10 Best Semiconductor Penny Stocks To Invest In Right Now

2. GCT Semiconductor Holding, Inc. (NYSE:GCTS)

Number of Hedge Fund Holders In Q3 2024: 13

GCT Semiconductor Holding, Inc. (NYSE:GCTS) makes and sells a variety of products used in the communications industry. These include 5G chips, radio frequency chips, and internet-of-things (IoT) products that are used in items such as wireless dongles and other gadgets. Consequently, GCT Semiconductor Holding, Inc. (NYSE:GCTS) has broad exposure to consumer spending, and a global consumer spending slowdown amidst inflation and economic turbulence hasn’t translated well for the firm since its shares are down 64.7% since they started trading and by a whopping 94% since the post-SPAC peak. A slowing global economy is partly to blame for the firm’s woes as well since by H1 2024 end, its revenue had dropped by 35.6%. Fueling the revenue drop is Asian economic weakness, as GCT Semiconductor Holding, Inc. (NYSE:GCTS)’s revenue in its key markets of South Korea and China dropped by 33% and 91% during the period. Therefore, a recovery in the Asian connectivity market and the proliferation of advanced technologies such as 5G are key to GCT Semiconductor Holding, Inc. (NYSE:GCTS) being able to generate tailwinds.