Goldman Sachs names NVIDIA and Micron Technology the biggest AI winners; Micron up 214% year-to-date as memory demand breaks historical precedent

Goldman Sachs identified NVIDIA and Micron Technology as the top AI beneficiaries. NVIDIA reported Q1 FY2027 revenue of $81.6 billion (up 85% year-over-year) with Q2 guidance of $91.0 billion at 75% gross margin. Micron reported Q1 FY2026 revenue of $13.64 billion (up 56.6% year-over-year) with Q2 guidance of $18.70 billion.

The AI supply chain runs through a narrow set of vendors: ASML provides lithography machines (the only maker of EUV scanners used in advanced chip production), TSMC manufactures chips, NVIDIA and Broadcom design accelerators, and Micron supplies HBM memory stacks (high-bandwidth memory that sits adjacent to GPUs). Broadcom's AI semiconductor revenue hit $8.40 billion (up 106% year-over-year) in Q1 FY2026, with CEO Hock Tan publicly targeting $100 billion+ in AI sales by 2027.

Micron's stock is up 214% year-to-date and 861% over the past year; the Cloud Memory Business Unit alone achieved $5.28 billion in revenue at 66% gross margin and 55% operating margin in Q1 FY2026. ASML raised its full-year revenue outlook to $42.47 billion to $47.19 billion and is executing a €12 billion share buyback through December 31, 2028. NVIDIA shares are up only 15% year-to-date, lagging ASML and Micron despite the strong earnings.