explain why investors have been paying a high P/E multiple. The business has recently turned profitable. Earnings are expected to grow much faster than the wider US market, yet revenue growth is only slightly above general expectations. This can matter in a cyclical sector where demand can cool quickly if capacity gets ahead of itself. On top of that, past shareholder dilution, share price volatility, and reliance on external funding add extra risk, so understanding how these pieces fit together is crucial before deciding how Micron driven optimism might affect Amtech over the medium term.

Amtech’s rapid swing into profitability with a high P/E and AI exposed tools suggests something important is hiding in the details; the 2 key rewards and 2 important warning signs could reveal what current sentiment is missing

Aeluma (ALMU)

Overview: Aeluma develops compound semiconductor materials and chips used to move and process data in demanding applications such as AI infrastructure, high speed communications, defense and aerospace, advanced imaging, and quantum computing. The company aims to bring these higher performance devices onto mass market compatible manufacturing lines.

Operations: Aeluma currently generates about US$5.2m in revenue from Semiconductor Equipment and Services, all from customers in the United States.

Market Cap: US$399.8m

Aeluma is attracting attention because its compound semiconductor platform sits directly in the path of AI driven demand for faster, denser data movement. Recent NASA and other U.S. government contracts support its technology for quantum and high speed datacom. Analysts currently forecast very rapid revenue and earnings growth over the next few years. At the same time, the company is still loss making, carries higher risk funding, has experienced shareholder dilution, and trades on a rich P/B multiple, so a lot needs to go right as it tries to shift from R&D contracts to commercial chip volumes. For investors tracking Micron related developments in AI memory and interconnects, a key question is whether Aeluma’s expansion plans and new leadership will provide support for the current level of optimism as the sector’s supply and demand conditions evolve.

Aeluma’s accelerating government contracts and rich P/B suggest investors are only seeing half the picture, and the analyst forecasts for Aeluma could show whether the current optimism masks one crucial twist in the story.

CEVA (CEVA)

Overview: CEVA licenses silicon and software IP that powers wireless connectivity, audio, sensing, and AI processing inside chips used in smartphones, IoT devices, automotive systems, and infrastructure equipment worldwide, so its technology can sit behind many smart and connected products without directly selling physical chips.

Operations: CEVA generates all of its US$112.4m in revenue from licensing its intellectual property, with China contributing about US$67.1m, the United States US$23.1m, other Asia Pacific US$16.4m, and Europe and the Middle East US$5.8m.

Market Cap: US$1.25b

CEVA gives you exposure to AI and connectivity inside devices rather than to factories building chips, which can appeal if Micron fueled enthusiasm for semiconductors has you looking for different angles on the same theme. Its edge AI NPUs, Bluetooth, Wi-Fi, and audio platforms are seeing fresh customer wins across PCs, headsets, and higher throughput wireless, and analysts expect earnings to move from losses to profits in the coming years. At the same time, CEVA is still loss making, trades at a premium P/S, and relies heavily on a small group of large customers, so the bar for execution is high. The key question is whether the mix of AI royalties and richer licensing can justify that optimism as sector sentiment swings with supply and demand.

CEVA’s shift from losses toward AI royalty potential and premium P/S pricing suggests a story the market may not have fully priced, and the analyst forecasts for CEVA could reveal the turning point investors are missing

The three stocks covered here are only a starting point, as the full semiconductor and memory chip screener surfaced 38 more companies with equally compelling stories that you have not seen yet in this article. Your short list may still be missing some important opportunities hiding in plain sight through the Semiconductor and Memory Chip Makers screener. Use Simply Wall St to identify and analyze the specific catalysts and narratives that matter to you, from AI and data centers to financial strength and country exposure, so you can focus on the highest conviction ideas for your own watchlist.

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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.