This Beaten-Down Tech Stock Could Start Surging Once Again Thanks to Artificial Intelligence (AI)

Excitement over artificial intelligence (AI) has helped lift technology stocks in 2023, sending the Nasdaq-100 index soaring 39% so far this year, but the sector has lost some steam of late for several reasons.

Still-high Treasury yields and weaker-than-expected earnings reports from certain big tech companies have halted the Nasdaq index's terrific rise. The U.S. Commerce Department's restrictions on sales of AI chips to China has turned out to be another headwind for tech stocks. All this explains why the Nasdaq-100 is down over 3% in the past three months.

The negative sentiment has also weighed on Lam Research (NASDAQ: LRCX). Shares of the semiconductor manufacturing equipment maker are down 9% in the past three months. Of course, the stock is still up 50% year to date, but could its recent weakness be an opportunity?

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Source Fool.com