3 Overlooked Semiconductor Stocks With 17% to 51% Upside Potential

The semiconductor industry is growing rapidly in 2024, with sales expected to hit $617 billion — a 16.6% jump from last year. After an uneven 2023, this bounce-back is a welcome change, highlighted by April's $46.4 billion in global sales - a 15.8% rise from the previous year. The exploding demand for artificial intelligence (AI) applications, coupled with expansions in the automotive and data center industries, is fueling this resurgence. With inventories normalizing and demand on the rise, now is a prime time for investors to consider some under-the-radar semiconductor stocks with significant upside potential. 

Silicon Motion Technology (SIMO), SMART Global Holdings (SGH), and Tower Semiconductor (TSEM) might not have the same name recognition as Nvidia (NVDA) with your average investor. Still, these stocks are strategically positioned to ride the industry's growth wave, offering upside potential between 17% and 51%, according to Wall Street's forecasts.