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U.S. Tech Sector Analysis

UpdatedJul 24, 2026
DataAggregated Company Financials
Companies993
  • 7D0.3%
  • 3M7.3%
  • 1Y27.0%
  • YTD16.3%

Last week, the Tech industry hasn't moved much but Micron Technology is up 16% in that time. As for the the longer term, the industry is up 27% over the past 12 months. As for the next few years, earnings are expected to grow by 22% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Jul 2026US$21.5tUS$2.9tUS$645.1b32.7x33.4x7.5x
Sun, 21 Jun 2026US$22.7tUS$2.8tUS$618.6b34.7x36.6x8x
Tue, 19 May 2026US$21.0tUS$2.8tUS$570.8b34.9x36.7x7.5x
Thu, 16 Apr 2026US$22.6tUS$2.7tUS$555.0b32.6x40.7x8.4x
Sat, 14 Mar 2026US$21.2tUS$2.7tUS$542.7b30x39.1x7.9x
Mon, 09 Feb 2026US$21.7tUS$2.6tUS$517.1b30.3x42.1x8.3x
Wed, 07 Jan 2026US$22.5tUS$2.6tUS$506.8b32.1x44.5x8.7x
Fri, 05 Dec 2025US$22.8tUS$2.6tUS$497.5b30.8x45.8x8.9x
Sun, 02 Nov 2025US$23.9tUS$2.5tUS$481.9b30.2x49.6x9.4x
Tue, 30 Sep 2025US$22.2tUS$2.5tUS$437.8b30.9x50.8x9x
Thu, 28 Aug 2025US$21.0tUS$2.4tUS$419.1b29.3x50x8.6x
Sat, 26 Jul 2025US$20.6tUS$2.4tUS$392.9b28.3x52.3x8.6x
Mon, 23 Jun 2025US$18.7tUS$2.4tUS$391.7b27.2x47.8x7.8x
Wed, 21 May 2025US$18.1tUS$2.4tUS$385.2b26.7x47x7.7x
Fri, 18 Apr 2025US$14.9tUS$2.3tUS$386.6b24.6x38.6x6.4x
Sun, 16 Mar 2025US$16.6tUS$2.3tUS$386.2b26.5x42.9x7.1x
Tue, 11 Feb 2025US$18.2tUS$2.3tUS$372.0b33.2x48.8x7.9x
Thu, 09 Jan 2025US$18.4tUS$2.3tUS$366.9b33.1x50.2x8.2x
Sat, 07 Dec 2024US$18.8tUS$2.3tUS$362.4b33.4x51.9x8.4x
Mon, 04 Nov 2024US$17.2tUS$2.2tUS$353.4b29.7x48.8x7.7x
Wed, 02 Oct 2024US$17.3tUS$2.2tUS$378.1b29.4x45.6x8x
Fri, 30 Aug 2024US$16.7tUS$2.2tUS$378.3b29.2x44.2x7.7x
Sun, 28 Jul 2024US$16.3tUS$2.1tUS$361.7b31.6x45.2x7.7x
Tue, 25 Jun 2024US$16.9tUS$2.1tUS$360.6b29.8x46.8x8x
Thu, 23 May 2024US$15.2tUS$2.0tUS$337.3b29.6x44.9x7.4x
Sat, 20 Apr 2024US$13.9tUS$2.0tUS$328.5b27.8x42.3x6.8x
Mon, 18 Mar 2024US$14.5tUS$2.0tUS$325.3b27.9x44.7x7.1x
Wed, 14 Feb 2024US$14.2tUS$2.0tUS$309.8b27x45.8x7x
Fri, 12 Jan 2024US$13.4tUS$2.0tUS$292.0b26.1x45.7x6.5x
Sun, 10 Dec 2023US$12.9tUS$2.1tUS$293.2b25x44x6.3x
Tue, 07 Nov 2023US$11.8tUS$2.0tUS$279.2b22.8x42.4x5.8x
Thu, 05 Oct 2023US$11.6tUS$2.0tUS$269.9b24.7x43x5.7x
Sat, 02 Sep 2023US$12.3tUS$2.0tUS$272.5b24.7x45x6x
Mon, 31 Jul 2023US$12.4tUS$2.0tUS$263.2b24.8x47.1x6.1x
Price to Earnings Ratio

47.1x


Total Market Cap: US$12.4tTotal Earnings: US$263.2bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Tech Sector Price to Earnings3Y Average 45.1x202420252026
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 33.4x which is lower than its 3-year average PE of 45.1x.
  • The industry is trading close to its 3-year average PS ratio of 7.6x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 35% per year over the last three years.
  • Revenues for these companies have grown 12% 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 Market-1.98%
Tech0.26%
Semiconductors3.89%
Electronic Equipment and Components2.95%
Communications2.55%
Tech Hardware-1.12%
IT-4.46%
Software-5.72%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 34.9x.
    • Analysts are expecting annual earnings growth of 26.1%, which is higher than its past year's earnings growth of 12.3% per year.
  • Investors are most pessimistic about the Semiconductors industry, which is trading below its 3-year average of 54.0x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Tech Hardware industry is expected to see its earnings grow by 12% 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
MU Micron TechnologyUS$990.2116.1%
+US$154.7b		786.3%PE22.2x
AVGO BroadcomUS$392.475.8%
+US$103.0b		35.3%PE63.7x
AMD Advanced Micro DevicesUS$539.697.7%
+US$63.2b		232.9%PE178.4x
STX Seagate Technology HoldingsUS$913.3622.5%
+US$38.0b		498.0%PE86.9x
NVDA NVIDIAUS$208.760.7%
+US$32.9b		20.2%PE31.7x

