15 Hot Tech Stocks to Buy Right Now

10. Onto Innovation Inc. (NYSE:ONTO)

Upside Potential: 27%

Number of Hedge Funds: 34

Onto Innovation Inc. (NYSE:ONTO) designs, develops, manufactures, and supports process control, inspection, and metrology tools for the semiconductor industry. Its products are primarily utilized by silicon wafer manufacturers, integrated circuit (IC) fabricators, and advanced packaging manufacturers. Leveraging its extensive technology, the company specializes in creating advanced equipment and software that enhance semiconductor device manufacturing processes.

In mid-January 2025, Cantor Fitzgerald began coverage of Onto Innovation Inc. (NYSE:ONTO) with an Overweight rating and a price target of $250, signifying a potential upside of 25% from the closing price on February 4. Around the same time, an analyst from Needham also listed the stock as a Top Pick in Semi Equipment for 2025, although he marginally reduced the price target to $220. The analyst highlighted concerns about the current semiconductor upcycle’s weakness and a possible downturn in the second half of 2026. Nonetheless, he believes that due to its exposure to TSMC and HBM packaging, and relatively no exposure to China, Onto Innovation Inc. (NYSE:ONTO) is well-positioned to withstand these challenges.