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U.S. Tech Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies980
  • 7D4.3%
  • 3M7.8%
  • 1Y59.6%
  • YTD5.1%

Over the last 7 days, the Tech industry has risen 4.3%, driven by gains from Microsoft of 7.9%. This means that the industry has gained 60% over the past year. As for the next few years, earnings are expected to grow by 20% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026US$23.7tUS$2.7tUS$550.4b33x43.1x8.8x
Fri, 20 Mar 2026US$21.1tUS$2.7tUS$560.2b30.5x37.7x7.8x
Sun, 15 Feb 2026US$21.4tUS$2.6tUS$520.1b29.8x41.1x8.1x
Tue, 13 Jan 2026US$22.6tUS$2.6tUS$507.0b32.1x44.6x8.7x
Thu, 11 Dec 2025US$23.2tUS$2.6tUS$496.6b31.8x46.7x9x
Sat, 08 Nov 2025US$22.9tUS$2.5tUS$477.6b30.5x47.9x9x
Mon, 06 Oct 2025US$22.7tUS$2.5tUS$439.2b31.7x51.8x9.1x
Wed, 03 Sep 2025US$20.7tUS$2.5tUS$429.3b28.7x48.3x8.5x
Fri, 01 Aug 2025US$20.8tUS$2.4tUS$399.7b28.4x52.1x8.7x
Sun, 29 Jun 2025US$19.6tUS$2.4tUS$393.2b28.4x49.8x8.2x
Tue, 27 May 2025US$17.5tUS$2.4tUS$385.8b26.9x45.5x7.4x
Thu, 24 Apr 2025US$15.2tUS$2.3tUS$386.4b25x39.3x6.5x
Sat, 22 Mar 2025US$16.5tUS$2.3tUS$386.8b27.2x42.7x7.1x
Mon, 17 Feb 2025US$18.9tUS$2.3tUS$369.9b32.4x51x8.2x
Wed, 15 Jan 2025US$17.9tUS$2.3tUS$367.2b32.1x48.7x7.9x
Fri, 13 Dec 2024US$18.8tUS$2.3tUS$362.8b32.6x51.7x8.3x
Sun, 10 Nov 2024US$18.3tUS$2.2tUS$352.6b33.3x51.8x8.2x
Tue, 08 Oct 2024US$17.2tUS$2.2tUS$378.1b29.7x45.6x8x
Thu, 05 Sep 2024US$16.1tUS$2.2tUS$378.4b28.4x42.4x7.4x
Sat, 03 Aug 2024US$16.0tUS$2.1tUS$363.4b29.6x43.9x7.5x
Mon, 01 Jul 2024US$16.9tUS$2.1tUS$362.8b30x46.4x8x
Wed, 29 May 2024US$15.4tUS$2.1tUS$349.9b30.5x43.9x7.5x
Fri, 26 Apr 2024US$13.9tUS$2.0tUS$328.7b28.4x42.4x6.8x
Sun, 24 Mar 2024US$14.9tUS$2.0tUS$328.6b27.8x45.4x7.3x
Tue, 20 Feb 2024US$14.2tUS$2.0tUS$310.2b27.5x45.9x7x
Thu, 18 Jan 2024US$13.4tUS$2.0tUS$292.0b25.4x45.8x6.5x
Sat, 16 Dec 2023US$13.4tUS$2.1tUS$293.6b26.5x45.5x6.5x
Mon, 13 Nov 2023US$12.4tUS$2.0tUS$279.7b23.4x44.2x6.1x
Wed, 11 Oct 2023US$11.9tUS$2.0tUS$269.8b25.1x43.9x5.8x
Fri, 08 Sep 2023US$11.9tUS$2.0tUS$272.8b24x43.8x5.9x
Sun, 06 Aug 2023US$11.9tUS$2.0tUS$262.2b25.6x45.4x5.9x
Tue, 04 Jul 2023US$12.0tUS$2.0tUS$258.1b25.2x46.6x5.9x
Thu, 01 Jun 2023US$11.4tUS$2.0tUS$262.7b23.9x43.5x5.6x
Sat, 29 Apr 2023US$10.3tUS$2.0tUS$265.1b20.9x38.9x5.1x
Price to Earnings Ratio

