On Tuesday, KeyBanc Capital Markets revised its outlook on shares of several semiconductor companies based on its quarterly supply chain findings. The review led to a more negative stance on NVIDIA Corporation (NASDAQ:) and Advanced Micro Devices, Inc. (NASDAQ:), with both companies’ estimates and price targets being adjusted downward.

According to InvestingPro data, NVIDIA maintains a perfect Piotroski Score of 9, indicating exceptional financial strength, with impressive revenue growth of 152% in the last twelve months.

For NVIDIA, KeyBanc pointed to several factors contributing to the negative outlook. The demand for NVIDIA’s Hopper GPUs is expected to decline double digits quarter-over-quarter in the fourth quarter of 2024, contrary…