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The demand for semiconductor chips is expected to continue growing due to the mainstream adoption of the internet of things (IoT), 5G, artificial intelligence (AI), and electric vehicles (EVs). In addition, most companies in this space are ramping up their production to meet the rising demand. According to The Expresswire report, the global IoT Chip market size is estimated to reach $12.64 billion by 2026, growing at a 7.5% CAGR.
So, we think it could be wise to bet on quality chip stocks Allegro MicroSystems, Inc. (ALGM), MaxLinear, Inc. (MXL), and Nova Ltd. (NVMI). These stocks are rated A (Strong Buy) or B (Buy) in our proprietary POWR Ratings system.
