Dr. JoAnne Feeney, Partner and Portfolio Manager at Advisors Capital Management, joined CNBC to discuss investment opportunities and risks across the semiconductor industry. She examined Nvidia’s long-term competitive position, the growing importance of advanced chip-design tools, and why investors may need to look beyond headline valuations when evaluating memory-chip companies.
Interview Date: July 10, 2026
Key Takeaways
Nvidia may remain a long-term leader in AI computing: Dr. Feeney highlighted Nvidia’s established position in high-performance computing and its potential to maintain market leadership, while acknowledging that competition within the semiconductor industry is likely to increase.
The broader AI ecosystem may offer multiple investment opportunities: Beyond leading chipmakers, companies that provide semiconductor design tools and infrastructure may benefit as advanced chips become increasingly complex to develop.
Memory-chip valuations require a cyclical perspective: Recent earnings growth among memory manufacturers has been supported in part by stronger pricing, but additional production capacity could eventually pressure prices and profitability. Investors may therefore need to evaluate earnings potential across a full market cycle rather than relying solely on current valuation multiples.
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