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FORM vs NVDA
Which Stock Would AI Choose? FormFactor (FORM) vs. Nvidia (NVDA) Stock Comparison
Key Takeaways
- FORM posted record Q1 2025 revenue of $763.6 M and net income of $69.6 M, driven by strong demand for high‑bandwidth memory probe cards used in generative AI chips.
- FORM’s cash position rose to $197.2 M, with a $50 M stock‑repurchase program still $20.5 M available through October 2025.
- NVDA’s share price touched $223.8 — an all‑time high — before retreating to $218.5, reflecting profit‑taking amid concerns over a possible slowdown in AI‑related capital spending.
- NVDA announced two strategic equity‑investment deals (up to $3.2 B in Corning and up to $2.1 B in IREN) and a $30 B stake in OpenAI, underscoring its “circular investment” model.
- Both companies enjoy a bullish analyst view (FORM: Buy, price target $118; NVDA: Overweight, price target $315), yet each faces valuation risk from lofty forward PE multiples.
- Geographically, FORM derives the bulk of its revenue from South Korea, the United States and Taiwan, while NVDA’s growth is tied to global data‑center demand and AI‑chip supply constraints.
Introduction
FormFactor (FORM) and Nvidia (NVDA) are two of the most visible players in the AI hardware ecosystem. FORM supplies custom probe‑card and test‑system solutions that enable semiconductor manufacturers to qualify AI‑ready chips, while NVDA designs the graphics‑processing units (GPUs) that power those chips in data centers. This comparison is relevant for growth‑oriented investors seeking exposure to the AI supply chain, as well as for value‑focused traders weighing cash generation, balance‑sheet strength, and near‑term volatility.
FORM Overview and Recent Performance
FormFactor designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal and cryogenic systems. The company operates two reportable segments—Probe Cards and Systems—and serves customers in the United States, South Korea, Taiwan, China, Germany, Japan, Singapore and Malaysia.
In the fiscal quarter ended 28 Dec 2024, FORM reported revenue of $763.6 million, up 15.2 % YoY, with the Probe‑Cards segment delivering $625.96 M (41.4 % gross margin) and the Systems segment delivering $137.64 M (43.2 % margin). Net income rose to $69.6 million (9.1 % of revenue) after a $20.3 M pre‑tax gain from the divestiture of its China operations (see Note 5). Gross margins improved versus FY 2023 due to higher production volumes, though the product mix tilted toward lower‑margin DRAM probe cards.
FORM’s balance sheet showed $197.2 million in cash, cash equivalents and restricted cash, and total assets of $1.15 billion. The company repurchased 1,309,635 shares for $53.3 M in FY 2024, leaving $20.5 M of a $75 M buy‑back program still available (expires Oct 30 2025). Recent strategic moves include the February 2025 acquisition of a 20 % stake in Japan’s FICT Ltd. for $59.6 M (see Note 4), giving FORM exposure to advanced printed‑circuit‑board technologies that complement its test‑system portfolio.
Operating expenses rose 6.6 % YoY to $141.8 M, primarily from higher employee compensation and a modest increase in commissions. The company’s effective tax rate fell to 12.3 % after a loss of the 2023 German tax credit benefit.
NVDA Overview and Recent Performance
Nvidia (NVDA) is the world’s leading supplier of GPUs for AI, high‑performance computing, and graphics. Its data‑center segment accounts for the bulk of revenue, while gaming and professional visualization provide additional diversification.
In early May 2026, NVDA’s share price surged to a record $223.8 before retreating to $218.5, a 0.4 % decline in after‑hours trading. The rally was sparked by UBS raising its price target to $275 (from $245) and reaffirming a Buy rating, citing “durable AI demand” and a potential $150 B share‑repurchase commitment (see CNBC article dated 9 May 2026). However, profit‑taking and headlines about cloud providers moderating AI cap‑ex tempered the rally.
Strategically, NVDA announced two new equity‑investment commitments: up to $3.2 B in glass maker Corning (June 2026) and up to $2.1 B in data‑center operator IREN (June 2026). Both deals include rights for NVDA to supply its DSX AI‑infrastructure and to co‑invest in capacity expansion. In addition, NVDA’s $30 B stake in OpenAI—originally slated for up to $100 B—remains the flagship “circular investment” that ties AI model developers directly to Nvidia hardware (CNBC, 9 May 2026).
