NVDA vs. AMD vs AVGO: Which AI Chip Stock Is the Best Pick, According to Analysts?

Concerns about elevated valuations have impacted sentiment about technology and artificial intelligence (AI) stocks. However, Wall Street remains bullish on several tech stocks, including stocks of some chip companies, given their strong fundamentals and long-term growth prospects. Using TipRanks’ Stock Comparison Tool, we placed Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO) against each other to find the best chip stock, according to Wall Street analysts.

Nvidia (NASDAQ:NVDA) Stock

Chip giant Nvidia has established itself as the dominant player in the AI GPU (graphics processing unit) market. Despite concerns about growing competition from AMD and Broadcom and the uncertainty about its business in China amid chip restrictions and increased scrutiny by Beijing, most Wall Street analysts remain bullish on NVDA due to robust demand for its innovative AI chips, solid execution, strategic partnerships, including the one with OpenAI (PC:OPAIQ), and sovereign AI opportunities.

All eyes are now on Nvidia’s Q3 results, scheduled to be announced on November 19. Wall Street expects Nvidia to report a 54.3% year-over-year rise in Q3 FY26 earnings per share (EPS) to $1.25. Revenue is estimated to grow by 56.3% to $54.83 billion. 

Is NVDA Stock a Buy Ahead of Q3 Earnings?

Heading into Q3 earnings, Wells Fargo analyst Aaron Rakers reiterated a Buy rating on Nvidia stock and increased his price target to $265 from $220. The analyst slightly raised his near-term estimates but made notable revisions to Fiscal 2027 and 2028 estimates, citing continued upside momentum in hyperscale capital spending. Rakers now expects revenue and EPS of $209.2 billion and $4.61, respectively, for Fiscal 2026, $301.6 billion and $7.05 for Fiscal 2027, and $383.2 billion and $8.90 for Fiscal 2028.

The 5-star analyst highlighted that his revised price target for NVDA stock reflects his increased estimates, at about a 30x P/E multiple (2027 calendar year earnings), backed by the company’s solid growth and “best-in-class positioning” for sustained data center and AI investments.

Currently, Wall Street has a Strong Buy consensus rating on Nvidia stock based on 37 Buys, one Hold, and one Sell recommendation. The average NVDA stock price target of $241.57 indicates 27% upside potential. NVDA stock has risen 42% year-to-date.

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Advanced Micro Devices (NASDAQ:AMD) Stock

AMD stock has risen 13% over the past month, bringing the year-to-date rally to 104%. This impressive jump in the stock has been driven by the optimism about the company’s new AI GPUs, solid Q3 results, strategic deals, including its 6 gigawatt AI chip deal with OpenAI (PC:OPAIQ), and the partnership with Oracle (ORCL) for the deployment of Instinct MI450 Series GPUs.

Additionally, the insights provided at AMD’s Financial Analyst Day reinforced investor confidence about the company’s ability to capture massive demand in the AI chip market. Notably, CEO Lisa Su expects AMD’s revenue to grow by 35% annually over the next three to five years, driven by “insatiable” demand for AI chips. 

Is AMD Stock a Buy or Sell Now?

Following the Analyst Day, Truist Securities analyst William Stein reiterated a Buy rating on AMD stock with a price target of $279. The 5-star analyst noted that AMD’s EPS is estimated to grow at a compound annual growth rate (CAGR) of about 45% through 2030, while trading at a valuation multiple of about 10x 2030 EPS. Stein highlighted the key insights from AMD’s Analyst Day, including a $1 trillion total addressable market (TAM), expectations of 35% top-line growth, and expansion in gross and operating margins.

The analyst noted that the key growth catalyst is the strength in AMD’s server accelerators. In fact, customer orders and future indications indicate an 80% CAGR. “Of course, execution is one risk, but the bigger ones relate to customers’ ability to power and to fund the build-out,” cautioned Stein. That said, the analyst stated that management’s confidence addressed his concerns to some extent.

Overall, Wall Street has a Moderate Buy consensus rating on Advanced Micro Devices stock based on 28 Buys and 10 Holds. The average AMD stock price target of $281.27 indicates 14% upside potential.

See more AMD analyst ratings

Broadcom (NASDAQ:AVGO) Stock

Broadcom shares have jumped 48% year-to-date, driven by the growing demand for the company’s custom AI chips or ASICs (application-specific integrated circuits). The company’s announcement of a $10 billion order for its custom AI chips further bolstered investor sentiment.

Notably, Broadcom is seeing demand for its custom AI chips from customers seeking alternatives to Nvidia’s GPUs for specific AI workloads. It is worth noting that Broadcom’s AI revenue surged 63% to $5.2 billion in Q3 FY25, with continued strength expected in the quarters ahead.

Is AVGO a Good Stock to Buy?

Earlier this month, Jefferies analyst Blayne Curtis increased his price target for Broadcom stock to $480 from $415 and reiterated a Buy rating. The 5-star analyst assigned AVGO a “top pick” status, saying that he sees larger upside to estimates as ASICs hit an inflection point. Curtis noted that while Alphabet’s Google (GOOGL) has been the main ASIC customer for Broadcom for years, volumes are expected to become “much more meaningful” in calendar year 2026 and 2027. He highlighted that the number of tokens Google processes per month is rising, and he expects it to grow further as additional compute is needed for multimodal models.

Curtis added that while Asia checks indicated 2.7 million to 3 million units of TPUs (tensor processing units) for 2026, up from 1.5 million in 2025, that figure is now approaching 3 million, with the possibility of further rise as Google announced that it is planning to host access for up to 1 million TPUs for Anthropic. Moreover, Anthropic is planning to set up its own cluster in 2026. In addition to the business from Google, Curtis expects Broadcom to gain from its partnerships with Meta Platforms (META) and OpenAI. In fact, the top-rated analyst expects the OpenAI deal to drive more upside, given the 10 GW plans through 2029.

With 28 Buys and two Holds, Broadcom stock scores a Strong Buy consensus rating on TipRanks. The average AVGO stock price target of $397.38 indicates 16% upside potential.

See more AVGO analyst ratings

Conclusion

Wall Street is currently optimistic about Nvidia and Broadcom, and cautiously optimistic about AMD stock. Analysts see higher upside potential in NVDA stock than in the other two chip stocks. Robust demand for AI chips, solid execution, strategic partnerships, and opportunities in sovereign AI are expected to drive continued growth for Nvidia.