Amid the bear market, the scramble for yield has become increasingly frantic among investors. While banks have increased their interest rates on deposits a bit, that interest income still significantly lags behind the current 8.3% inflation rate and is usually subject to taxation.

The severe slump in tech stocks has dragged established stocks down as well, with many high-yield dividend stocks now returning more than 5% on their payouts alone. As these stocks have a long track record of annual payout hikes, buying now will allow you to lock in these high-yield dividends so you are holding the stock down the road when their dividends eventually catch up to and exceed inflation.

Stocks such as Intel (INTC 2.13%), Verizon Communications (VZ 0.79%), and International Business Machines (IBM 0.13%) offer this level of dividend growth. Let's find out a bit more about these three dividend growth stocks.

1. Intel

Intel is arguably the most unexpected high-yield dividend stock to appear in some time. Its current dividend of $1.46 per share currently yields about 5.5%. Moreover, it has risen consistently since 2004. While it is not a Dividend Aristocrat, Intel's current dividend streak likely places pressure on the company to maintain the payout hikes.

The one-time leader in the semiconductor industry has fallen behind several of its key competitors. With revenue falling and the company about to spend tens of billions of dollars on new foundries, many might question whether it can maintain the current dividend.

Nonetheless, the stock may have become oversold. It currently sells for less than 1.1 times book value, making it a possible once-in-a-generation opportunity. Also, despite Intel's issues, it generated $34 billion in revenue during the first half of 2022, more than AMD and Nvidia combined. It also stands to benefit significantly from newly passed legislation by Congress to puts nearly $53 billion toward boosting the U.S. semiconductor industry. Hence, it will probably remain a significant force in the chip industry, especially if it can stage a technical comeback.

2. Verizon

Unlike Intel, Verizon has long maintained a high-yield dividend. However, the bear market has dramatically helped boost its dividend yield. After its recent payout hike, it now pays investors $2.61 per share annually, a cash yield of 6.6%. Additionally, its payout has risen every year since 2007. Hence, it probably risks a mass sell-off should it miss a yearly dividend increase.

Admittedly, that streak still comes with some risks. Rival AT&T abandoned its Dividend Aristocrat status recently amid high debts, while T-Mobile has never offered a payout. With almost $151 billion in total debt and over $10 billion in capital expenditures in the first six months of 2022 alone, Verizon faces a heavy financial burden by any measure.

Still, Verizon can mitigate those risks. The telco has led its peers in overall network quality for 28 years in a row, according to J.D. Power. Moreover, its pivot into 5G has allowed for the creation of a network-as-a-service (NaaS) industry. This service has powered applications ranging from self-driving cars to immersive learning and could foster a potentially lucrative source of income for Verizon. With Verizon's P/E ratio of just eight, investors could see the stock as undervalued amid this offering. Such a perception could boost the stock price and fund continued dividend increases.

3. IBM

Like Verizon, IBM has maintained a healthy dividend yield. At a yearly rate of $6.60 per share, IBM offers a yield of around 5.4%. Additionally, with a 27-year streak of payout hikes, it is one of the newer Dividend Aristocrats.

However, that high yield was largely caused by the struggles of IBM stock. Over the last 10 years, it has lost nearly 40% of its value as the industry moved away from its core competencies.

But a long-awaited, cloud-driven comeback could make IBM a surprisingly strong buy. IBM appointed Arvind Krishna as its CEO in April 2020. Krishna previously served as IBM's head of cloud and cognitive software and played a key role in IBM's mammoth Red Hat acquisition. Since becoming CEO, Krishna has spun off Kyndryl and made numerous cloud-related acquisitions to drive its shift.

Cloud market share as of Q2 2022.

Image source: Synergy Research Group

As a result, IBM has become the world's fifth-largest cloud company, according to Synergy Research. Additionally, Grand View Research forecasts the cloud will become a $1.55 trillion industry by 2030. Such growth should bode well for both IBM's stock price and dividend.