Analyst sentiment remains bullish: Wells Fargo upgraded its price target to $315 (from $265) and maintained an Overweight rating, while Wedbush’s Dan Ives highlighted “once‑in‑a‑century AI platform shift” (Benzinga, 12 May 2026). The consensus rating is Overweight with a 12‑month target of $315, implying a forward P/E near 70, still high but justified by 50 % YoY data‑center revenue growth.
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Head-to-Head Comparison
| Aspect | FormFactor (FORM) | Nvidia (NVDA) |
|---|---|---|
| Core Business | Custom probe‑card & test‑system hardware for semiconductor fab & R&D. | GPU & AI accelerator chips powering data‑center AI workloads. |
| 2024 Revenue | $763.6 M (up 15 % YoY) | ≈$29 B (estimated FY 2025), > 40 % YoY growth. |
| Gross Margin | 41.4 % (Probe Cards) / 43.2 % (Systems) | ≈48 % (data‑center segment) |
| Net Income | $69.6 M (9.1 % of revenue) | $9 B+ (≈30 % of revenue) |
| Cash & Liquidity | $197.2 M cash & equivalents; $75 M buy‑back program ( $20.5 M still available). | $15 B+ cash & marketable securities; ongoing $150 B buy‑back plan. |
| Strategic Moves (30 days) | Acquired 20 % of FICT (Feb 2025); continued China divestiture integration. | Equity deals: $3.2 B Corning, $2.1 B IREN; $30 B OpenAI stake. |
| Geographic Revenue Mix | South Korea 24 %, US 24 %, Taiwan 23 % (ship‑to). | Global data‑center demand; strong U.S., Europe, APAC. |
| Analyst Sentiment | Buy (price target $118, 14 % downside). | Overweight (price target $315, 40 % upside). |
| Valuation (Forward P/E) | ≈58 × (FY 2025 guidance). | ≈70 × (FY 2025 guidance). |
Tickeron AI Verdict
Based on recent momentum, cash generation, and strategic positioning, Tickeron’s AI engine currently assigns a slightly higher probability of outperformance to FORM. The model weighs FORM’s strong Q1 earnings beat, expanding cash runway, and lower valuation relative to its AI‑hardware niche. However, the verdict remains probabilistic: if data‑center AI cap‑ex accelerates sharply, NVDA could reclaim dominance due to its larger scale and deeper ecosystem. Investors should treat this as a guidance, not a guarantee.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer. Disclaimers and Limitations
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is FORM is a Hold and NVDA is a Hold.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
FORM’s FA Score shows that 2 FA rating(s) are green whileNVDA’s FA Score has 2 green FA rating(s).
- FORM’s FA Score: 2 green, 3 red.
- NVDA’s FA Score: 2 green, 3 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
FORM’s TA Score shows that 4 TA indicator(s) are bullish while NVDA’s TA Score has 4 bullish TA indicator(s).
- FORM’s TA Score: 4 bullish, 5 bearish.
- NVDA’s TA Score: 4 bullish, 6 bearish.
Price Growth
FORM (@Electronic Production Equipment) experienced а +14.83% price change this week, while NVDA (@Semiconductors) price change was +2.84% for the same time period.
The average weekly price growth across all stocks in the @Electronic Production Equipment industry was +2.42%. For the same industry, the average monthly price growth was +17.75%, and the average quarterly price growth was +150.54%.
The average weekly price growth across all stocks in the @Semiconductors industry was +1.65%. For the same industry, the average monthly price growth was +4.73%, and the average quarterly price growth was +108.02%.
Reported Earning Dates
FORM is expected to report earnings on Aug 05, 2026.
NVDA is expected to report earnings on Aug 26, 2026.
Industries' Descriptions
@Electronic Production Equipment (+2.42% weekly)The electronic production equipment industry makes equipment used to produce semiconductors. Such equipment includes wafer fabrication, plasma etching and photo-resist processing equipment. The industry also makes chemical vapor deposition processing systems and photomasks, which are high-purity quartz plates that contain patterns to define integrated circuits layouts. Applied Materials, Inc., Lam Research Corporation, and KLA-Tencor Corporation are examples of electronic production equipment manufacturing companies.
