Considering the continuing hybrid working environment and the rising demand for fast 5G networks, we think it could be wise to bet on fundamentally sound 5G companies Broadcom (NASDAQ:AVGO), Analog Devices (NASDAQ:ADI), and Micron Technology (NASDAQ:MU). They are each well-positioned to generate significant returns in the near-term. So, let’s examine these names.The global 5G race has been intensifying over the past year, as countries rush to deploy the technology to boost their technical prowess. Moreover, the demand for 5G connectivity is expected to rise, especially with the advent of the omicron variant and the resurgence of COVID-19 cases, which are driving continued hybrid working conditions. Thus, investors have been increasingly betting on 5G stocks despite market volatility. This activity is evidenced by the Defiance 5G Next Gen Connectivity ETF’s (FIVG) 6.1% gains over the past month compared to the SPDR S&P 500 Trust ETF’s (SPY) 0.8% loss.
In addition, 5G is an integral part of rapid AI and IoT innovations that are facilitating operational efficiency with increased bandwidth and highly developed innovative technology. According to a Research and Markets report, the global 5G services market size is expected to grow at a 46.2% CAGR between 2021 - 2028.
Given this favorable backdrop, we think top 5G stocks Broadcom Inc. (AVGO), Analog Devices, Inc. (ADI), and Micron Technology, Inc. (MU) could be solid picks now.