Technology stocks have been selling off amid the economic recovery but are expected to dominate the market in the foreseeable future thanks to the continuation of pandemic-driven trends and the advanced technology needs of several industries. Against this backdrop, we think it wise to bet on Qorvo (NASDAQ:QRVO), Arrow (ARW), and FLIR Systems (NASDAQ:FLIR). They have yet to attract widespread investor attention even though they have solid upside potential. Read on.Tech stocks have performed moderately so far in 2021 as investors have rotated away from tech stocks to cyclical stocks as the economy switches gears into recovery drive. Investors’ pessimism about tech stocks is reflected in Technology Select Sector SDPR Fund’s (XLK) 4.4% loss over the past month. The Nasdaq also sank 2.6% on May 10 in its worst session since March amid a broader tech sell-off.
However, several technological advances in cloud computing, artificial intelligence (AI), and 5G communications, among others, are expected to shape the industry’s future. So, even though tech stocks are selling off now, we think it would be wise to bet on those that have strong fundamentals.
Qorvo, Inc. (QRVO), Arrow Electronics , Inc. (NYSE:ARW), and FLIR Systems, Inc. (FLIR) are not making headlines, but based on their expanding market reach and consistent product innovation, these stocks could deliver solid returns in the coming months. So, the time is perhaps now ripe to buy these stocks.