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These 3 Chip Stocks Are Cheap and Screaming Buy

Stock MarketsJun 24, 2021 03:30PM ET
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© Reuters. These 3 Chip Stocks Are Cheap and Screaming Buy

A global semiconductor chip supply crunch has resulted in rising capital investments in the semiconductor industry, given its applications in virtually every industry. Consequently, we believe it could be wise to invest in fundamentally sound stocks Intel (INTC), Qualcomm (NASDAQ:QCOM), and Micron (MU) because they are currently trading at discounted valuations.Increasing reliance on tech products and solutions and rapid digitization have fueled the demand for semiconductors over the past year. According to The Semiconductor Industry Association (SIA), global semiconductor industry sales rose 6.5% year-over-year to $439 billion in 2020. However, a current global chip shortage caused by exponential growth in demand has negatively impacted the production and sales of many industries, especially electronics and automotive.

Governments and corporations from the world over have been investing heavily to revive the industry. President Biden has proposed to invest $50 billion in leading-edge semiconductor manufacturing and research and development under the CHIPS for America Act to meet the needs of domestic companies and help the U.S. become a world leader in chip technology. The global semiconductor market is expected to grow at an 8.6% CAGR over the next seven years to hit $803.15 billion by 2028. Thus, most semiconductor stocks have the potential to thrive.

This favorable backdrop should help leading chip manufacturers Intel Corporation (NASDAQ:INTC), Qualcomm Incorporated (QCOM), and Micron Technology Inc. (NASDAQ:MU) to grow significantly in the coming months. Because current market volatility has made them trade at discounts to their peers, we think these stocks are screaming buys now.

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These 3 Chip Stocks Are Cheap and Screaming Buy
 

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