The semiconductor industry has been under the spotlight throughout fourth-quarter 2020 due to the huge gain that it witnessed despite the pandemic-led uncertainties.This is evident from the monthly data on global semiconductor sales from Semiconductor Industry Association. For October 2020, the sales figure was $39 billion, up 6% and 3.1% on a yearly and monthly basis, respectively. Further, the figure reached $39.4 billion in November 2020, which was up 7%on a yearly basis and 1.1% on a monthly basis.Additionally, the latest Gartner report indicates that semiconductor revenues hit $449.8 billion in 2020, reflecting an increase of 7.3% from that reported in 2019.Apart from this, the stellar quarterly performance delivered by Micron MU testifies to solid growth in the semiconductor space. The company’s fiscal first-quarter 2021 results were primarily driven by solid demand for memory chips from cloud-computing providers and strong momentum in 5G-enabled devices.Also, Taiwan Semiconductor’s TSM solid fourth-quarter 2020 results, driven by strengthening demand for 5nm chips, are noteworthy.Growth Factors to ConsiderThe coronavirus-induced solid trend for remote-working and learning is anticipated to have continued aiding chip companies on the heels of the rising demand for desktops, notebooks and enterprise laptops.Per the preliminary data released by Gartner, PC shipments in the fourth quarter were up 10.7% year over year to 79.4 million units.In addition to this, robust demand for server solid state drives (SSD) for datacenters, which has been driving growth in the NAND market, is expected to have benefited the semiconductor stocks.Also, the growing proliferation of advanced technologies, including AI, ML, AR/VR, cloud computing, IoT, quantum computing and blockchain, is likely to have continued bolstering the semiconductor demand.Moreover, the rapid adoption of autonomous vehicles, advanced driver assisted systems (ADAS), gaming, wearables, drones and VR/AR devices, which is continuously fueling growth in the semiconductor industry, is expected to have remained a major positive.Additionally, recovery in the automotive end-market and solid momentum in smartphone processors on the rebound in the smartphone market are anticipated to have acted as tailwinds for the industry in the quarter under discussion.Also, accelerating deployment of 5G, driven by increasing demand for ultrafast Internet connectivity, is expected to have contributed well to growth of semiconductor companies in fourth-quarter 2020.How to Make the Right Choice?With the presence of several industry participants, finding the right semiconductor stocks with the potential to beat on earnings can be daunting. Our proprietary methodology, however, makes this task fairly simple.You could narrow down your choices by looking at the stocks that have the perfect combination of the two key elements — a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) and a positive Earnings ESP. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Earnings ESP is our proprietary methodology for determining the stocks that have the maximum chances of beating estimates at their next earnings announcement. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate.Our research shows that for stocks with the apt mix of ingredients, the odds of a positive earnings surprise are as high as 70%.Best BetsChandler, AZ-based, Microchip Technology MCHP is scheduled to report third-quarter fiscal 2021 on Feb 4. The company has an Earnings ESP of +1.14% and a Zacks Rank #2 currently. The Zacks Consensus Estimate for earnings has been revised upward by 0.6% to $1.58 per share in the past 30 days. You can see the complete list of today’s Zacks #1 Rank stocks here.Microchip Technology Incorporated Price and EPS Surprise Microchip Technology Incorporated price-eps-surprise | Microchip Technology Incorporated QuoteMalvern, PA-based Vishay Intertechnology VSH is slated to report fourth-quarter 2020 results on Feb 9. The company has an Earnings ESP of +4.82% and a Zacks Rank #2 currently. The Zacks Consensus Estimate for earnings has been revised upward by 3.7% to 28 cents per share over the past 30 days.Vishay Intertechnology, Inc. Price and EPS Surprise Vishay Intertechnology, Inc. price-eps-surprise | Vishay Intertechnology, Inc. QuoteGreensboro, NC-based, Qorvo QRVO is scheduled to report third-quarter fiscal 2021 numbers on Feb 3. The company has an Earnings ESP of +0.78% and a Zacks Rank #2 currently. The Zacks Consensus Estimate for earnings has been revised upward by 0.4% to $2.66 per share in the past 30 days.Qorvo, Inc. Price and EPS Surprise Qorvo, Inc. price-eps-surprise | Qorvo, Inc. QuoteDallas, TX-based Texas Instruments TXN is set to report fourth-quarter 2020 result on Jan 26. The company has an Earnings ESP of +1.90% and a Zacks Rank #3 currently. The consensus estimate for earnings has been raised by 1.5% to $1.34 per share in the past 30 days.Texas Instruments Incorporated Price and EPS Surprise Texas Instruments Incorporated price-eps-surprise | Texas Instruments Incorporated QuoteSanta Clara, CA-based Advanced Micro Devices AMD is set to report fourth-quarter 2020 numbers on Jan 26. The company has an Earnings ESP of +2.26% and a Zacks Rank #3 currently. The Zacks Consensus Estimate for earnings has been revised upward by 2.2% to 47 cents per share in the past 30 days.Advanced Micro Devices, Inc. Price and EPS Surprise Advanced Micro Devices, Inc. price-eps-surprise | Advanced Micro Devices, Inc. QuoteJust Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Micron Technology, Inc. (MU): Free Stock Analysis Report Microchip Technology Incorporated (MCHP): Free Stock Analysis Report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report Texas Instruments Incorporated (TXN): Free Stock Analysis Report Taiwan Semiconductor Manufacturing Company Ltd. (TSM): Free Stock Analysis Report Vishay Intertechnology, Inc. (VSH): Free Stock Analysis Report Qorvo, Inc. (QRVO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research