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Barchart
Barchart
Pathikrit Bose

3 Reasons to Buy This Cheap Russell 2000 Chip Stock

Navitas NVTS Semiconductor

The rapid adoption of artificial intelligence (AI) technology helped to propel the stocks of specialized AI chipmakers well beyond the performance of the broader market in 2023. The VanEck Semiconductor ETF (SMH) registered a remarkable 72.4% gain on the year, significantly outperforming both the S&P 500 Index ($SPX) and the Nasdaq Composite ($NASX). This standout price action underlines these companies' pivotal role in the unfolding AI revolution.

Amid all of the frenzy around mega-cap AI chip stocks like Nvidia (NVDA) and Broadcom (AVGO), there's one semiconductor stock trading under $10 per share that may have slipped under investors' radar in 2023, despite its massive rally. Here's a look at 3 reasons why this stock is still a strong buy for 2024.

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