Investment firm Oppenheimer has included chipmaker NVIDIA and semiconductor equipment supplier Lam Research in its latest list of recommended momentum stocks, labeling them as its top "best of the best" selections, citing their strong upward price momentum in the current market.

In a report released on Monday, Oppenheimer's analysts noted that NVIDIA's dominance in AI chips remains solid, with its CUDA ecosystem and upcoming next-generation GPU architecture forming a strong competitive moat. Although the stock price has retreated since hitting an all-time high in June, analysts believe that as global tech giants continue to expand their AI infrastructure investments, NVIDIA's data center business revenue could exceed expectations again in the second half of the year. The report maintains an "Outperform" rating on NVIDIA and lists it as a core holding for momentum investment strategies.

Lam Research, which also made the list, is viewed as a key beneficiary in the semiconductor manufacturing process. Oppenheimer believes that as manufacturers like TSMC, Samsung, and Intel increase capital expenditures for next-generation chip processes, Lam Research will continue to expand its market share in the etching and deposition equipment sectors.

In addition to these two chip companies, Oppenheimer's momentum stock list also includes home-sharing platform Airbnb, Inc., autonomous driving technology company Aurora Innovation, and building materials company James Hardie Industries PLC. Analysts believe Airbnb, Inc. benefits from the ongoing recovery in global travel demand, Aurora Innovation is at a critical stage for the commercialization of autonomous driving, and James Hardie Industries PLC has demonstrated unexpectedly resilient performance in the North American construction market.

Oppenheimer's momentum strategy is based on a comprehensive quantitative assessment of stock price trends, earnings growth, and industry trends. The firm stated that all companies on this latest recommended list possess strong earnings growth potential and positive market sentiment support, showing a relatively clear upward trend despite macroeconomic uncertainties.

Oppenheimer also cautioned that momentum stock strategies carry higher risks during market-wide corrections, advising investors to closely monitor the impact of the Federal Reserve's monetary policy direction and geopolitical tensions in the Middle East on market risk appetite. Boosted by this report, shares of NVIDIA and Lam Research both rose approximately 1% in Monday's pre-market trading.