3 Highly Ranked Chip Stocks to Buy Outside of Nvidia
When it comes to semiconductor stocks, Nvidia $NVIDIA (NVDA.US)$ continues to garnish much attention as the company’s earnings potential has only increased with its popular artificial intelligence (AI) chips.
Nvidia does boast a Zacks Rank #1 (Strong Buy) and investors may be looking for other semiconductor companies that are compelling at the moment.
For those looking for options outside of the Nvidia bandwagon, let’s take a look at three alternative chip stocks that also covet a Zacks Rank #1 (Strong Buy).
The strong performance of Allegro MicroSystems stock has continued into 2023 and the producer of sensor-integrated chips is worth a look.
Allegro also produces application-specific analog power ICs with shares of ALGM up +42% this year to easily top the S&P 500’s +15% and the Nasdaq’s +30%.
More impressive, Allegro stock has soared +104% over the last year to largely outperform the broader indexes and almost double the Electronics-Semiconductors Markets' +54%. $Advanced Micro Devices (AMD.US)$
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