When Nvidia rises — these global stocks tend to rise too, history says

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Four stocks in the Stoxx Europe 600 index tend to rise alongside Nvidia shares, according to an analysis of share price data by CNBC Pro . The European stocks are also semiconductor focused companies: ASML, VAT Group, ASM International , and BE Semiconductor Industries . All four stocks are traded worldwide, including in the U.S., U.K. and Germany. The share price performances of these technology stocks were highly correlated to Nvidia’s over the past year. However, unlike the AI chip giant’s 210% share price increase over the past 12 months, these stocks rose relatively moderately between 40% and 85%. In the table below, a value of one in the correlation column means that as Nvidia’s stock moved, either up or down, the share price of the companies listed moved in lockstep. A correlation of zero would indicate no statistical link between the chip maker’s stock and the share price of the four companies. Correlated returns in the past do not indicate causation or guarantee future returns or price action patterns. The Netherlands headquartered chip company ASML is an indirect supplier of Nvidia. The company makes machines used by manufacturers such as Taiwan’s TSMC to manufacture chips. Swiss company VAT Group manufactures vacuum valves that are used in and are critical components for clean rooms (controlled environments) at chip makers. ASM International and BE Semiconductors are both component suppliers in the semiconductor industry that are also set to benefit from the rising AI trend. CNBC Pro’s analysis used the Pearson correlation coefficient, the most common way of measuring a linear correlation between two variables — in this case, stock prices. CNBC’s calculations only measure the direction and size of daily price action. Longer-term returns are not considered. The consensus upside potential for the stocks listed above was derived from FactSet’s poll of analysts covering each stock.



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