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U.S. IT Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies113
  • 7D-3.0%
  • 3M-22.8%
  • 1Y3.3%
  • YTD-19.6%

Over the last 7 days, the IT industry has dropped 3.0%, driven by pullbacks in Cloudflare and International Business Machines of 13% and 3.6%, respectively. Meanwhile, CoreWeave actually outperformed within the industry, gaining 36% in the last week. This takes the industry's 12 month performance to a gain of 3.3%. Looking forward, earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

Has the U.S. IT Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026US$785.7bUS$259.8bUS$21.6b19.6x36.4x3x
Thu, 12 Mar 2026US$874.5bUS$258.1bUS$21.5b20.2x40.7x3.4x
Sat, 07 Feb 2026US$891.6bUS$255.1bUS$22.6b26.5x39.4x3.5x
Mon, 05 Jan 2026US$1.1tUS$282.9bUS$20.9b28.8x50.4x3.7x
Wed, 03 Dec 2025US$1.1tUS$281.6bUS$20.9b28.6x51.4x3.8x
Fri, 31 Oct 2025US$1.2tUS$283.7bUS$21.7b29.3x53.4x4.1x
Sun, 28 Sep 2025US$1.0tUS$251.9bUS$19.1b31.3x53.1x4x
Tue, 26 Aug 2025US$950.3bUS$250.5bUS$19.3b31x49.4x3.8x
Thu, 24 Jul 2025US$998.7bUS$241.7bUS$17.3b28.2x57.6x4.1x
Sat, 21 Jun 2025US$995.9bUS$240.5bUS$17.1b27x58.3x4.1x
Mon, 19 May 2025US$943.4bUS$239.9bUS$16.9b29.7x55.8x3.9x
Wed, 16 Apr 2025US$814.3bUS$242.3bUS$18.5b33.9x44x3.4x
Fri, 14 Mar 2025US$877.6bUS$240.0bUS$18.7b43.8x47x3.7x
Sun, 09 Feb 2025US$981.1bUS$234.2bUS$16.3b48.1x60.3x4.2x
Tue, 07 Jan 2025US$871.5bUS$234.1bUS$16.5b48.4x53x3.7x
Thu, 05 Dec 2024US$888.6bUS$233.2bUS$16.4b45.3x54.3x3.8x
Sat, 02 Nov 2024US$772.8bUS$233.1bUS$15.9b45.6x48.5x3.3x
Mon, 30 Sep 2024US$796.7bUS$233.8bUS$17.8b40.3x44.7x3.4x
Wed, 28 Aug 2024US$753.9bUS$233.1bUS$17.4b34.3x43.2x3.2x
Fri, 26 Jul 2024US$729.1bUS$237.1bUS$17.4b29.2x41.9x3.1x
Sun, 23 Jun 2024US$703.6bUS$237.1bUS$17.2b27.8x41x3x
Tue, 21 May 2024US$716.6bUS$236.8bUS$17.3b25.8x41.5x3x
Thu, 18 Apr 2024US$723.5bUS$227.7bUS$13.7b24.3x52.6x3.2x
Sat, 16 Mar 2024US$808.5bUS$227.7bUS$14.4b22.3x56.2x3.6x
Mon, 12 Feb 2024US$856.9bUS$226.8bUS$13.1b22.7x65.4x3.8x
Wed, 10 Jan 2024US$779.9bUS$229.4bUS$12.9b20x60.3x3.4x
Fri, 08 Dec 2023US$751.4bUS$229.0bUS$12.8b21.1x58.7x3.3x
Sun, 05 Nov 2023US$679.6bUS$228.3bUS$12.1b19.8x56x3x
Tue, 03 Oct 2023US$662.3bUS$227.2bUS$6.5b23.4x102.4x2.9x
Thu, 31 Aug 2023US$691.5bUS$226.3bUS$6.6b21.7x104.4x3.1x
Sat, 29 Jul 2023US$691.2bUS$228.6bUS$6.2b23.3x111.4x3x
Mon, 26 Jun 2023US$661.8bUS$228.6bUS$6.1b23.4x107.8x2.9x
Wed, 24 May 2023US$638.3bUS$229.1bUS$5.1b24x124.7x2.8x
Fri, 21 Apr 2023US$584.1bUS$225.7bUS$2.7b22.8x214.5x2.6x
Price to Earnings Ratio

214.5x


Total Market Cap: US$584.1bTotal Earnings: US$2.7bTotal Revenue: US$225.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. IT Industry Price to Earnings3Y Average 62.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American IT 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 36.4x which is lower than its 3-year average PE of 62.7x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 99% per year over the last three years.
  • Revenues for these companies have grown 4.8% 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 industry?

