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U.S. Semiconductors Industry Analysis

UpdatedDec 13, 2025
DataAggregated Company Financials
Companies123
  • 7D-4.4%
  • 3M5.0%
  • 1Y37.8%
  • YTD36.7%

Over the last 7 days, the Semiconductors industry has dropped 4.4%, driven by NVIDIA declining 4.1%. Over the past 12 months, the industry was up 38%. Earnings are forecast to grow by 26% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Dec 2025US$8.6tUS$635.7bUS$173.0b37x49.4x13.5x
Tue, 11 Nov 2025US$9.1tUS$610.5bUS$153.5b36.4x59x14.8x
Thu, 09 Oct 2025US$8.5tUS$597.4bUS$137.3b38.4x62x14.3x
Sat, 06 Sep 2025US$7.6tUS$593.8bUS$134.6b32x56.4x12.8x
Mon, 04 Aug 2025US$7.5tUS$570.1bUS$118.2b28.5x63.7x13.2x
Wed, 02 Jul 2025US$7.1tUS$566.4bUS$118.3b28.3x60.1x12.6x
Fri, 30 May 2025US$6.2tUS$560.5bUS$113.5b25.3x55x11.1x
Sun, 27 Apr 2025US$5.2tUS$538.8bUS$108.9b24.2x47.4x9.6x
Tue, 25 Mar 2025US$5.5tUS$539.4bUS$108.9b30.1x50.2x10.1x
Thu, 20 Feb 2025US$6.4tUS$515.5bUS$94.1b32x67.7x12.4x
Sat, 18 Jan 2025US$6.3tUS$513.5bUS$96.7b33.1x65.6x12.4x
Mon, 16 Dec 2024US$6.2tUS$509.6bUS$93.6b31.9x66.5x12.2x
Wed, 13 Nov 2024US$6.3tUS$488.2bUS$84.1b30.7x75.3x13x
Fri, 11 Oct 2024US$6.2tUS$489.2bUS$101.8b27.8x60.6x12.6x
Sun, 08 Sep 2024US$5.0tUS$485.4bUS$99.5b25.8x49.8x10.2x
Tue, 06 Aug 2024US$5.1tUS$468.2bUS$92.9b25.7x55x10.9x
Thu, 04 Jul 2024US$6.2tUS$467.9bUS$96.6b30.8x64.6x13.3x
Sat, 01 Jun 2024US$5.5tUS$462.6bUS$95.6b29.5x57.2x11.8x
Mon, 29 Apr 2024US$4.8tUS$446.9bUS$83.2b28.1x57.3x10.7x
Wed, 27 Mar 2024US$5.0tUS$448.2bUS$81.2b28.8x61.5x11.2x
Fri, 23 Feb 2024US$4.2tUS$443.4bUS$81.1b31.1x51.6x9.4x
Sun, 21 Jan 2024US$3.9tUS$433.2bUS$69.5b27x56.5x9.1x
Tue, 19 Dec 2023US$3.6tUS$432.7bUS$70.6b25.4x50.6x8.3x
Thu, 16 Nov 2023US$3.2tUS$420.7bUS$62.2b25.3x52.2x7.7x
Sat, 14 Oct 2023US$3.0tUS$427.9bUS$65.8b25x45.8x7x
Mon, 11 Sep 2023US$3.0tUS$428.0bUS$68.7b25.4x43.9x7x
Wed, 09 Aug 2023US$3.1tUS$420.1bUS$63.4b23.1x48.3x7.3x
Fri, 07 Jul 2023US$2.9tUS$429.1bUS$67.3b22.8x43.7x6.9x
Sun, 04 Jun 2023US$2.9tUS$434.3bUS$71.9b22.8x39.7x6.6x
Tue, 02 May 2023US$2.4tUS$437.3bUS$73.7b18.5x32.1x5.4x
Thu, 30 Mar 2023US$2.4tUS$447.9bUS$90.3b18.1x26.7x5.4x
Sat, 25 Feb 2023US$2.2tUS$442.9bUS$88.6b17.5x24.7x4.9x
Mon, 23 Jan 2023US$2.0tUS$447.6bUS$96.4b17.7x21.1x4.5x
Wed, 21 Dec 2022US$1.9tUS$450.9bUS$98.9b16.1x19.2x4.2x
Price to Earnings Ratio

19.2x


Total Market Cap: US$1.9tTotal Earnings: US$98.9bTotal Revenue: US$450.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 51.3x202320242025
Current Industry PE
  • Investors are relatively neutral on the American Semiconductor 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 51.3x.
  • The 3-year average PS ratio of 9.9x is lower than the industry's current PS ratio of 14.2x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 20% 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 industry?

