Intel’s latest earnings put a spotlight on how quickly money is moving toward AI hardware and the factories that support it. With Q2 revenue up 25% year on year, data centre and AI sales at $6.3b, and 2024 capital spending guidance lifted to $20b, investors are reconsidering which U.S. industrial and semiconductor related stocks might benefit or face tougher competition. This article looks at 3 stocks from a U.S. Industrial Reshoring and Semiconductor Manufacturing screener that appear positively exposed to the same forces driving Intel’s AI and foundry ambitions, helping you decide which stories deserve a closer look.

Marvell Technology (MRVL)

Overview: Marvell Technology designs and sells advanced data infrastructure chips that move and process data inside AI data centers and high speed networks, covering everything from custom accelerators to optical interconnects and storage controllers for customers around the world.

Operations: Marvell generates about US$8.7b a year from designing, developing and selling integrated circuits, with revenue spread across China (US$3.3b), other international markets (US$2.5b), Taiwan (US$1.8b) and the United States (US$1.0b).

Market Cap: US$183.4b

Intel’s acceleration in AI and foundry spending shines a light on Marvell Technology because it supplies the high speed custom silicon and optical links that help power those same AI data centers, while also attracting heavyweight partners like Nvidia and large cloud providers. The appeal is a mix of strong AI driven revenue momentum, expanding roles in custom AI chips and interconnects, and forecasts for earnings and revenue growth well ahead of the broader U.S. market. However, investors also need to weigh a rich valuation, heavy reliance on hyperscaler capex and some customer concentration and funding risks. The full story of how those trade offs stack up against Intel’s spending burst is where things get really interesting.

Marvell’s AI momentum and custom chip partnerships are impressive, but the real story may be how its earnings and revenue forecasts compare with that rich valuation. For more detail, review the analyst forecasts for Marvell Technology

Micron Technology (MU)

Overview: Micron Technology is a global memory and storage specialist, supplying DRAM, high bandwidth memory, NAND flash and solid state drives that sit at the core of AI data centers, PCs, smartphones, cars and industrial devices under the Micron and Crucial brands.

Operations: Micron generates most of its revenue from memory focused business units, with around US$31.3b from the Cloud Memory Business Unit, US$27.2b from the Mobile and Client Business Unit, US$21.2b from the Core Data Center Business Unit, US$10.5b from the Automotive and Embedded Business Unit and US$19m from All Other segments.

Market Cap: US$1,083.6b

Micron Technology is closely linked to the AI build out that Intel’s results highlight, supplying the DRAM, high bandwidth memory and storage that give AI servers their capacity while expanding U.S. manufacturing that aligns with onshoring and CHIPS Act priorities. Multi year customer contracts covering around one fifth of DRAM and a third of NAND volumes are intended to smooth out memory cycles and support margins, and recent results show earnings, revenue and profit margins at very strong levels. At the same time, investors may wish to stay alert to classic memory risks, including heavy capital spending needs, high non cash earnings, insider selling signals and intense competition from Asian peers. The key consideration is how those factors balance out against today’s valuation and AI expectations.

Micron’s AI memory surge and U.S. reshoring push are only half the story, and the real tension sits between that enthusiasm and today’s pricing. Get the full picture in the analysis report for Micron Technology.

Lattice Semiconductor (LSCC)

Overview: Lattice Semiconductor develops low power field programmable gate arrays, or FPGAs, and related software that let customers reconfigure chips for tasks such as data center control, industrial automation, automotive systems and edge AI without having to redesign the hardware.

Operations: Lattice Semiconductor generates about US$574.0m in revenue from its Core Lattice segment, with sales spread across Greater China (US$325.0m), the Americas (US$91.6m), Europe including Africa (US$73.9m), Other Asia (US$53.1m) and Japan (US$18.0m).

Market Cap: US$18.9b

Intel’s AI driven spending surge puts Lattice Semiconductor in focus because its low power FPGAs often sit alongside the big accelerators as “companion chips”, managing control, security and data movement in servers, networking gear and industrial systems. Analysts have highlighted expectations for rapid earnings and revenue growth and point to recent awards in cybersecurity and edge AI, plus design wins with hyperscalers, as factors that support this view. At the same time, the stock trades on a very high P/S multiple, current margins are modest and there has been meaningful insider selling and new debt to help fund the planned AMI deal. The tension between that rich valuation and the AI plus reshoring opportunity is where the most important questions for investors sit.

AI plus reshoring could be accelerating Lattice Semiconductor’s story, but the real twist is how its rich P/S, margins and insider moves fit together in the 1 key reward and 2 important warning signs

The three stocks in this article are just the starting point. The full screener uncovered 45 more U.S. industrial reshoring and semiconductor manufacturing companies with equally compelling narratives in the U.S. Industrial Reshoring and Semiconductor Manufacturing screener. Use Simply Wall St to identify, analyze and filter for the specific catalysts and financial stories that matter to you so you can focus on the highest conviction opportunities in this theme.

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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.