With few big sector-specific catalysts on the horizon, one analyst thinks the direction of semiconductor and other technology stocks will be determined by the Fed’s next move and macro data.

Plenty of AI stocks trade down from their recent peaks, and the Nasdaq Composite, the tech-heavy index, hit an intraday peak on July 11. The index is down 5.5% from that peak after a recent recovery. Similarly, the VanEck Semiconductor ETF, which is led by the chip stocks that are key in the AI rally, is down 18% from its peak on the same day.

The central bank's decision to slash borrowing costs by 50 basis points is easing concerns about the economy. That could lift the AI trade.

A Wall Street analyst initiated coverage of three semiconductor stocks with buy ratings, citing their exposure to the artificial intelligence boom.

Are these two high-growth artificial intelligence (AI) stocks the next Nvidia? For much of the last two years, no trend has captivated the attention of investors quite like artificial intelligence (AI).

It’s Fed decision day—and it'll be difficult for the chip maker's shares to make gains until investors have more clarity about the central bank's next move.