Elite Stocks

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>>> Onto Innovation (NYSE:ONTO) is firmly within the hardware camp of tech stocks, often less desirable than the software-as-a-service (SaaS) superstars. Still, it plays a major supporting role in the semiconductor industry. Despite being a peripheral player, Onto benefits from the overall growth trends in the sector, as evidenced by its impressive 43% year-to-date increase.

https://finance.yahoo.com/news/3-tech-stocks-could-grow-143000673.html

Last August, Onto secured a substantial $100 million contract for its Dragonfly inspection system. This advanced technology is essential for detecting flaws in semiconductors produced by third parties, catering to major companies like Nvidia (NASDAQ:NVDA). Onto’s critical position in the semiconductor supply chain is due to the indispensable nature of its inspection services, making it a vital partner for a wide array of semiconductor manufacturers. As semiconductor demand grows, Onto’s customer base will expand, given the increasing reliance on semiconductors across all electronic systems — especially as geopolitical concerns surge.

The relentless demand for AI and GPUs is driving the market forward, with projections indicating the technology market could reach $25.5 billion by 2030. Onto Innovation’s current position sets it up to capitalize on this growth as the semiconductor industry continues to evolve, irrespective of which companies lead the charge.

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