When most consumers think of the Internet of Things (IoT), a smart home speaker, a wearable device like a watch or earbuds, or some other type of equipment hooked up to a network may come to mind. But is that definition too narrow?

Small IoT chip designer Impinj (NASDAQ: PI) thinks so. To date, the radio frequency technology that the company helped pioneer has connected tens of billions of random items to the internet -- equipment in a company's possession, merchandise moving through supply chains, even pieces of clothing sitting in a store.

It's been a high-growth business since the Seattle-based company's initial public offering in 2016, but shares have recently taken a massive tumble, down 50% so far in 2023. What happened? And is it time to buy ahead of a potential recovery in the stock?

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Source Fool.com