US Market4.25%
Tech6.48%
IT-2.97%
Data Processing Services-1.15%
Internet Services and Infrastructure-2.60%
IT Consulting-3.32%
Industry PE
  • Investors are most optimistic about the Data Processing Services industry which is trading above its 3-year average PE ratio of 27.4x.
    • Analysts are expecting annual earnings growth of 14.0%, which is lower than the prior year's growth of 26.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Internet Services and Infrastructure industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the IT Consulting industry is expected to see its earnings grow by 7.7% 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
CRWV CoreWeaveUS$117.2037.5%
+US$16.8b		187.4%PS12x
APLD Applied DigitalUS$31.4825.0%
+US$2.0b		815.0%PS28.2x
KC Kingsoft Cloud HoldingsUS$17.1326.2%
+US$1.1b		29.8%PS3.7x
GDS GDS HoldingsUS$43.2212.2%
+US$941.8m		109.5%PE65.9x
SHOP ShopifyUS$117.640.5%
+US$756.4m		40.2%PE124.6x

Latest News

SHOP
US$114.97
Shopify
7D
-3.2%
1Y
38.9%
NET
US$184.02
Cloudflare
7D
-13.1%
1Y
71.8%
OKTA
US$65.46
Okta
7D
-17.5%
1Y
-34.7%
APLD
US$27.60
Applied Digital
7D
9.6%
1Y
414.0%
CRWV
US$110.27
CoreWeave
7D
36.2%
1Y
152.9%
SNOW
US$134.24
Snowflake
7D
-10.1%
1Y
-7.1%

Snowflake Inc. (SNOW): The "Data Cloud" Architect and the 2026 Shift to AI Data Programmability

Snowflake Inc. (SNOW) closed the April 10, 2026, session at $168.42 USD on the NYSE, as the company works to reclaim its narrative as the central nervous system for enterprise AI.
AKAM
US$94.94
Akamai Technologies
7D
-17.2%
1Y
28.0%
ACN
US$191.95
Accenture
7D
-3.5%
1Y
-33.8%

ACN: Enterprise AI Partnerships And Adoption Will Drive Next Modernization Wave

Analyst price targets on Accenture have been revised lower in aggregate by a wide range, with several firms cutting their views by $25 to $70, while a smaller group raised targets by $4 to $24. Analysts are factoring in softer bookings, AI related uncertainty and broader multiple compression, despite what some describe as another solid quarter.
KC
US$16.08
Kingsoft Cloud Holdings
7D
18.5%
1Y
14.5%

KC: Governance Reforms And Profitability Outlook Will Support Future Upside Potential

Analysts have raised their price target on Kingsoft Cloud Holdings to $22.87 from $21.10, citing updated assumptions for revenue growth of 26.10%, a profit margin of 7.80%, a discount rate of 10.85% and a future P/E of 53.22x. What's in the News Proposed amendments to the articles of association aim to align Kingsoft Cloud Holdings with Hong Kong Core Shareholder Protection Standards, including allowing shareholders to attend general meetings virtually and vote electronically (Key Developments).
IBM
US$237.82
International Business Machines
7D
-3.6%
1Y
-0.5%

International Business Machines (IBM): The "Blue Chip" Transformation into the AI Hybrid Backbone

International Business Machines (IBM) , the foundational architect of the computing age, closed the April 2, 2026, session at $248.16 USD on the NYSE. As of today, April 6, 2026, IBM has shed its "legacy" label to emerge as a dominant force in the enterprise AI and hybrid cloud sectors.
VNET
US$8.44
VNET Group
7D
4.2%
1Y
53.5%

VNET: 2026 Revenue Guidance Will Support Future Data Center Expansion

Analysts have raised their price target on VNET Group from about $14.92 to roughly $15.54, citing updated assumptions for revenue growth, profit margins, and future P/E levels. What's in the News VNET Group issued earnings guidance for full year 2026, giving investors a clearer view of management expectations for the business.
SHAZ
US$33.02
SharonAI Holdings
7D
24.4%
1Y
n/a
MDB
US$236.14
MongoDB
7D
-7.1%
1Y
48.9%

MDB: AI Data Stack Leadership Will Support Post Reset Upside Potential

The updated analyst price target for MongoDB moves from about $525 to about $462, as analysts factor in softer margin and revenue growth assumptions alongside a slightly higher future P/E multiple following recent Q4 results and guidance. Analyst Commentary Recent Street research on MongoDB reflects a wide reset in price targets following Q4 results and fiscal 2027 guidance.
GDS
US$41.77
GDS Holdings
7D
6.5%
1Y
104.8%

GDS: Higher Control Concentration And Costly Preferred Shares Will Pressure Shares

Analysts have raised their price target on GDS Holdings by roughly $3, reflecting updated views on fair value, growth assumptions, and future P/E expectations, even as projected profit margins are revised lower. What's in the News GDS issued earnings guidance for 2026, with total revenues expected in a range of RMB 12,400 million to RMB 12,900 million, which implies a projected year on year change of roughly 8.5% to 12.8% (Corporate Guidance).
WYFI
US$15.21
WhiteFiber
7D
26.4%
1Y
n/a
MGRT
US$49.24
Mega Fortune
7D
158.1%
1Y
n/a