BofA removes Nvidia from top picks as SoftBank reports Q2 loss

On November 10, 2026, Bank of America announced an adjustment to its stock recommendation list, removing chip giant NVIDIA (NVDA), Micron Technology (MU), and semiconductor equipment maker Lam Research (LRCX) from its “US 1” (US Premier Ideas) list. The bank did not specify why the three companies were taken off the list, and currently still maintains its ratings on these three stocks. On the same day, Wells Fargo lowered its price target for NVIDIA, while Morgan Stanley recently also broadly cut target prices for Samsung Electronics and SK Hynix. Meanwhile, Goldman Sachs believes semiconductor valuations have fully corrected and risks may be overestimated. In the previous US trading session, all three major indexes closed lower: the Nasdaq fell 0.74%, the Dow fell 0.3%, and the S&P 500 fell 0.38%. Chip stocks diverged: NVIDIA dropped more than 5%, falling over 9% cumulatively in the last two trading sessions, with its market value evaporating by over $420 billion; Micron once plunged more than 4% during intraday trading, before rallying near the close to ultimately finish down 1.1%. In early trading on November 11, SoftBank Group's share price extended its decline to 10%. SoftBank's earnings report disclosed on Tuesday showed a net loss of 1.12 trillion yen for the second quarter, marking its first quarterly loss in nearly two years. This fell significantly short of profit expectations, primarily due to impairments on US data center projects and the decline in tech stock valuations.