7 Best Semiconductor Stocks to Buy Now

5) Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 107

Micron Technology, Inc. (NASDAQ:MU)’s is a significant player in the semiconductor business that specializes in memory and storage solutions. Despite facing significant competition from other major semiconductor manufacturers, the company has been maintaining a competitive advantage because of its focus on innovation, technological leadership, and strategic investments. With global supply chain disruptions and economic tensions impacting production and profitability, Micron Technology, Inc. (NASDAQ:MU) has been maintaining a geographically diverse manufacturing footprint and proactively managing its supply chain.

With the company’s major patent portfolio and globally distributed manufacturing facilities, there is optimism about Micron Technology, Inc. (NASDAQ:MU)’s long-term growth prospects. It plans to invest up to $2.17 billion to expand its operation in the City of Manassas. As per the company’s Chief, its investments in domestic semiconductor manufacturing capabilities, aided by the bipartisan CHIPS Act and the incentives provided by the Commonwealth of Virginia and the City of Manassas, are expected to fuel economic growth and ensure that the US maintains its leading position in technological advancements.

Furthermore, the broader semiconductor industry continues to grow because of an increasing volume of data generated worldwide. This fuels demand for Micron Technology, Inc. (NASDAQ:MU)’s DRAM and NAND flash memory, which are important for processing and storing significant datasets in cloud computing, AI, and big data applications.