Chip makers got a boost of confidence last week after a slew of earnings reports from Big Tech companies showed no signs of a slowdown in spending on artificial intelligence. With demand for AI computing expected to continue outstripping supply, one analyst is doubling down on his bullish view of major chip players.

Despite investors’ concerns over circular financing following multibillion-dollar infrastructure deals and investments between AI startup OpenAI with Nvidia Corp.

NVDA, Advanced Micro Devices Inc. AMD and Broadcom Inc. AVGO, Cantor Fitzgerald’s CJ Muse said the latest earnings season reflected that “there is a clear appetite to spend.”