The technology-heavy Nasdaq-100 index plunged 33% in 2022 in its steepest annual loss since the 2008 global financial crisis. Very few individual stocks managed to end the year in the green, but Axcelis Technologies (NASDAQ: ACLS) was one of them, with a modest gain of 6%.

The semiconductor services company beat the broader market on the back of a stellar operating performance, and it has carried that into 2023. It just reported its financial results for the first quarter, and it crushed its previous guidance and increased its forecast for the 2023 full year.

Unsurprisingly, Axcelis stock is up 45% year to date, which is more than double the gain of the Nasdaq-100 so far. It's still relatively cheap, and here's why it could soar even higher. 

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Source Fool.com