2 Hot 5G Stocks to Buy Before They Explode
The smartphone market turned around in the fourth quarter of 2020 and ended a difficult year on a high. IDC estimates that smartphone shipments jumped 4.3% year-over-year last quarter to 385.9 million units, paving the way for a strong recovery in 2021 after a 5.9% decline in shipments last year.
Skyworks Solutions (NASDAQ:SWKS) and Micron Technology (NASDAQ:MU) are two stocks that are already taking advantage of this turnaround, as they manufacture chips that go into 5G (fifth-generation) smartphones. Skyworks is witnessing tremendous growth in its mobile business, while Micron is about to join the party as well. These factors have contributed to a strong start on the market this year.
These chipmakers are unlikely to lose their impressive stock market momentum in the coming months, as 5G smartphone sales are expected to switch into a higher gear in 2021. Gartner forecasts that