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According to Statista, global semiconductor sales are expected to reach $550.90 billion in 2021, representing a 25.1% year-over-year rise. Investors’ interest in the semiconductor industry is evident in the iShares Semiconductor ETF’s (SOXX) 17.7% returns over the past month versus the SPDR S&P 500 Trust ETF’s (SPY) 6.7% gains.
So, given the industry’s solid growth prospects, we think fundamentally sound semiconductor stocks Broadcom Inc. (AVGO) and United Microelectronics Corporation (UMC) could be solid picks now. These stocks have an overall A (Strong Buy) rating in our proprietary POWR Ratings system.
