Bank of America named Nvidia, Intel, Marvell Technology, Micron Technology and Lam Research as its semiconductor selections for the fourth quarter, citing historically strong seasonal performance and near-term company catalysts. BofA raised its AI data-center spending projection to $2.2 trillion by 2030 from $1.8 trillion, equivalent to roughly 40% annual compound growth. It said spending by major U.S. and Chinese cloud providers could approach $1 trillion in the current year, reach $1.4 trillion by 2027 and rise to between $2 trillion and $3 trillion by 2030. The bank said the SOX index was trading at 21 times forward earnings, 12% below its median valuation since ChatGPT's introduction. BofA strategists identified weakening investor confidence in artificial intelligence, rather than higher bond yields alone, as the principal risk to U.S. equities. Since Aug. 31, the 20 best-performing S&P 500 stocks have added about $1.7 trillion in market value, while the other 480 constituents have lost roughly $1.9 trillion.