From Nasdaq Corporate Solutions:

The semiconductor industry is expected to have better overall earnings compared to the year-ago quarter. Despite disruptions from pandemic-related supply chain issues and Federal Reserve policies, semiconductor stocks are anticipated to have a significant comeback.

Generative AI has attracted investments in various industries, boosting the demand for chips and benefiting semiconductor sales. Global semiconductor sales grew 5.3% to $48 billion in November 2023, marking the first year-over-year increase since August 2022.

Technology stocks with high chances of beating earnings estimates include Silicon Motion Technology, NVIDIA Corporation, Allegro MicroSystems, and Ambarella. These companies have favorable Earnings ESP and Zacks Rank, indicating potential for a positive earnings surprise.

Silicon Motion Technology is set to report fourth-quarter 2023 results, with an increased consensus estimate for earnings. NVIDIA Corporation is scheduled to report fourth-quarter fiscal 2024 results, with an increased Zacks Consensus Estimate for earnings. Allegro MicroSystems is set to report third-quarter fiscal 2024 results, with a steady consensus mark.

Ambarella is expected to report fourth-quarter fiscal 2024 results, with a consensus estimate for the bottom line pegged at a narrower loss compared to 60 days ago. These stocks have the potential to beat estimates and are worth considering for potential investment opportunities.

The analyst-identified 7 elite stocks, including tech stocks, have shown a consistent pattern of beating the market. Zacks Investment Research provides insights to help investors make informed decisions about which stocks to consider for their portfolios.



Read more: 4 Semiconductor Stocks Poised to Beat Estimates This Earnings