The tech sector has exploded over the last year as artificial intelligence begins to take hold. The performance of the tech sector has pulled the entire market higher, perhaps preventing a recession. Yet, as positive as those tech stocks have been, there’s reason to believe investors should look beyond the magnificent seven that have contributed to so much of the overall growth. That’s because the tech sector is much more than the handful of stocks dominating the market at the moment. There are plenty of unheralded, under-the-radar tech stocks to consider at the moment. 

Many of those companies are primed to grow rapidly. That primes their respective stocks for explosive growth and makes those under-the-radar tech stocks noteworthy overall. 

Investors who enjoy uncovering hidden market gems will appreciate this article for that reason. The markets are also continuing to turn away from the over-concentrated tech positions that have driven growth this year. Tech continues to fuel the innovation that drives growth making less well-known stocks worthwhile now. 

Amkor Technology (AMKR)

Amkor Technology (NASDAQ:AMKR) is a chip testing and packaging firm with a stock to consider purchasing. The company packages the chips that power the world’s electronics into the form we recognize including a silicon wafer. It also tests those packaged chips to ensure that they function properly. 

The company has not been immune to the sharp sell-off affecting the chip sector of late. Shares fell from $44 to $38 since mid-July. That makes it a buy at the moment. With $1.82 of earnings anticipated in 2024 and a forward price-to-earnings (P/E) ratio of 26.5 its shares are likely worth $48. 

Earnings are expected to grow by approximately 30% in each of the next two years through 2026. That drastic growth should make the firm’s shares much more attractive overall. Don’t be surprised if that growth spikes demand raising share prices in the process. AMKR stock is worth buying for that reason alone. 

Wolfspeed (WOLF)

Wolfspeed (NASDAQ:WOLF) is widely expected to meet the upcoming demand for innovative semiconductors using silicon carbide and gallium nitride. The wide-bandgap semiconductors Wolfspeed manufactures use those materials and offer superior performance compared to traditional materials. 

The thrust of the opportunity is that wide-band gap semiconductors can withstand greater voltages with greater efficiency. Silicon carbide and gallium nitride materials have various benefits applicable to specific sectors but the point is they outperform current materials. They are particularly useful in 5G and electric vehicle applications. 

That’s part of the reason Wolfspeed is simultaneously beaten down price-wise but full of forecast growth. 

It’s easy to overlook Wolfspeed now for those reasons. The company isn’t profitable at the moment. That makes it that much easier to ignore Wolfspeed. 

In a few years, the company’s fortunes are likely to be much different. That’s why so many analysts have assigned it a much higher target price than its current share price which treats it like other under-the-radar tech stocks.  

Impinj (PI)

Impinj (NASDAQ:PI) is a leader in the radio frequency identification (RFID) space providing real-time visibility to physical items. The company has garnered a lot of recognition for the application of its technology to the retail, supply chain, and physical asset management sectors. Despite a strong performance, the stock largely remains among under-the-radar tech stocks.

Impinj’s Q2 earnings print did not disappoint. The company posted $102 million in revenues which was above guidance. Per share earnings also reached $1.44 for the first six months of 2024. The company was expected to report $1.74 in earnings throughout 2024 but that may be an underestimate in need of updating following Q2’s print. 

That brings me to my next point which is that Impinj has entered net profitability this year. The company is hitting its stride and is expected to grow earnings by 30-50% over the next several years. That should set the company up for explosive growth into the near future and perhaps beyond. 

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.