Ceva Inc (NASDAQ:CEVA) could be a "potential play on Physical AI," according to Needham analyst Charles Shi, who noted that applications such as cars, drones and robots require semiconductor chips beyond compute and memory because they must interact with the physical world.
The Ceva Rating: Shi initiated coverage of Ceva with a Buy rating and price target of $55.
The Ceva Thesis: The company has is in the "non-AI camp" of semiconductors and needs an AI catalyst, Shi said.
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As AI grows, the benefits of this technology are spreading across the semiconductor industry, the analyst stated.
