Jim Cramer is hosting a semiconductor-focused CNBC Investing Club call Thursday at noon. The AI capex cycle is running hotter than any point in the last two years, with hyperscalers, sovereigns, and enterprises racing to secure compute. These five names matter most, ranked by AI-driven revenue growth, earnings execution, margin expansion, and forward guidance strength.
#5. Qualcomm
Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) lands at the bottom because it broke the streak. Q3 FY26 non-GAAP EPS came in at $2.21, missing consensus of $2.2208 by 0.49% and snapping six consecutive quarters of beating EPS estimates. Handset revenue fell 20% year over year to $5.086 billion, dragging total revenue down 4.03%.
The bull case is automotive. That segment grew 61% year over year to $1.588 billion, its 23rd consecutive quarter of double-digit growth, and Qualcomm inked a long-term BMW chip supply deal for AI-enabled vehicles. CEO Cristiano Amon is targeting “total non-handset revenues growing to $40 billion by fiscal 2029” with non-handset growth accelerating from 24% in FY2026 to greater than 60% in FY2027. The stock is down 3.91% year to date, reflecting the handset overhang.
#4. Lam Research
Lam Research (NASDAQ:LRCX) is the picks-and-shovels play. Q4 FY26 revenue hit $6.72 billion, up 30.0% year over year, with non-GAAP EPS of $1.82 beating consensus by 8.10%, marking five consecutive quarters of beats. Gross margin expanded 190 basis points sequentially to 51.7%.
The September quarter guide is compelling: revenue of ~$8.10 billion ±$400 million and EPS of ~$2.15 ±$0.15. CEO Tim Archer said “Lam delivered record revenue, operating margin and earnings per share in the June quarter as AI-driven demand continues to reshape the semiconductor industry.” Shares are up 82.26% year to date.
#3. ASML
ASML (NASDAQ:ASML) owns the lithography monopoly and just raised the year. Q2 2026 revenue of $10.65 billion grew 21.3% year over year, with EPS of $8.67. Management lifted FY2026 guidance to €43-45 billion in revenue with gross margin of 54-56%, up from the prior €36-40 billion range.
CEO Christophe Fouquet is backing conviction with capacity, planning to add 30% to 2026 low NA EUV capacity of around 65 units for 2027, with another 30% under investigation for 2028. Shares are up 69.02% year to date.
#2. AMD
Advanced Micro Devices (NASDAQ:AMD) is closing the gap. Q2 2026 revenue jumped 50.1% year over year to $11.536 billion, with Data Center revenue doubling to $6.718 billion, up 107% year over year and now 58% of total revenue. Data Center operating income swung to $2.10 billion from a $155 million loss from a year earlier.
The Anthropic deal for up to 2 gigawatts of MI450 Series GPUs in Helios racks and expanded Microsoft Azure collaboration validate the roadmap. Q3 guidance calls for ~$13 billion in revenue, roughly 41% year-over-year growth. Lisa Su said “We delivered an excellent quarter, with record revenue and profitability as Data Center revenue more than doubled year-over-year.” Shares are up 121.48% year to date despite a recent pullback.
#1. NVIDIA
NVIDIA (NASDAQ:NVDA) is the top of the stack. Q1 FY27 revenue reached $81.615 billion, up 85.23% year over year, with non-GAAP EPS of $1.87 beating consensus by 5.42%. Data Center revenue alone was $75.246 billion, up 92%, and networking exploded 199% year over year.
The Q2 FY27 guide of $91.0 billion ± 2% with a 75.0% non-GAAP gross margin is remarkable for a company with a $5.42 trillion market cap. Supply commitments swelled to $119.0 billion, and the board added an $80.0 billion buyback authorization. Jensen Huang called it plainly: “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” Polymarket traders are pricing in a 98.1% probability of NVDA closing higher on August 12, with the most likely August close clustered at $232 (66.5% probability).
The Setup Into Thursday
Cramer’s semiconductor call lands in the AI capex cycle’s most aggressive phase. Every one of these five names, even the one that missed, is executing against accelerating AI demand. NVIDIA sits at the top because it is the only company simultaneously growing revenue at 85%, holding 75% gross margins, guiding to $91 billion in a single quarter, and returning capital at scale. If Cramer opens Thursday with a chart, it will almost certainly start there.
Contact [email protected] for any questions or corrections.
Top Gaining Stocks
Top Losing Stocks