@Semiconductors (+1.65% weekly)The semiconductor industry manufacturers all chip-related products, including research and development. These chips are used in innumerable electronic devices, including computers, cell phones, smartphones, and GPSs. Intel Corporation, NVIDIA Corp., and Broadcomm are some of the prominent players in this industry. Semiconductor companies usually tend to do well during periods of healthy economic growth, thereby inducing further research and development in the industry – which in turn augurs well for productivity and growth in the economy. In the near future, demand for semiconductor products (and possibly innovation within the segment) should only expand further, with the proliferation of 5G, autonomous vehicles, IoT, and various AI-driven electronics set to herald a new, advanced chapter in the technology-driven world as we know it. With burgeoning prospects comes great competition. In 2015, SIA estimated that U.S. semiconductor industry ranks as the second most competitive U.S. industry out of 2882 U.S. industries designated manufacturers by the U.S. Census Bureau.
| FORM | NVDA | FORM / NVDA | |
| Capitalization | 12.2B | 5.05T | 0% |
| EBITDA | 128M | 193B | 0% |
| Gain YTD | 168.107 | 13.114 | 1,282% |
| P/E Ratio | 180.07 | 31.95 | 564% |
| Revenue | 840M | 253B | 0% |
| Total Cash | 303M | N/A | - |
| Total Debt | 31.9M | 12.3B | 0% |
FORM | NVDA | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 50 | 50 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 81 Overvalued | 75 Overvalued | |
PROFIT vs RISK RATING 1..100 | 12 | 7 | |
SMR RATING 1..100 | 82 | 11 | |
PRICE GROWTH RATING 1..100 | 35 | 46 | |
P/E GROWTH RATING 1..100 | 5 | 82 | |
SEASONALITY SCORE 1..100 | n/a | n/a |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
NVDA's Valuation (75) in the Semiconductors industry is in the same range as FORM (81) in the Electronic Production Equipment industry. This means that NVDA’s stock grew similarly to FORM’s over the last 12 months.
NVDA's Profit vs Risk Rating (7) in the Semiconductors industry is in the same range as FORM (12) in the Electronic Production Equipment industry. This means that NVDA’s stock grew similarly to FORM’s over the last 12 months.
NVDA's SMR Rating (11) in the Semiconductors industry is significantly better than the same rating for FORM (82) in the Electronic Production Equipment industry. This means that NVDA’s stock grew significantly faster than FORM’s over the last 12 months.
FORM's Price Growth Rating (35) in the Electronic Production Equipment industry is in the same range as NVDA (46) in the Semiconductors industry. This means that FORM’s stock grew similarly to NVDA’s over the last 12 months.
FORM's P/E Growth Rating (5) in the Electronic Production Equipment industry is significantly better than the same rating for NVDA (82) in the Semiconductors industry. This means that FORM’s stock grew significantly faster than NVDA’s over the last 12 months.
| FORM | NVDA | |
|---|---|---|
| RSI ODDS (%) | N/A | 7 days ago 65% |
| Stochastic ODDS (%) | 5 days ago 76% | 5 days ago 84% |
| Momentum ODDS (%) | 5 days ago 78% | 5 days ago 70% |
| MACD ODDS (%) | 5 days ago 77% | 5 days ago 74% |
| TrendWeek ODDS (%) | 5 days ago 79% | 5 days ago 81% |
| TrendMonth ODDS (%) | 5 days ago 81% | 5 days ago 75% |
| Advances ODDS (%) | 8 days ago 77% | 8 days ago 82% |
| Declines ODDS (%) | 6 days ago 69% | 6 days ago 68% |
| BollingerBands ODDS (%) | 5 days ago 84% | 5 days ago 86% |
| Aroon ODDS (%) | 5 days ago 82% | 5 days ago 79% |
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FORM and
Correlation & Price change
A.I.dvisor indicates that over the last year, FORM has been closely correlated with RMBS. These tickers have moved in lockstep 74% of the time. This A.I.-generated data suggests there is a high statistical probability that if FORM jumps, then RMBS could also see price increases.
| Ticker / NAME | Correlation To FORM | 1D Price Change % | ||
|---|---|---|---|---|
| FORM | 100% | +6.86% | ||
| RMBS - FORM | 74% Closely correlated | +8.51% | ||
| SLAB - FORM | 73% Closely correlated | +0.52% | ||
| ADI - FORM | 72% Closely correlated | +4.83% | ||
| ARM - FORM | 72% Closely correlated | +4.91% | ||
| QCOM - FORM | 72% Closely correlated | +6.17% | ||
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