Tech Bear Market: 1 Semiconductor Growth Stock That Just Doubled Its Earnings
Investors in the technology-centric Nasdaq-100 index are feeling the pinch right now, as the market has officially entered into bear territory. Bear markets are technically defined by a decline in value of 20% or more, and the Nasdaq-100 is down more than 26% from an all-time high hit in November 2021.
Many individual stocks are down significantly more than that, but it's not all bad news. The semiconductor sector has been surprisingly strong recently thanks to the digitization of more products and services, and semiconductor-related equipment manufacturer Axcelis Technologies (NASDAQ: ACLS) just delivered a blockbuster earnings result for the first quarter of 2022.
The company expects further semiconductor manufacturing growth from companies dealing with 5G networks, big data centers, and electric vehicles. Here's why this stock is a buy amid the broader market carnage.
Source Fool.com
