Bank of America Drops Nvidia, Micron From US 1 List
Bank of America removed three chip stocks from its top-rated US picks while keeping Buy ratings on each.
Updated on Nov. 10, 2026 in Semiconductors
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Bank of America removed Nvidia, Micron Technology, and Lam Research from its US 1 List, the bank's top-rated US equity picks, while keeping Buy ratings on all three. The move reflects a limited list space the bank wants to allocate elsewhere.
Why it matters
The removal signals that the bank is making room for other holdings on a constrained list, even while maintaining positive views on the chip makers. Investors tracking the list may read the exits as a portfolio allocation decision rather than a downgrade.
Nvidia supplies processors that train and run AI models, Micron makes memory used in AI systems, and Lam Research builds chip manufacturing equipment. Analyst Vivek Arya projects about $1.01 trillion in 2026 cloud capital expenditures, nearly doubling 2025 spending, though the source does not detail how that figure was derived.
The players
Bank of America
A major US bank whose research division publishes the US 1 List of top-rated equity picks.
Vivek Arya
A Bank of America analyst who projects cloud capital expenditures of about $1.01 trillion for 2026 and expects growth into 2027.
The details
Bank of America's US 1 List is its set of top-rated US equity picks. Lam Research had joined the list in February 2026, replacing AMD, and Micron's exit is dated to November 10, 2026, when its stock closed at $733.
Timeline
February 2026: Lam Research added to the US 1 List, replacing AMD.
November 10, 2026: Micron removed from the US 1 List; stock closed at $733, up 6.25%.
The Tech Race
Arya's projection of roughly $1.01 trillion in 2026 cloud capital expenditures, nearly double 2025, frames the chip makers' outlook within an AI infrastructure buildout that he expects to continue into 2027. The list removals therefore reflect portfolio positioning inside a spending cycle the bank still views as expanding.
Investors who follow Bank of America's US 1 List may reassess holdings in Nvidia, Micron, and Lam Research even though the bank still rates all three Buy. The list change itself does not alter the ratings, so individual portfolios depend on how each investor reads the removal.
The takeaway
A removal from a top-rated list is not the same as a downgrade, so readers should check the underlying rating before acting on list changes. Analyst cloud spending projections remain a key input for judging chip demand.
Further reading
For more on chip industry shifts, explore our Semiconductors coverage.
Source note: This article includes information reported by Crypto Briefing.
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