Shares of small semiconductor equipment company Onto Innovation (NYSE: ONTO) have been on a roll this year (up over 50% so far in 2023) and are near all-time highs. Perhaps this seems strange for a company that reported a 17% decline in revenue in the first quarter and anticipates another 21% decline in Q2.

The market is nevertheless rewarding Onto because sales and profitability could be about to soar again starting in 2024. A record number of chip fabs (the facilities that manufacture chips) have recently been green-lit for construction, and those facilities will need to be filled with advanced equipment like what Onto specializes in. Here's why this could be a monster stock to own for the rest of this decade. 

Onto Innovation is a small company within the semiconductor manufacturing equipment space, which is dominated by the big five: Applied Materials, ASML Holding, Lam Research, Tokyo Electron, and KLA (NASDAQ: KLAC).

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Source Fool.com