(C) Reuters. 3 Computer Hardware Stocks to Buy This Summer
The expected continuation of remote working arrangements, at least in-part, even after pandemic restrictions are completely lifted should keep driving the demand for computer hardware as economies reopen worldwide. So, with that expectation, we think it could be wise to bet on the shares of fundamentally sound computer hardware companies Dell (DELL), Western Digital (WDC), and NetApp (NASDAQ:NTAP).Even though investors rotated out of expensive tech stocks earlier this year and into cyclical stocks to capitalize on the economic recovery, the broader tech market has nonetheless been making an impressive comeback, as evidenced by the new highs hit lately by the tech-heavy Nasdaq Composite. The composite hit its $14,535.97, 52-week high on June 29. Among other sectors, several computer hardware stocks have been gaining because the demand for computer hardware is increasing as companies rearrange their operations to continue working with a remote workforce, even if only partly.
In the digital era, the use of internet of things (IoT), artificial intelligence (AI), and cloud-based products and services is expected to keep increasing, which will foster a growing need for computer hardware. According to The Business Research Company, the global computer hardware market is expected to grow at a 9.4% CAGR to hit $944.09 billion in 2021.
So, we think it could be wise to bet on the shares of established computer hardware companies Dell Technologies Inc. (NYSE:DELL), Western Digital Corporation (NASDAQ:WDC), and NetApp, Inc. (NTAP). These companies have the potential to capitalize on the industry’s growth.
3 Computer Hardware Stocks to Buy This Summer
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