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In 2023, $30 billion in revenue is expected to be generated by products and services that did not exist prior to the pandemic, according to Gartner (NYSE:IT). The research and advisory company also projects the worldwide IT spending will total $4.2 trillion in 2021, increasing 8.6% year-over-year. Furthermore, governments are investing substantially to overcome a current shortage in semiconductor production, which is expected to accelerate tech innovation in the long run.
Given this backdrop, we believe tech companies Lam Research Corporation (NASDAQ:LRCX), KLA Corporation (KLAC), and STMicroelectronics N.V. (STM) are well-positioned to deliver significant returns in the upcoming months.
