At the time of writing, Apple, Microsoft, Alphabet, and Amazon are the only four U.S. companies with a market capitalization of $1 trillion or greater. Tesla is not far behind, with a market cap of $907 million. It goes without saying that these companies all had much smaller market caps not too long ago.
The market already called this current chip industry slowdown, and it might now be calling a bottom.
Shares of Cirrus Logic (NASDAQ: CRUS) have shot up an impressive 25% in the past month amid the broader rally in technology stocks, and this rally isn't surprising considering the terrific fiscal 2023 first-quarter results (for the three months ended June 25, 2022) that were released on Aug. 2. The company, which counts Apple (NASDAQ: AAPL) as its largest customer with 79% of the total revenue last quarter, crushed Wall Street's expectations. Let's see what's working for Cirrus Logic and check why this tech stock remains an attractive bet despite rallying over the past month.