Semiconductors are an essential component in the technology sector. In fact, they are responsible for powering everything from smartphones and laptops to data centers and self-driving cars. As a result, the semiconductor industry has expanded rapidly in recent years. This can be contributed to the increased demand for digital technology across a variety of industries. Semiconductor stocks allow investors to participate in this brisk industry, which is expected to expand further as technology advances.
Investing in semiconductor stocks can provide significant long-term growth and capital appreciation, as well as dividend income. It is important to note, however, that the semiconductor industry can be highly cyclical and volatile. This is due to changing market conditions and technological developments.
As a result, investing in semiconductor stocks necessitates careful consideration of a company’s financials, market position, and growth potential. As well as broader industry trends and developments. Keeping this in mind, let’s look at three top semiconductor stocks to watch in the stock market this week.
Semiconductor Stocks To Buy [Or Avoid] Right Now
- ON Semiconductor Corporation (NASDAQ: ON)
- Micron Technology Inc. (NASDAQ: MU)
- Texas Instruments Incorporated (NASDAQ: TXN)
ON Semiconductor (ON Stock)
First, ON Semiconductor Corporation (ON) is a leading provider of semiconductor-based solutions. The company offers a wide range of power management, sensor, and connectivity solutions. The company’s products enable energy-efficient and sustainable technologies to improve customer performance, reduce global energy use, and reduce greenhouse gas emissions.
Earlier in the month, the company reported its 4th quarter 2022 financial results. In detail, the company announced Q4 2022 earnings per share of $1.32, with revenue of $2.1 billion. This is versus Wall Street’s consensus earnings estimates which were an EPS of $1.27, with revenue of $2.1 billion. Additionally, ON Semiconductor notched in a 13.9% increase in revenue versus the same period, the previous year.
In 2023 so far, shares of ON stock have surged by 32.87%. Meanwhile, as of this past Friday’s close, ON stock is trading at $81.86 a share.
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Micron Technology (MU Stock)
Second, Micron Technology Inc. (MU) is a global leader in the semiconductor industry. The company produces memory and storage solutions for a variety of applications, including computing, networking, and mobile devices. The company focuses on innovation, developing new technologies to meet the demands of an ever-evolving market.
Just this month, Micron Technology reported that it will report its second quarter 2023 financial results. Specifically, the company is set to report its Q2 2023 results on Tuesday, March 28, 2023, after the close of the U.S. stock market. To briefly recap, in Q1 2023, MU reported a loss of $0.04 per share on revenue of $4.1 billion.
Year-to-date, Micron stock has rebounded by 17.15% so far. While, as of this past Friday’s close, shares of MU stock closed the trading day at $59.01 a share.
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Texas Instruments (TXN Stock)
Last but not least, Texas Instruments Incorporated (TXN) is a leading designer and manufacturer of semiconductors and integrated circuits. The company’s products are used in a range of applications. Such as industrial, automotive, and consumer electronics. The company is popular for its strength in analog and embedded processing technology, and its products enable a wide range of applications in a variety of industries.
In January, Texas Instruments reported its Q4 2022 financial results. Diving in, the company posted earnings of $2.13 per share, along with revenue of $4.7 billion. This is in comparison to analysts’ consensus estimates which were an EPS of $1.96 per share, and revenue estimates of $4.6 billion.
Since the start of 2023, shares of TXN have increased by 7.42% year-to-date. Additionally, as of the stock market close on Friday, TXN stock is trading at $175.32 per share.
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