JPMorgan remains constructive on semiconductors into second-quarter earnings, favoring Nvidia, Broadcom, and Marvell Technology after a 13% to 15% pullback in the sector. The firm expects chipmakers to report second-quarter results and third-quarter guidance "above consensus," supported by healthy AI demand. All three names carry Overweight ratings and are expected to report results in late August. Nvidia, scheduled to report its second-quarter fiscal 2027 results on August 26, is the anchor of JPMorgan's AI thesis, with Wall Street consensus calling for earnings of $2.08 per share on revenue of approximately $91.73 billion. In its most recent fiscal quarter, Nvidia's revenue hit a record $81.6 billion, up 85% year over year, with data center revenue of $75.2 billion climbing 92%. The stock now trades at roughly 20 times forward earnings. Broadcom and Marvell are locked in an intensifying battle for dominance in the custom-chip market, where hyperscale cloud providers are designing their own processors to reduce dependence on Nvidia's graphics processing units.