Home Business News The tech stocks that are under the radar

The tech stocks that are under the radar

by Thea Coates Finance Reporter
18th Jun 24 8:52 am

Thanks to the recent success and performance of Nvidia, the microchip and semiconductor-producing giant, tech stocks are receiving much more attention from investors.

Those who missed out on Nvidia’s rally are looking to grab onto the next hot tech stock and ride the long-term momentum. With analysts predicting a 10% annual revenue growth in tech-related industries like microchips and semiconductors, it’s easy to see why demand is so high.

  • Tech stocks are in high demand, and the race is on for the next hot tech stock that can deliver the sort of revenue that Nvidia has.
  • Carvana is an online car retailer that suffered the harsh reality of the 2022 bear market but is making an impressive comeback this year.
  • Amphenol Corp is a company that many consider to be the next Nvidia, thanks to its exploits in the microchip and semiconductor industry.

Whether you are looking to profit from the recent microchip and semiconductor boom or simply want to gain from the attention that tech stocks are getting, there is much potential in considering under-the-radar stocks that everyone has given up on.

Joel Lim, financial analyst at Trading.biz, has identified two tech stocks going under the radar that could generate massive profits for investors in the second half of the year.

Carvana

Carvana is an innovative car retail company redefining how to purchase cars around the globe. Thanks to its online-only service, potential customers can complete every step in the car purchase process without stepping foot in a dealership and from the comfort of their mobile devices.

The company suffered during the 2022 bear market after concerns arose about taking on too much debt to service itself. Furthermore, high interest rates on car sales and loans impacted the company, sending its stock plunging by 95%.

However, all of that is ancient history, as the CVNA stock is enjoying an impressive rebound in the stock market. It has risen by over 700% in the last twelve months and is trading at a share price of over $100. This year, its value has increased by 123% thanks to the resilience of the car industry.

Joel Lim notes, “The general expectation is that CVNA stock will ride the momentum until the end of the year, making it an ideal portfolio addition for the second half of the year.”

Amphenol Corp

Amphenol Corp is largely regarded as the next Nvidia due to the striking similarities between the two companies. Just Like Nvidia, Amphenol Corp is also a major player in the microchips and semiconductor industry, specializing in producing the parts that it relies on, such as fibre optic connectors and coaxial cables.

Another impressive fact about Amphenol Corp is that it has been in business for a long time. Its origins go back to 1932, when the company specialized in producing radio parts, such as tube sockets. It has since pivoted to microchips and semiconductors, but its legacy is something investors might find convincing.

Joel Lim notes, “The APH stock is performing impressively. It has risen by 40% this year, 77% in the last twelve months, and 213% in the last five years.”

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