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U.S. Tech Sector Analysis

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies980
  • 7D6.9%
  • 3M-7.9%
  • 1Y48.3%
  • YTD-7.1%

In the last week, the Tech industry is up 6.9%, with NVIDIA up 7.5%. This means that the industry has gained 48% over the past year. As for the next few years, earnings are expected to grow by 19% per annum.

Sector Valuation and Performance

Has the U.S. Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Apr 2026US$20.8tUS$2.7tUS$554.9b30x37.6x7.7x
Thu, 05 Mar 2026US$21.2tUS$2.7tUS$539.8b30.3x39.3x7.9x
Sat, 31 Jan 2026US$22.4tUS$2.6tUS$528.5b30.2x42.3x8.6x
Mon, 29 Dec 2025US$22.9tUS$2.6tUS$506.9b30.7x45.1x8.8x
Wed, 26 Nov 2025US$22.2tUS$2.6tUS$492.8b29.1x45x8.6x
Fri, 24 Oct 2025US$22.7tUS$2.5tUS$442.4b30.4x51.2x9x
Sun, 21 Sep 2025US$22.2tUS$2.5tUS$435.4b31.4x51x9x
Tue, 19 Aug 2025US$21.1tUS$2.4tUS$418.3b27.8x50.5x8.7x
Thu, 17 Jul 2025US$20.3tUS$2.4tUS$393.2b29.1x51.6x8.5x
Sat, 14 Jun 2025US$18.7tUS$2.4tUS$391.0b27.5x47.9x7.9x
Mon, 12 May 2025US$16.8tUS$2.3tUS$383.7b25.7x43.7x7.1x
Wed, 09 Apr 2025US$14.1tUS$2.3tUS$386.8b23.6x36.5x6.1x
Fri, 07 Mar 2025US$17.0tUS$2.3tUS$379.3b28.1x44.9x7.3x
Sun, 02 Feb 2025US$18.0tUS$2.3tUS$370.8b33.3x48.5x7.9x
Tue, 31 Dec 2024US$18.7tUS$2.3tUS$366.8b32x51x8.3x
Thu, 28 Nov 2024US$18.2tUS$2.2tUS$361.4b33x50.3x8.1x
Sat, 26 Oct 2024US$17.7tUS$2.2tUS$378.1b30.6x46.8x8x
Mon, 23 Sep 2024US$17.0tUS$2.2tUS$375.4b28.8x45.2x7.8x
Wed, 21 Aug 2024US$17.1tUS$2.1tUS$368.2b29.7x46.3x8x
Fri, 19 Jul 2024US$17.0tUS$2.1tUS$363.1b31.3x46.8x8x
Sun, 16 Jun 2024US$17.0tUS$2.1tUS$360.7b29.1x47.1x8x
Tue, 14 May 2024US$14.6tUS$2.0tUS$337.0b29.5x43.3x7.2x
Thu, 11 Apr 2024US$14.6tUS$2.0tUS$328.6b28.1x44.4x7.1x
Sat, 09 Mar 2024US$14.7tUS$2.0tUS$324.8b28.3x45.1x7.2x
Mon, 05 Feb 2024US$14.2tUS$2.1tUS$305.9b26.6x46.3x6.9x
Wed, 03 Jan 2024US$13.1tUS$2.1tUS$292.7b25.9x44.6x6.4x
Fri, 01 Dec 2023US$12.8tUS$2.1tUS$292.6b24.9x43.7x6.2x
Sun, 29 Oct 2023US$11.2tUS$2.0tUS$278.4b22.2x40.1x5.5x
Tue, 26 Sep 2023US$11.5tUS$2.0tUS$273.1b24.7x42.1x5.6x
Thu, 24 Aug 2023US$11.9tUS$2.0tUS$264.9b24.3x44.9x5.9x
Sat, 22 Jul 2023US$12.2tUS$2.0tUS$258.1b25.5x47.3x6x
Mon, 19 Jun 2023US$11.9tUS$2.0tUS$264.4b24.9x45.2x5.9x
Wed, 17 May 2023US$10.5tUS$2.0tUS$262.0b22.9x39.9x5.2x
Fri, 14 Apr 2023US$10.3tUS$2.0tUS$274.9b22.9x37.3x5x
Price to Earnings Ratio

37.3x


Total Market Cap: US$10.3tTotal Earnings: US$274.9bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Tech Sector Price to Earnings3Y Average 45.4x202420252026
Current Industry PE
  • Investors are pessimistic on the American Information Technology industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 37.6x which is lower than its 3-year average PE of 45.4x.
  • The industry is trading close to its 3-year average PS ratio of 7.4x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 26% per year over the last three years.
  • Revenues for these companies have grown 9.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Tech sector?

US Market4.40%
Tech6.89%
Electronic Equipment and Components9.08%
Semiconductors8.99%
Communications8.40%
Tech Hardware6.15%
IT4.68%
Software4.00%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 32.1x.
    • Analysts are expecting annual earnings growth of 22.0%, which is higher than its past year's earnings growth of 15.7% per year.
  • Investors are most pessimistic about the Software industry, which is trading below its 3-year average of 53.0x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 3.1% per year.
  • In contrast, the Tech Hardware industry is expected to see its earnings grow by 9.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NVDA NVIDIAUS$177.647.5%
+US$303.0b		81.9%PE35.9x
AAPL AppleUS$258.865.0%
+US$179.6b		42.7%PE32.3x
MSFT MicrosoftUS$372.883.9%
+US$103.4b		4.2%PE23.2x
AVGO BroadcomUS$314.437.2%
+US$99.5b		104.0%PE59.6x
MU Micron TechnologyUS$377.7617.4%
+US$63.1b		452.5%PE17.7x

