Freedom: Nvidia competitors are rapidly closing the gap in the AI chip market

The semiconductor sector rally in Q2 2026 drove the combined market capitalization of Micron Technology (MU), Intel (INTC) and AMD (AMD) up by more than $2 tn. Investors continue to actively allocate capital to chipmakers amid the rapid development of artificial intelligence technologies.

According to Freedom analyst Natalia Milchakova, although Nvidia remains the largest company by market capitalization in the semiconductor sector, its dominance is gradually weakening.

One of the main beneficiaries of the AI boom has been Micron Technology. The memory maker’s shares rose significantly amid a sharp increase in demand for semiconductors, primarily for high-bandwidth memory (HBM) chips, which are widely used in AI systems and data centers.

Intel is also showing notable progress. Following a large-scale business restructuring in 2025, the company focused on developing its artificial intelligence segment and producing specialized AI chips, enabling investors to reassess the business outlook.

As an additional driver of the market-cap growth of AMD, Intel and Micron, analysts cite an effective management strategy, the availability of highly qualified personnel, and the companies’ substantial experience in delivering technologically complex projects.

Freedom believes that as the artificial intelligence market expands, competition among semiconductor manufacturers will intensify, and Nvidia’s leading position no longer looks as unequivocal as before.

This is not an individual investment recommendation.