The semiconductor sector produces advanced computer chips for a growing number of products and services, and it continues to soar in both value and importance. But it's cooling off this year amid high inflation and rising interest rates that are hurting consumer spending, sending the iShares Semiconductor ETF (SOXX -1.69%) down 34% for 2022 so far.

Still, the ETF -- which owns stock in industry giants like Nvidia, Intel, and Advanced Micro Devices -- has returned an average of 24% per year for the last five years. That's more than double the return of the benchmark S&P 500 stock market index over the same period.

By 2030, estimates suggest the chip sector will be worth $1.5 trillion per year, so investors might want to use the recent dip as a buying opportunity. Here are two semiconductor stocks with great potential going forward.

1. Micron Technology

Micron Technology (MU -3.10%) is a global leader in the memory (DRAM) and storage (NAND) segments of the chip sector. The company's bread and butter are in the data center and personal computing industries, which are the sources of most of its revenue. But with the rapid adoption of new technologies like the 5G network and electric vehicles, Micron could be facing a great opportunity over the next decade (and beyond).

The company anticipates 700 million 5G-enabled smartphones will be sold globally during 2022, which will represent roughly half of the total addressable market. But here's the opportunity: Devices using the 5G network require about 50% more memory and double the storage capacity of devices running on the older 4G network, so Micron's chips are more important than ever. Its LPDDR5X mobile DRAM product is one of the fastest on the market.

In a similar vein, electric vehicles need multiples more memory and storage than their combustion engine-powered predecessors. Micron describes these cars, especially those fitted with autonomous self-driving capabilities, as data centers on wheels because they often demand 140 gigabytes of DRAM and 1 terabyte of NAND. Since the company anticipates over 100 new models being released by the end of this year, the market is growing at a lightning pace.

Micron predicts a slowdown in its business toward the end of this year amid the tightening economic conditions, but it still managed to deliver record revenue of $8.6 billion in the recent third quarter of fiscal 2022, along with a record gross profit of $4 billion as its gross margin remained elevated. But the real opportunity for investors is over the long run, and since Micron stock is down 42% from its all-time high, now might be the time to buy.

2. Axcelis Technologies

Axcelis Technologies (ACLS -3.11%) flies under the radar compared to the giants of the chip sector, like Micron. Its market valuation stands at just $2 billion, but it has been one of the fastest-growing semiconductor companies in 2022 so far. Axcelis doesn't actually produce chips itself but rather manufactures ion implantation equipment, which is critical to the fabrication process.

The company has made a string of announcements this year highlighting major shipments of its equipment to new and existing chip-making customers around the globe, including those producing DRAM and NAND hardware. In fact, in contrast to the rest of the industry, which is slowing down, Axcelis can't keep up with demand and has amassed the largest order backlog in its history, topping $869 million in the second quarter of 2022 (ended June 30).

It resulted in a 50% jump in revenue during the quarter, to $221 million, and a whopping 140% growth in earnings per share (profit). The company now expects to generate $875 million in full-year sales during 2022, placing it an entire year ahead of schedule as it wasn't expecting to exceed the $850 million mark until 2023.

Axcelis' strong performance has kept its share price elevated relative to the rest of the industry. It's about 24% off its all-time high -- far less than the decline experienced by the iShares Semiconductor ETF, for example. Investors might also be enticed by the fact that Axcelis is returning money to shareholders through an active $100 million stock buyback program, which follows the $75 million it has already returned since 2019.

As chip makers around the world continue to expand production capacity to meet growing demand from future technologies, Axcelis' equipment will be key to facilitating those plans. The company could benefit from that tailwind for years to come.