The semiconductor industry is in recovery mode this year, thanks to the growing demand for chips from multiple applications such as smartphones, personal computers (PCs), and data centers. But there is one particular niche within this industry that is enjoying a bigger boost than the broader semiconductor market.

The Semiconductor Industry Association is expecting the global semiconductor market to record 16% revenue growth this year. However, the market for memory chips is expected to clock much faster growth than the semiconductor space. Market research firm is expecting a 66% jump in memory spending this year.

Micron Technology has been benefiting big time from this surge in memory sales, as is evident from its latest quarterly results. Shares of the memory specialist have gained 54% in 2024, and a potential acceleration in its growth could help it soar further. However, there is another memory stock that has clocked healthy gains of 42% so far this year and that could get a nice shot in the arm when it releases its quarterly results later this month -- Lam Research (NASDAQ: LRCX).

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Source Fool.com