Nvidia's internal probe into CEO Jensen Huang and possible foreign intelligence targeting has put governance and national security risk in the spotlight, and that ripple hits anything tied to the AI chip story. Investors hunting for exposure without leaning heavily on China are now scanning for alternatives that could benefit as attention broadens. This article walks through three U.S. listed semiconductor and chip equipment stocks from our low China exposure screener that appear most closely linked to this news shock.
The three stocks covered next are just a sample, and the same screen surfaced 59 more U.S. listed semiconductor and chip equipment companies with equally compelling stories that are not discussed here. If you want to identify and analyze your own ideas based on this theme, head straight into the U.S.-Listed Low-China-Exposure Semiconductor & Chip-Equipment Stocks screener .
Skyworks Solutions (SWKS)
Skyworks Solutions taps the same global connectivity trends as the headline AI players, yet fits this screener because its analog and mixed signal chips lean more on U.S. handset and IoT demand than on sensitive AI GPU exports, which is where things get interesting.
Skyworks Solutions develops analog and mixed signal semiconductors used in wireless connectivity and radio frequency hardware across sectors, with all US$4.0b of recent revenue coming from proprietary semiconductor products and the stock valued at roughly US$12.4b.
"Accelerated adoption of advanced wireless standards and AI workloads in premium smartphones is expected to increase RF content per device, and Skyworks Solutions has a multigenerational Android design win that management expects to exceed US$1b in revenue through 2030."
What really matters for investors is how one less visible pressure on its future profitability ultimately resolves.
If that pressure point matters to you, read the full narrative for Skyworks Solutions to see how Skyworks Solutions' design wins, customer mix and capital choices could be quietly reshaping its AI leverage.
FormFactor (FORM)
FormFactor plugs into the screener's low China exposure test equipment theme by providing the probe cards and systems that let major chipmakers in the U.S., Korea, Taiwan and beyond qualify advanced processors, memory and photonics hardware tied to AI and high performance computing.
FormFactor designs semiconductor test hardware across probe cards and systems, generating about US$802 million from Probe Cards and US$178 million from Systems, on a business valued at roughly US$6.4b.
FormFactor sits at an interesting junction for this theme, because its tools are critical for AI era chips yet its revenue base leans on diversified fabs and advanced nodes rather than heavy China exposure. This puts extra weight on how its next leg of growth is built.
"FormFactor's move into co packaged optics and silicon photonics test, backed by a record US$48.5 million Systems quarter and CPO revenue now expected to significantly exceed US$20 million in 2026, creates a separate multi hundred million dollar test category that can compound Systems revenue and support higher company wide gross margins over time."
The real tension is whether one capacity and mix decision quietly tilts that margin story in your favor or chips away at it.
That mix question is exactly what the full narrative for FormFactor unpacks, revealing how FormFactor's test footprint could accelerate or quietly cap its AI upside.
MACOM Technology Solutions Holdings (MTSI)
MACOM Technology Solutions Holdings fits this low China exposure screen as a U.S. listed analog and RF chip supplier tied to telecom, data center optics and industrial customers. It has grown into a roughly US$16.1b business on about US$1.3b of semiconductor and module revenue.
For investors watching the fallout from Nvidia's probe and looking for AI adjacent hardware that leans more on optical links than GPUs, MACOM Technology Solutions Holdings offers a way to gain exposure to that same demand without relying on the same export controlled routes.
"Accelerating AI and cloud data center demand for higher speed optical connectivity, including 800G and 1.6T products, 200G and 400G per lane photodetectors and PCIe optical interconnects, supports the view that MACOM Technology Solutions Holdings can expand revenue as these architectures scale through its optical chipset portfolio."
What moves the needle now is how one capacity and product mix decision filters through future margins when those data center orders land.
That margin chain is exactly what the full narrative for MACOM Technology Solutions Holdings tackles, showing how MACOM Technology Solutions Holdings could convert that optical demand into accelerating cash flow resilience.
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This article is general in nature and was produced with the assistance of AI automation, based on data and analysis from Simply Wall St. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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