Investing.com reported on 10 November that Bank of America removed Nvidia, Micron and Lam Research from its US 1 list, the bank’s list of best investment ideas, while all three keep Buy ratings. At the 9 November close the three stocks were worth about $5.43 trillion on Nasdaq’s market-cap figures, roughly $2.27 trillion, or 29.5%, less than at each stock’s 2026 closing high, by our arithmetic.
The same morning, Wells Fargo cut its Nvidia price target to $300 from $315 and kept an Overweight rating, Investing.com reported, so two banks trimmed their Nvidia calls on one day without moving to a sell. The new target is still 67.9% above Nvidia’s $178.67 close of 9 November, by our arithmetic.
The distance from the top widens down the list: Nvidia closed 25.3% below its 6 October high, Micron 39.6% below its 25 June high and Lam Research 48.9% below its 30 June high, per Nasdaq daily closes and our arithmetic.
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The key insight: Bank of America removed Nvidia, Micron and Lam Research from its US 1 list of best investment ideas while keeping all three at Buy, Investing.com reported on 10 November; on Nasdaq data the three are about $2.27 trillion, or 29.5%, below their combined value at each stock’s 2026 closing high, by our arithmetic.
Investing.com said the bank “removed three semiconductor companies from its US 1 list while maintaining Buy ratings on all three stocks”. It describes the list as “Bank of America’s collection of best investment ideas drawn from Buy-rated, US-listed stocks covered by the firm’s fundamental equity research analysts”.
The three stocks “were removed from the curated list but remain among the firm’s Buy-rated coverage universe”, the report says. A news flash carried the Nvidia line on its own, “BofA Global Research removes stock from its US 1 list”, at 10:53 UTC. The relay account Walter Bloomberg (@DeItaone) posted the change on X at 11:07 UTC and called the list the firm’s “highest-conviction investment ideas”.
The Investing.com text we read gives no reason for the removals, names no stocks added in their place and gives no price targets for the three tied to the change. We did not see the Bank of America note itself.
Market value of Nvidia, Micron and Lam Research at each stock’s 2026 closing high against the 9 November 2026 close, after Bank of America removed all three from its US 1 list (Investing.com, 10 November). Prices and market caps from Nasdaq quote data; values at the highs are our arithmetic and assume an unchanged share count.
Wells Fargo Cut Its Nvidia Target the Same Day
Wells Fargo “lowered its price target on Nvidia to $300 from $315 while maintaining an Overweight rating”, Investing.com reported at 11:18 UTC, and named key person risk as an overhang on the stock. MarketScreener carried the same $300-from-$315 change at 11:11 UTC. The cut is $15, or 4.8%, by our arithmetic.
Investing.com says the $300 target “represents 15 times price-to-earnings on its calendar year 2028 earnings per share estimate”, which implies about $20 of earnings per share, by our arithmetic. The bank expects Nvidia to guide fourth-quarter fiscal 2027 revenue to $126.4 billion against a Street estimate of $124.3 billion, the report says.
How Far Each Stock Sits From Its High
Nvidia closed at $178.67 on 9 November against a 2026 closing high of $239.24 on 6 October. On Nasdaq’s $4.33 trillion market-cap figure, that gap is about $1.47 trillion, by our arithmetic, which assumes an unchanged share count. Nvidia is also 4.2% below its $186.50 close on 31 December 2025.
Micron closed at $733.15 against a $1,213.56 high on 25 June, a gap of about $539 billion on its $823 billion market cap. It is still up 156.9% in 2026 from $285.41, by our arithmetic. Lam Research closed at $221.31 against $433.33 on 30 June, about $262 billion below, yet 29.3% above its year-end close.
Added up, Nvidia accounts for 64.7% of the $2.27 trillion combined gap, by our arithmetic. In pre-market trading at 6:29 a.m. Eastern on 10 November, Nasdaq quoted Nvidia at $179.73, up 0.59%, Micron at $726.35, down 0.93%, and Lam Research at $217.96, down 1.51%.
Where the Change Lands
The removal comes after Bank of America strategists led by Michael Hartnett said the midterm results mark peak AI equity concentration and favoured tech bonds over tech stocks, as Investing.com reported on 6 November. The Investing.com report on the US 1 list does not connect the two.
As we read the Nasdaq data, the order of the gaps runs opposite to the order of the dollars: Lam Research is furthest from its high in percentage terms, at 48.9%, while Nvidia, at 25.3%, holds 64.7% of the $2.27 trillion combined gap, by our arithmetic.
As we read the year so far, the three are not in the same place: Micron is still up 156.9% in 2026 and Lam Research 29.3%, while Nvidia is 4.2% below its 31 December 2025 close, by our arithmetic from Nasdaq daily closes.
Investing.com, 10 November 2026
“The three semiconductor stocks were removed from the curated list but remain among the firm’s Buy-rated coverage universe”
Three Implications
FOR HOLDERS OF THE THREE STOCKS Investing.com says all three keep Buy ratings; the report we read gives no reason for the removals and no price targets tied to the change.
FOR THE LIST ITSELF The report names no stocks added in place of the three; Investing.com describes the US 1 list as drawn from Buy-rated, US-listed stocks covered by the bank’s fundamental analysts.
FOR THE CHIP TRADE At the 9 November close the three were worth about $5.43 trillion on Nasdaq’s market-cap figures, against about $7.70 trillion at their 2026 closing highs, by our arithmetic.
The framework describes the AI build-out as having “a dual character that is simultaneously a bubble and a supercycle”.
As we read it, the US 1 list change shows both sides at once: the bank keeps all three chip stocks at Buy while taking them off its best-ideas list, as Investing.com reported, and the three sit about $2.27 trillion below their 2026 peak value, by our arithmetic. The framework predates the move and does not discuss it.
What Is Not Established
Why the bank took the three off the list is not in the report we read, and neither is what, if anything, replaced them. Investing.com says all three keep Buy ratings; it does not say whether their price targets changed with this move. Its recent-news section notes that BofA Securities was among the firms that earlier lowered Lam Research’s target.
The market-value gaps are our arithmetic from Nasdaq’s market-cap field and daily closes; they assume each company’s share count did not change since its high, so they are approximate.
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Bank of America took Nvidia, Micron and Lam Research off its US 1 list of best ideas while keeping all three at Buy, Investing.com reported. The three are about $2.27 trillion below their combined 2026 peak value, by our arithmetic from Nasdaq data, with Lam furthest from its high at 48.9% and Nvidia holding the largest dollar gap. Wells Fargo cut its Nvidia target to $300 from $315 the same day and kept Overweight, Investing.com reported.
A note on sourcing. The US 1 list change and the Buy ratings are from Investing.com’s report of 10 November 2026; we did not see the underlying Bank of America note. The Nvidia flash and the X post by @DeItaone are relays. Prices, 2026 highs and market caps are from Nasdaq quote data read between 11:20 and 11:30 UTC on 10 November. Gaps from the highs, year-to-date changes and shares of the total are our arithmetic. Bank of America was not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
