These undervalued global technology stocks have strong fundamentals, and analysts love them.

On Monday, tech stocks came under renewed pressure as the market continued to fall.

On Monday, Wall Street experienced a massive sell-off, with all major indexes closing in the red, extending last week's decline. The benchmark S&P 500 fell 3.9 percent to its lowest level since March 2021, and it is now more than 21 percent lower from its January high, firmly placing it in bear market territory.

The technology sector was among the worst performers on the S&P 500 on Monday, falling 4.5 percent.

The tech sell-off occurred as investors considered the possibility of the Federal Reserve initiating a much more aggressive interest rate hike cycle. Consumer prices in the United States rose 8.6 percent year on year in May, according to a hotter-than-expected inflation report.

Both Barclays and Jefferies revised their forecasts for the Fed this week to a 75 basis point increase, though other economists still expect a 50 basis point increase.

A rapid rate hike cycle makes the future earnings of growth stocks less appealing.

Unsurprisingly, several semiconductor stocks made the cut. After years of outperformance, semiconductor stocks have taken a beating this year. The iShares Semiconductor ETF, or SOXX, which tracks semiconductor performance, is down more than 20% year to date.

Nvidia stock has dropped more than 40% this year, but it remains an analyst favourite, with nearly 70% of analysts covering the stock rating it a buy.

This year, the company's earnings per share (EPS) are expected to increase by more than 20%. It has a 2.8 percent free cash flow yield.

Another chip stock is Advanced Micro Devices. The stock is down more than 40% this year, but analysts anticipate EPS growth of more than 55 percent this year. The company has a 4.1 percent free cash flow yield.

The screen was created by Nan Ya Printed Circuit Board, which also produces Ajinomoto build-up film (ABF) substrate — an essential component for chipmaking. The stock is down more than 40% this year, but analysts believe it has a potential upside of more than 77 percent. They anticipate that the stock's earnings per share will increase by nearly 80%.

STMicroelectronics, ASM International, Marvell Technology, and Taiwanese integrated circuit manufacturer Silergy are among the other semiconductor companies that contributed to the screen.

Accenture and Mphasis, both companies are expected to grow their earnings per share by more than 20% this year. Mphasis shares are down more than 30% this year, but analysts believe the stock could rise by more than 80% in the next 12 months.

As software companies continue to grow revenue and maintain profit margins amid a wave of digital transformation, software names are typically viewed as more defensive plays within the broader sector, but the sub-sector has not been spared from this year's rout.

A slew of software stocks appeared on the screen, including analytics software firm Datadog, Atlassian from Australia, and Constellation Software from Toronto.