Latest News

NOW
US$102.42
ServiceNow
7D
-2.4%
1Y
-30.4%

ServiceNow: Fear Is Creating A Generational Entry Point

Apr 07
INTU
US$417.36
Intuit
7D
-2.7%
1Y
-25.0%
AAPL
US$258.86
Apple
7D
5.0%
1Y
42.7%
ENPH
US$33.64
Enphase Energy
7D
-5.6%
1Y
-39.7%

ENPH: PPL Demand Visibility And Distributor Partnerships Will Support Recovery

Analysts have slightly reduced the price target for Enphase Energy to account for a modestly higher discount rate, while recent upgrades and target increases from other firms suggest rising confidence in future demand and margins. Analyst Commentary Recent research on Enphase Energy reflects a mix of cautious valuation tweaks and growing optimism around execution and future demand.
IT
US$155.81
Gartner
7D
-2.1%
1Y
-59.3%

IT: Future Lawsuit Risks Will Outweigh Support From Expanded Buybacks

Analysts have trimmed their price target on Gartner from $150 to $140, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E that change their overall valuation view. What's in the News A securities fraud class action lawsuit has been filed against Gartner covering investors who bought common stock between February 4, 2025 and February 2, 2026.
MU
US$377.76
Micron Technology
7D
17.4%
1Y
452.5%

Micron: I Was Wrong, This Time Is Indeed Different (Rating Upgrade)

Apr 05
NVDA
US$177.64
NVIDIA
7D
7.5%
1Y
81.9%

NVDA: Trillion Dollar AI Backlog Will Sustain Multi-Year Infrastructure Supercycle

Analysts have nudged NVIDIA's fair value estimate slightly lower to $268.22 while keeping revenue growth and margin assumptions effectively unchanged. They cite a series of higher price targets and upbeat GTC takeaways as support for a still robust AI demand outlook and a modestly lower future P/E of about 28.9x.
SNOW
US$149.38
Snowflake
7D
-2.8%
1Y
14.0%

SNOW: AI Partnerships And Q4 Execution Will Support Premium Multiple

Narrative Update The analyst price target for Snowflake has been reset lower, with the fair value estimate moving from $181.76 to $176.00 as analysts balance slightly softer modeled revenue growth and a higher discount rate against Q4 AI momentum, ongoing AI partnerships, and generally supportive long term views reflected in refreshed targets across the Street. Analyst Commentary Research commentary on Snowflake has become more mixed, with many firms trimming price targets even as they acknowledge solid Q4 execution, AI traction, and what they describe as healthy forward indicators.
INTC
US$50.78
Intel
7D
23.3%
1Y
159.5%

Intel's Turnaround Gains Momentum

Apr 05
SMCI
US$22.05
Super Micro Computer
7D
-3.2%
1Y
-30.5%

SMCI: AI Partnerships And Governance Reset Will Drive Repricing Into 2026

Super Micro Computer's analyst price target has been revised lower by $6.99, with analysts citing higher required returns, a lower fair value estimate, and more conservative profit margin and P/E assumptions, despite slightly higher modeled revenue growth. Analyst Commentary Recent Street research on Super Micro has shifted toward a more cautious stance, with several firms trimming price targets and some lowering ratings following legal and governance concerns.
QCOM
US$125.73
QUALCOMM
7D
-1.1%
1Y
-3.1%

QCOM: Data Center AI Inference Will Offset Handset Weakness Over Time

Analysts have trimmed their QUALCOMM fair value estimate by about $2 to roughly $155, as a series of price target cuts and downgrades, partly offset by a few upgrades highlighting potential in data center and diversification beyond handsets, feeds into slightly lower revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent research on QUALCOMM has turned more mixed, with several firms trimming ratings and price targets while a smaller group highlights potential upside tied to diversification and data center exposure.
MSFT
US$372.88
Microsoft
7D
3.9%
1Y
4.2%

Microsoft Has A Visibility Problem; I'd Rather Wait

Apr 04
AVGO
US$314.43
Broadcom
7D
7.2%
1Y
104.0%
AMD
US$220.18
Advanced Micro Devices
7D
12.3%
1Y
163.2%

AMD: Expanded Meta AI Infrastructure Deal Will Support Future Upside

Analysts have raised their average price target for AMD by $5 to $280, citing expanded multi-year GPU deployments with Meta, reinforced confidence in the MI450/Helio roadmap, and a series of recent research updates that emphasize AI accelerator share gains and deepening ecosystem partnerships. Analyst Commentary Recent research on Advanced Micro Devices clusters around the expanded GPU agreement with Meta, the MI450 and Helio roadmap, and growing partnerships in data center and edge inference.
LRCX
US$220.65
Lam Research
7D
10.4%
1Y
254.7%

LRCX: Future DRAM Spending And WFE Cycle Will Support Multi Year Upswing

Analysts have lifted their price target on Lam Research by $5 to $255, citing a more supportive outlook for wafer fab equipment spending, stronger expectations for DRAM-driven demand, and Lam's inclusion in preferred idea lists as key reasons for the change. Analyst Commentary Recent research points to a broadly constructive stance on Lam Research, with a series of higher price targets and fresh buy calls highlighting confidence in the company’s positioning within wafer fab equipment and memory exposure.
AXTI
US$41.99
AXT
7D
-20.4%
1Y
3,010.4%

AXTI: Export Permit Constraints Will Limit Upside Despite InP Demand Story

AXT's analyst fair value estimate has been raised from $26.00 to $45.00 as analysts factor in expectations for higher revenue, stronger profit margins, and a richer forward P/E multiple supported by rising Street price targets related to InP demand and export permit clarity. Analyst Commentary Recent research on AXT points to a split view, with some caution around near term export permit issues, but also a series of more optimistic calls that connect the story to longer term compound semiconductor demand and valuation support tied to InP exposure.