There has been a remarkable resurgence in 2023 following last year’s bear market tumble.
The Nasdaq Composite, a key indicator for tech-focused investments, has shown a robust 32% increase year-to-date.
Nevertheless, there’s still untapped potential before it reaches its previous all-time high, and there are intriguing opportunities among stocks that have yet to fully recover from the challenges of the pandemic era.
Today, we’ll focus on three compelling tech companies with stocks that are still down more than 30%.
Taiwan Semiconductor (TSM)
Trading at a significant 37% discount from its peak in January 2022, Taiwan Semiconductor has faced challenges stemming from a decline in smartphone demand and other factors impacting PC sales. Additionally, geopolitical tensions have added an air of uncertainty. Despite concerns raised, many analysts remain optimistic, labeling TSM as a strong buy. With an average price target of $125, there’s potential for an impressive 36% upside.
Advanced Micro Devices (AMD)
Amidst the ebb and flow of chipmakers’ fortunes following a surge in PC sales during the pandemic, Advanced Micro Devices has seen its stock price recede by 34% since its peak in November 2021. However, as the AI industry gains momentum, AMD is well-positioned to capitalize on the growing demand for AI chips. The company’s chips are increasingly sought after as cloud infrastructure giants expand their data centers to accommodate AI-related workloads. With AMD poised to release the MI300 GPU, a formidable competitor in the AI infrastructure space, the future appears promising. Although the company has encountered challenges in specific market segments, the broader chip demand is set to rebound, making AMD an enticing prospect for investors.
Founded in 2011, CrowdStrike Holdings has been a pioneer in integrating AI and machine learning into cybersecurity. Today, it stands as a leader in cloud-based endpoint protection, using AI and machine learning to detect and thwart cyber threats. While the company has consistently delivered strong business results, its stock has weathered volatile swings due to macroeconomic pressures and a slowdown in growth. Even after substantial gains this year, CrowdStrike’s shares remain approximately 41% below their peak in November 2021.
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