38.9x


Total Market Cap: US$10.3tTotal Earnings: US$265.1bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Tech Sector Price to Earnings3Y Average 45.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Information Technology industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 45.5x.
  • The 3-year average PS ratio of 7.4x is lower than the industry's current PS ratio of 8.8x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 28% per year over the last three years.
  • Revenues for these companies have grown 10.0% 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 Market1.31%
Tech4.29%
Software8.38%
Communications7.35%
IT5.81%
Tech Hardware2.98%
Semiconductors2.47%
Electronic Equipment and Components2.20%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 32.5x.
    • Analysts are expecting annual earnings growth of 22.6%, which is higher than its past year's earnings growth of 13.9% per year.
  • Investors are most pessimistic about the Tech Hardware industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 33.2x.
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 10% 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
MSFT MicrosoftUS$424.167.9%
+US$230.6b		15.6%PE26.4x
AAPL AppleUS$266.172.8%
+US$107.8b		33.3%PE33.2x
NVDA NVIDIAUS$199.881.7%
+US$81.9b		102.1%PE40.4x
ORCL OracleUS$181.1711.1%
+US$52.3b		42.4%PE32.2x
AMD Advanced Micro DevicesUS$284.4911.5%
+US$48.0b		229.8%PE108.6x

Latest News

AAPL
US$266.17
Apple
7D
2.8%
1Y
33.3%
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Cisco Systems' updated analyst price target edges up by about $0.05 to $89.09, as analysts factor in slightly higher revenue growth assumptions, a marginally higher discount rate, and a modest adjustment to future P/E expectations, while keeping profit margin assumptions broadly steady. Analyst Commentary Recent Street research around Cisco Systems reflects a mix of optimism on execution and growth, balanced by fresh caution on profitability and costs.
NVDA
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ORCL
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Oracle
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11.1%
1Y
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Broadcom
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MU
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AMD
US$284.49
Advanced Micro Devices
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1Y
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CRM
US$187.11
Salesforce
7D
9.2%
1Y
-23.1%

CRM: Debt-Funded Buybacks Will Support AI Execution And Margin Discipline

The analyst price target for Salesforce has been reduced by about $50 to reflect slightly lower modeled fair value, a higher discount rate, more conservative assumptions on revenue growth and profit margins, and a trimmed future P/E multiple, in line with a broad set of recent price target cuts that cite softer organic growth, sector multiple compression, and a wait for clearer payoff from Agentforce-driven AI products. Analyst Commentary Street research around Salesforce has shifted toward tighter valuation assumptions, but it also highlights a set of execution and product drivers that bullish analysts see as underappreciated.
MSFT
US$424.16
Microsoft
7D
7.9%
1Y
15.6%

MSFT: AI Infrastructure Self Sufficiency And Heavy Data Center Commitments Will Sustain Leadership

Microsoft's analyst fair value estimate has been adjusted slightly lower to $579.57, as analysts factor in updated price targets that reflect a mix of reduced P/E assumptions, along with expectations for revenue growth and profit margins tied to AI and cloud spending. Analyst Commentary Recent Street research on Microsoft reflects a mix of optimism and caution as analysts recalibrate price targets and ratings around AI, cloud spending, and capital intensity.
GLW
US$165.45
Corning
7D
-4.3%
1Y
296.3%

GLW: AI Fiber Deal Enthusiasm Will Outrun Realistic Data Center Demand

Analyst fair value for Corning has shifted from about $129.64 to $139.21 as recent Street research, including multiple price target increases and updated AI related optical demand assumptions, has led analysts to adjust revenue growth expectations, profit margin outlooks, and future P/E assumptions, while modestly lifting the discount rate. Analyst Commentary Recent Street research on Corning reflects an active debate, with many firms lifting price targets and growth assumptions around AI driven optical demand, while a few higher profile downgrades signal concern about execution risk and valuation stretch.
CRCL
US$96.02
Circle Internet Group
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-9.0%
1Y
n/a
NBIS
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Nebius Group
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-3.3%
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FSLR
US$186.61
First Solar
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-7.0%
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LRCX
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Lam Research
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-5.2%
1Y
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The analyst price target for Lam Research is raised by $6 to reflect updated assumptions around revenue growth, profitability mix, and a slightly lower discount rate. Analysts point to a series of recent target increases and rating changes across the Street as support for the revised view.
PLTR
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Palantir Technologies
7D
7.6%
1Y
55.3%