4 Top 5G Stocks to Buy in August By StockNews

© Reuters. 4 Top 5G Stocks to Buy in August

The gradual commercial deployment of 5G across the United States will be facilitated in-part by substantial government funding. Furthermore, with several federal policies now approved to tackle the domestic semiconductor shortage, semiconductor manufacturers Broadcom (NASDAQ:), Qualcomm (QCOM), NXP Semiconductors (NASDAQ:), and Qorvo (NASDAQ:)—all three of which have a focus on 5G—are expected to witness solid growth. So, let’s pore over these names.The commercial deployment of 5G has begun. Leading telecom giants are expanding their network infrastructure to deliver next-generation connectivity to remote parts of the country. Furthermore, substantial government funding is expected to be provided to ensure 5G availability across the United States. For example, the Senate-approved Infrastructure Investment and Jobs Act is expected to provide $65 billion to fund universal broadband accessibility goals.

However, the global semiconductor shortage is a major headwind that is currently hamstringing the 5G rollout. Regarding this, Evercore analyst James Ratcliffe said, “Overall, you’re looking at some time in the end of ‘21 to end of ‘23 to get two-thirds of the country’s population covered with a 5G service.”

The federal government has already provided $52 billion in funding to the domestic semiconductor industry through the CHIPS for America Act. Given this backdrop, we believe semiconductor companies Broadcom Inc. (AVGO), QUALCOMM Incorporated (NASDAQ:), NXP Semiconductors N.V. (NXPI), and Qorvo, Inc. (QRVO), which facilitate 5G network infrastructure, should grow substantially in the coming months.

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