Major AI chip stocks Nvidia, AMD, and Broadcom fell sharply last week despite posting accelerating revenue growth, raising questions about whether the sell-off has created a buying opportunity for long-term investors.

What happened: A wave of selling erased about $1.3 trillion（約210兆円） of market value from chip stocks in Friday's session alone. Nvidia fell about 6%, AMD dropped almost 11%, and Broadcom lost about a fifth of its value in a week. Despite the declines, all three companies reported strong quarterly results — Nvidia's data center revenue grew 92% year-over-year, AMD's data center segment grew 57%, and Broadcom's AI chip revenue jumped 143% and exceeded management's forecast.

Why it matters: The underlying businesses remain healthy and growing faster, yet their stock prices have fallen sharply. Nvidia's fiscal first-quarter revenue rose 85% year-over-year to $81.6 billion（約13兆円） with guidance for fiscal second-quarter revenue of about $91 billion（約15兆円） (implying year-over-year growth of about 95%). AMD guided for second-quarter revenue of about $11.2 billion（約1.8兆円）, representing year-over-year growth of about 46%, described by management as a meaningful acceleration. This suggests the sell-off may reflect investor sentiment shifts rather than fundamental deterioration in the businesses themselves.

What to watch: Broadcom also guided to about $16 billion（約2.6兆円） in AI chip revenue in the fiscal third quarter and $56 billion（約9兆円） for the full fiscal year, while reiterating its more than $100 billion（約16兆円） AI chip revenue target for fiscal 2027. However, valuations remain stretched — Nvidia trades at a price-to-earnings ratio of about 31, and AMD trades at more than 100 times its earnings over the past year — leaving limited room for execution missteps. AMD plans to ship Helios, its first full rack-scale AI system, later this year, with OpenAI and Meta Platforms already lined up as customers.