The long-term outlook for the tech industry is bright due to its impressive technological breakthroughs and increased investments. The market as a whole is facing volatility due to rising inflation and disruptions in supply chains. We think that it might be wise to place your long-term bets on Micron (NYSE) and VMware, which are undervalued technology stocks. Let’s discuss.The increasing use of cloud computing, artificial intelligence, and other advanced technologies, and the rollout of 5G technology, should drive the technology industry’s growth. Although these factors have already driven the tech-heavy to hover near its all-time high, factors like historically-high inflation, intensifying supply-chain issues, and the Federal Reserve’s decision to begin tapering its bond-buying this month could drag the benchmark down in the near term.

However, investors are more interested in this sector because of efforts to reduce the global shortage of semiconductor chips as well as increased demand for new-generation products and services. This is evidenced by the iShares U.S. Technology ETF’s (IYW) 8.4% returns over the past month versus the SPDR S&P 500 ETF Trust’s (SPY) 5% gains.

Because major tech stocks trading at expensive valuations may experience a correction amid the market volatility, we think it could be wise to bet on undervalued tech stocks Micron Technology, Inc. (NASDAQ:) and VMware, Inc. (VMW) to cash in on the industry’s long-term growth.

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