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Since semiconductors form the backbone of emerging technologies, the industry has been enjoying favorable investor sentiment, as evidenced by VanEck Vectors Semiconductor ETF’s (SMH) 61.2% returns over the past year. To meet the growing demand for chips, several semiconductor companies are ramping up their production and manufacturing capabilities significantly. As a result, the semiconductor market is expected to reach $90.8 billion by 2024, growing at a 4% CAGR.
Also, mid-cap stocks have performed well this year, as evident in the iShares Core S&P Mid-Cap ETF (IJH) 16.2% return year-to-date. Given this backdrop, we think it would be wise to bet on fundamentally strong mid-cap semiconductor stocks Rohm Co. Ltd. (ROHCY), Cirrus Logic Inc. (CRUS), MACOM Technology Solutions Holdings Inc. (NASDAQ:MTSI), and Semtech Corporation (SMTC) because they are poised to continue moving higher.
