Published on 5 Jul 2023 on Insider Monkey via Yahoo Finance
In this piece, we will take a look at the ten best semiconductor penny stocks to buy. If you want to skip our primer on the semiconductor industry, and the top players, head on over to 5 Best Semiconductor Penny Stocks to Buy.
Next to oil, the semiconductor industry is one of the most important sectors in the world today. Chips power every modern day gadget, from a watch to a computer, and even cars. Therefore, the slightest disruption in the industry carries the risk of shocking global supply chains, causing shortages, production outages, and inflation.
Naturally, this also makes the semiconductor industry quite valuable. According to research, the global semiconductor industry was worth $573 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 12% to be worth an estimated $1.3 trillion in 2029. One of the biggest sectors that is expected to fuel this growth is artificial intelligence with it and the associated machine learning industry is expected to grow its operating income from roughly $8 billion right now to a whopping $40 billion in just a couple of years from now.