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Although the industry saw a dip in its growth rate due to the COVID-19 pandemic and a semiconductor chip shortage, a trend in miniaturized electronic products is building a positive outlook in the market. Rising utilization of microprocessors, advancements in System on Chip (SoC) technology, and extensive research and development (R&D) activities should power the industry’s growth further.
Therefore, we think fundamentally sound stocks in the electronic design automation space Synopsys, Inc. (SNPS) and Cadence Design Systems, Inc. (CDNS) are well-positioned to cash in on the industry’s strong growth potential.
