BMO Capital Markets began coverage of the semiconductor and quantum computing sectors with an upbeat view, favoring AI-exposed companies and analog chipmakers. Nvidia is its top large-cap pick, rated Outperform with a $340 price target, while Broadcom, Micron, AMD, Marvell, Semtech and D-Wave also received Outperform ratings. BMO cited Nvidia's fully booked AI systems, expected revenue growth and the upcoming Vera Rubin NVL72 ramp, as well as strong HBM demand and constrained memory supply. The firm expects AI capital spending to continue for years as token demand rises, while it remains more cautious on Skyworks and MACOM.