While macroeconomic challenges remain, the semiconductor industry’s future appears promising. With an increasing need for innovative technology, the industry seems well-positioned for expansion. So, I think semiconductor stocks QUALCOMM Incorporated (QCOM – Get Rating), Broadcom Inc. (AVGO – Get Rating), and Microchip Technology Incorporated (MCHP – Get Rating) could be worth adding to your portfolio for solid returns.

The Semiconductor Industry Association (SIA) reported global semiconductor sales were $124.5 billion in the second quarter of 2023, a 4.7% rise over the first quarter. Also, global sales in June 2023 reached $41.5 billion, a 1.7% increase month-over-month.

The growing popularity of advanced technologies such as AI and the Internet of Things (IoT), which enable memory chips to process massive amounts of data in less time, should present various prospects for growth to chip industry participants in the coming years.

These technologies can potentially transform healthcare, transportation, and manufacturing industries. As AI and IoT become more integrated into daily life, demand for memory chips is likely to rise, propelling the growth of chip industry players even further.

Moreover, the global semiconductor market is expected to grow at a 13.1% CAGR until 2032. This expansion can be ascribed to the rising demand for semiconductors in a number of sectors, including telecommunications, consumer electronics, and automobiles.

Investors’ interest in chip stocks is evident from the VanEck Vectors Semiconductor ETF’s (SMH) 30.4% returns over the past six months.

With these favorable trends in mind, let’s delve into the fundamentals of the three best Semiconductor & Wireless Chip stocks, beginning with number 3…

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