1 EV Chip Stock to Buy Right Now

The electric vehicle (EV) industry has lost some steam in 2024, especially in the U.S. High sticker prices and high interest rates have throttled growth to just 10% so far this year, especially as  has had some missteps. Europe and China (the latter being far and away the largest market for EVs), however, have continued to chug higher by 21% and 32%, respectively, through the first few months of 2024.

Taking a bigger-picture view, EVs are but one part of an important movement toward greater efficiency in power management. Semiconductors are key to that movement. And one key enabler, Axcelis Technologies (NASDAQ: ACLS), could be a very reasonably priced stock right now.

A new secular growth market has emerged: Next-gen semiconductors with low energy loss (via heat) that can handle high voltages and help power wind and solar systems, electric motors in manufacturing equipment, EVs, and artificial intelligence (AI) servers in data centers.

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Source Fool.com