3 Semiconductor Stocks to Watch in 2024

Semiconductor stocks have been gaining attention in the market due to their potential for explosive growth. With their presence in the expanding artificial intelligence market and the growing demand from electric vehicle companies, communication and data processing centers, and automotive needs, semiconductor companies offer investors high-risk, high-reward opportunities. Three semiconductor stocks that should be on investors' radar in 2024 are Qualcomm Inc. (QCOM), United Microelectronics Corporation (UMC), and Navitas Semiconductor (NVTS). Qualcomm, Inc. (QCOM) is a leading manufacturer of products that contribute to the development of technologies like 5G. The company's deal with Apple to supply its Snapdragon 5G Modem‑RF Systems for smartphone launches in the coming years positions it at the forefront of the industry. With expected double-digit earnings growth and an undervalued stock, Qualcomm is a promising investment. United Microelectronics Corporation (UMC) is a global leader in the semiconductor foundry business. Its relatively strong valuation and innovative strategy to grow off of trends such as electrification and connectivity make it an attractive pick. With the global semiconductor foundry market expected to reach $137 billion by 2022, UMC is well-positioned for growth. Navitas Semiconductor (NVTS) is a pioneering force in next-gen semiconductors. Its integrated gallium nitride and silicon carbide semiconductors have the potential to drive breakthroughs and growth in the artificial intelligence market. With impressive revenue growth and a strong balance sheet, Navitas Semiconductor is a solid choice for investors looking to capitalize on the next-generation semiconductor trend. Overall, these three semiconductor stocks offer investors the opportunity to tap into the potential of the growing tech industry and capitalize on the demand for advanced technologies in various sectors.