AMAT - 3 Top Tech Stocks to Buy for 2023 and Beyond
2023-04-23 07:30:00 ET
The bear market of 2022 was unkind to tech stocks, and semiconductor companies in particular took an extreme beating. Just as the global chip shortage was coming to an end, consumers started tapping the brakes on purchases of smartphones and PCs. Chip designers and manufacturers alike got clobbered.
But in recent months, semiconductor stocks have gotten hot again. The market is sniffing out the next up cycle, which could arrive in the second half of 2023. But besides a rebound, there's a lot to like about top names in the semiconductor space. Three Fool.com contributors like Micron Technology (NASDAQ: MU) , Applied Materials (NASDAQ: AMAT) , and Microchip Technology (NASDAQ: MCHP) right now. Here's why they could be great investments for 2023 and beyond.
Anders Bylund (Micron Technology): The memory chip market has been a tough place to do business in recent months. An industrywide lack of supply for other types of semiconductors put a hard cap on production volumes in many key sectors. From cars and smartphones to medical devices and data center servers, the available supply of DRAM (operating memory) and NAND (long-term storage) modules far outstripped the device makers' demand for those chips. The giants of this industry run their own production lines, which separates the memory chip supply chain from the increasingly centralized pipelines of most other semiconductor types.
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3 Top Tech Stocks to Buy for 2023 and Beyond