Top 3 6G Stocks to Buy in August 2024

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6G is the sixth generation of cellular technology. The technology will be a huge leap forward from 5G, its predecessor, and will have ultra-high speeds (up to 500 times faster than 5G).

But it’s not just about speed. 6G will feature near-instantaneous response times and the ability to support billions of devices connected simultaneously.

Because of these benefits, 6G, which is expected to be available by 2030, will radically change the way we do things and our daily lives. Whether it’s meetings, social media, transportation, or even agriculture, 6G will create a more efficient way of doing things.

The 6G market is expected to reach about $40.5 billion in the next eight years. The industry was worth about $5.9 billion last year and is expected to grow to $40.5 billion by 2032. In other words, there is a lot of promise for this industry.

Here are the best 6G stocks to buy in August.

Interdigital (IDCC)

Interdigital (NASDAQ:IDCC) is a wireless technology company that has been developing digital cellular and wireless products and networks for decades. The company is currently preparing the ground for the migration from 5G to 6G by investing heavily in research.

InterDigital is one of the best 6G stocks to buy right now due to its impressive price trajectory over the past two years. At this point in 2022, shares were trading at around $60 a share. Now, at $136, that’s a nearly 130% increase. The stock is up 25% this year alone.

The latest price increase comes on the back of InterDigital’s second-quarter results. Not only did it raise its full-year 2024 guidance, but it also beat estimates and posted growth in revenue, net income, and non-GAAP income compared to the prior quarter.

SK Telecommunications (SKM)

SK Telecommunications (NYSE:SKM) provides wireless telecommunications and mobile Internet services, wireless data and information communications solutions. The company is headquartered in Seoul, South Korea, and is the largest mobile operator in the East Asian country, controlling more than 50% of the local market share.

In February, SK Telecom announced a joint agreement with Intel (NASDAQ:INTC) to create new technology that will accelerate the emergence of 6G networks, thereby increasing its share in the 6G race.

Investors will learn about the company’s financial situation when it releases its second-quarter results on August 6. However, based on last quarter’s earnings and analyst ratings, SK Telecom is one of the best 6G stocks to buy this month.

Between January and March, the company’s consolidated revenue and operating income grew by 2.3% and 0.8%, respectively, compared to the same period a year earlier. Even more impressive were the results of net income, which increased by 19.6%. Sales from the AI ​​segment increased by 10%.

Apple (AAPL)

Last year, Bloomberg reported that Apple (NASDAQ:AAPL) was recruiting engineers to work on 6G technology. One job posting at the Silicon Valley-based company was for a cellular platform architect who would evaluate 6G and create prototypes. The iconic tech company has been quietly working on 6G, which is exciting for Apple users and the future of technology.

Investors looking to bet on 6G can’t go wrong with Apple. For starters, it’s one of only six companies in the world to have crossed the trillion-dollar mark in market capitalization. It was also the first company to reach a valuation of $3 trillion worldwide.

In addition, Apple shares are up 17% since the beginning of the year. In the latest quarter, the company posted $85.8 billion in revenue, up 5% from a year earlier. Earnings per share were $1.40, up 11% from a year earlier. This is a sign of Apple’s solid financial health. It’s a great place for investors looking for only the best 6G stocks on the market.

As of the date of publication, Hope Mutie did not hold (either directly or indirectly) any positions in the stocks mentioned in this article. The opinions expressed in this article are the author’s own, subject to InvestorPlace.com Publication Guidelines.

On the date of publication of this article, the editor in charge did not hold (directly or indirectly) any interests in the securities referred to in this article.

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