Nvidia, ASML and AMD are emerging as the core names in a new “Chip Titans Index” pitch, with investor enthusiasm for AI hardware still running hot even as the stocks themselves have pulled back from recent peaks.
Nvidia, ASML and AMD in chip basket pitch
The framing matters because it captures the market’s central trade in semiconductors: investors are still willing to pay for the companies that supply the picks and shovels of artificial intelligence, but they are also becoming more selective after a year of sharp swings in chip valuations. That tension is visible in the price action, where Nvidia has retreated to $216.24 from an August high above $227, ASML has slipped to 1,630.68 euros from a June peak near 1,987 euros, and AMD has fallen to $537.53 after trading above $580 in late June.
Sentiment IndicatorsⓘProprietary · adalytica.com · October 20, 2026
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Nvidia remains the bellwether. Its Adalytica earnings sentiment score is at 100, labeled “Extreme Greed,” even as the shares sit below their 50-day moving average of $222.81 and the RSI reads 36.3, a sign the stock has cooled after a powerful run. The company is still the market’s clearest expression of AI spending, and its weight in any chip basket would make it the main driver of performance, for better or worse.
ASML is the other critical pillar because it sits upstream of the AI buildout. Its latest close leaves it well below both the 50-day and 200-day moving averages, while the RSI at 23.8 points to deeply oversold conditions by a conventional technical measure. For investors, that combination underscores the risk-reward split in the sector: demand for advanced chips remains strong, but the equipment makers tied to long-cycle wafer-fab spending are being priced with less conviction.
Nvidia Corp — 30-day sentimentadalytica.com
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AMD adds breadth to the trade by giving the index a direct competitor to Nvidia in high-end AI compute. The stock’s RSI of 31.0 leaves it close to oversold territory, while the price is only slightly above its 50-day moving average. That suggests investors still see optionality in AMD’s AI exposure, but they are not paying the same premium as for Nvidia.
The broader backdrop is still constructive for chips, with AI sentiment across the sector elevated and the market continuing to reward companies tied to datacenter buildouts, advanced packaging and lithography. Nvidia’s own filings point to direct exposure to macro and supply-chain risks, including tariffs, inflation, rates and geopolitical developments, but the investment case remains rooted in sustained demand for AI infrastructure.
For investors, the key question is not whether AI remains the dominant chip narrative — it does — but which names can justify the next leg higher after a year of violent reratings. Any Chip Titans Index would likely be dominated by Nvidia’s momentum, buffered by ASML’s equipment leverage and AMD’s competitive upside, with the next catalyst coming from earnings, capex commentary and any fresh signal on the pace of AI spending.
| Entity | Gains | Losses |
|---|---|---|
| Nvidia | ▲Index weight and AI leadership | ▼Any broad semis pullback |
| ASML | ▲AI fab equipment demand | ▼Slower capex cycles |
| AMD | ▲AI share gains vs rivals | ▼Nvidia’s dominance |
| Chip Titans index investors | ▲Concentrated AI exposure | ▼Diversification and lower volatility |