Latest News

MSFT
US$381.58
Microsoft
7D
-4.9%
1Y
-25.3%
NVDA
US$208.76
NVIDIA
7D
0.7%
1Y
20.2%
AMD
US$539.69
Advanced Micro Devices
7D
7.7%
1Y
232.9%
NOW
US$91.94
ServiceNow
7D
-11.6%
1Y
-53.9%
CRWD
US$183.42
CrowdStrike Holdings
7D
-10.0%
1Y
58.8%
MU
US$990.21
Micron Technology
7D
16.1%
1Y
786.3%
AVGO
US$392.47
Broadcom
7D
5.8%
1Y
35.3%
Seeking Alpha • Jul 23

Broadcom Might Be Flying Too Close To The Sun

Summary Broadcom's current valuation requires exceptionally high growth for many years, leaving little margin for error and making the stock vulnerable to even modest disappointments. Increasing signs of slowing AI infrastructure investment—including delayed data center projects, more cautious enterprise AI spending, and potential excess computing capacity—could weigh on semiconductor demand. Despite strong recent financial results, the combination of elevated valuation and mounting industry risks leads to a continued bearish outlook, with the stock remaining a Sell. Read the full article on Seeking Alpha
WDC
US$558.30
Western Digital
7D
19.6%
1Y
708.9%
PANW
US$325.63
Palo Alto Networks
7D
-8.0%
1Y
61.9%
AAPL
US$321.66
Apple
7D
-3.5%
1Y
50.5%
STX
US$913.36
Seagate Technology Holdings
7D
22.5%
1Y
498.0%
Narrative Update • Jul 21

STX: AI Storage Pricing Optimism Will Eventually Face Supply Discipline Reversal Risk

Seagate Technology Holdings' fair value estimate has been raised from $566.86 to $680.00 as analysts point to broadly higher price targets across the Street, supported by expectations for firmer hard disk drive pricing, AI driven storage demand, and updated earnings and P/E assumptions. Analyst Commentary Recent research on Seagate Technology Holdings shows a wide spread of opinion on how much upside is left, even as many firms lift price targets.
SNDK
US$1,610.33
Sandisk
7D
14.1%
1Y
3,728.6%
PLTR
US$123.37
Palantir Technologies
7D
-8.2%
1Y
-20.3%
Seeking Alpha • Jul 20

Why I Think Palantir's Moat Keeps Growing

Summary Palantir Technologies Inc.'s AIP Bootcamp model creates Ontology-driven customer flywheels, helping U.S. commercial revenue surge 133% year over year in Q1 2026. Remaining Deal Value expanded faster than revenue, showing customers increasingly broaden deployments instead of simply renewing existing software contracts. U.S. government revenue jumped 84% year over year as PLTR became embedded in defense, intelligence and sovereign AI infrastructure across allied nations. Despite exceptional growth, a Rule of 40 above 140%, and nearly $8 billion in cash, PLTR's stock valuation above 41x forward sales leaves minimal room for execution mistakes. Read the full article on Seeking Alpha
SHOP
US$112.00
Shopify
7D
-10.4%
1Y
-8.3%
DELL
US$439.34
Dell Technologies
7D
12.3%
1Y
242.3%
Seeking Alpha • Jul 14

Dell Technologies And Its Real Value

Summary Dell Technologies has surged 120% in 2024, but current valuations appear significantly overpriced relative to multiple valuation models. AI infrastructure demand drives DELL’s backlog and earnings growth, yet gross margins remain below preferred levels and short-term liquidity is limited. DELL’s net debt and leverage have improved, but negative shareholder equity make this company more challenging to analyze. Despite strong cash generation and ROIC, DELL’s recent exponential share price growth appears unsustainable, warranting investor caution. Read the full article on Seeking Alpha
CRM
US$156.93
Salesforce
7D
-9.1%
1Y
-41.4%
Narrative Update • Jul 13

CRM: Debt-Funded Buybacks Will Accelerate AI Transition Despite Market Skepticism

The updated analyst price target for Salesforce has been reduced by about $22 to reflect slightly lower modeled revenue growth, modestly softer profit margins, a higher discount rate, and a less demanding future P/E multiple, as analysts weigh mixed survey feedback, slower AI monetization expectations, and ongoing debate around the impact of Agentforce and broader AI adoption. Analyst Commentary Recent Street research on Salesforce highlights a split view, but there is a clear group of bullish analysts who see the current setup as attractive, particularly after the stock pullback and ongoing investment in AI and agentic capabilities.