[Bernstein: Strong Demand for AI Compute Spending, Maintains Positive Outlook on Semiconductor Sector]
In a research report dated September 14, 2026, Bernstein noted that Anthropic CEO Dario Amodei proposed a 'pacing framework' to slow down the rate of AI model capability advancements, but demand for compute spending remains strong. The semiconductor sector has risen 67% year-to-date, dropped 19% from its June peak, and rebounded 13% from its July low. Bernstein believes that demand for AI semiconductors is driven by inference, and current compute capacity is insufficient to meet model requirements. The firm maintains a positive outlook on AI infrastructure prospects, assigning target prices of $400 for NVIDIA, $575 for Broadcom, and $700 for Applied Materials, along with an outperform rating. (Source: Chaoxiang Research)
