Four stocks in the Stoxx Europe 600 index tend to rise alongside Nvidia stock, according to a CNBC Pro analysis of stock price data. European stocks are also focused on semiconductor companies: ASML, VAT Group, ASM International and BE Semiconductor Industries. All four stocks are traded globally, including in the US, UK and Germany. The stock price performance of these technology stocks over the past year is highly correlated with Nvidia. However, unlike the AI chip giant’s 210% share price rise in the past 12 months, the gains in these stocks have been relatively modest, ranging from 40% to 85%. In the table below, a value of 1 in the relevant column means that as Nvidia stock rises or falls, the public company’s stock price moves in tandem. A correlation of zero means there is no statistical connection between the chipmaker’s stock and the stock prices of the four companies. Past relative returns do not show causation or guarantee future patterns of returns or price action. Netherlands-based chip company ASML is an indirect supplier to Nvidia. The company makes machines used by manufacturers such as Taiwan’s TSMC to make wafers. Swiss company VAT Group produces vacuum valves that are used in and are a key component of clean rooms (controlled environments) at wafer manufacturers. ASM International and BE Semiconductors, both component suppliers to the semiconductor industry, will also benefit from the growing artificial intelligence trend. CNBC Pro’s analysis uses the Pearson correlation coefficient, the most common way to measure the linear correlation between two variables (in this case, stock prices). CNBC’s calculations only measure the direction and magnitude of daily price movements. No consideration is given to long-term returns. The consensus upside potential for the stocks mentioned comes from a FactSet poll of analysts for each stock.