US Market-0.66%
Tech-2.47%
Semiconductors-4.45%
Semiconductor Equipment-1.19%
Semiconductors-4.73%
Industry PE
  • Investors are most optimistic about the Semiconductors industry, which is trading close to its 3-year average PE ratio of 56.6x.
    • Analysts are expecting annual earnings growth of 27.0%, which is higher than its past year's earnings growth of 8.7% per year.
  • Investors are most pessimistic about the Semiconductor Equipment industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 27.5x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings growth rate of 8.7% per year.
  • In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 13% 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$241.141.7%
+US$4.4b		135.3%PE31.7x
QCOM QUALCOMMUS$178.292.0%
+US$3.3b		12.5%PE34.3x
LRCX Lam ResearchUS$160.521.1%
+US$2.3b		110.5%PE34.7x
MCHP Microchip TechnologyUS$67.182.1%
+US$740.4m		12.1%PS8.6x
PLAB PhotronicsUS$36.3150.4%
+US$717.5m		37.1%PE15.7x

Latest News

PLAB
US$36.31
Photronics
7D
50.4%
1Y
37.1%
CRDO
US$143.91
Credo Technology Group Holding
7D
-18.3%
1Y
89.5%
AVGO
US$359.93
Broadcom
7D
-7.8%
1Y
60.1%
AMD
US$210.78
Advanced Micro Devices
7D
-3.3%
1Y
66.1%
MRVL
US$84.43
Marvell Technology
7D
-14.6%
1Y
-30.1%

MRVL: AI Infrastructure Demand Will Face Policy And Execution Crosswinds Ahead

Analysts have lifted their average price target for Marvell Technology significantly, from about $59 to roughly $83 per share. They cite stronger long term AI infrastructure demand, accelerating custom ASIC and connectivity growth, and higher expected valuation multiples, despite some lingering concerns about execution and margin pressure.
INTC
US$37.81
Intel
7D
-8.7%
1Y
85.9%
AMAT
US$259.21
Applied Materials
7D
-3.3%
1Y
53.1%
AMKR
US$44.31
Amkor Technology
7D
2.5%
1Y
67.0%

AMKR: Arizona Expansion And AI Packaging Partnership Will Drive Multi-Year Upside Potential

Analysts have raised their fair value estimate for Amkor Technology from approximately $30 to about $56.24 per share, citing stronger than expected revenue and EPS performance across segments and improving trends in Computing and Automotive that are projected to extend into 2026. Analyst Commentary Bullish analysts have highlighted Amkor Technology's recent performance as a key driver behind higher valuation expectations, pointing to both fundamental execution and improving end-market demand as reasons for optimism.
ARM
US$130.89
Arm Holdings
7D
-7.4%
1Y
-13.8%

ARM Risks Mount As AI-Driven Royalties May Not Justify Premium Multiple

We raise our fair value estimate for Arm Holdings to approximately $99 per share from about $86, reflecting analysts' higher price targets driven by solid earnings beats, accelerating licensing and AI related royalty growth, and improved long term revenue and multiple assumptions, despite a modestly higher discount rate and slightly lower profit margin outlook. Analyst Commentary Recent Street research on Arm reflects a generally constructive outlook on earnings power and artificial intelligence related optionality, but it also highlights areas of caution that could pressure the stock's premium valuation if execution falters.
QCOM
US$178.29
QUALCOMM
7D
2.0%
1Y
12.5%

QCOM: Premium Android Strength And Emerging AI Inference Will Drive Balanced Future Outcomes

Analysts have modestly raised their price target on Qualcomm to about $205, citing broad based strength in premium Android handsets, autos and IoT; a solid earnings beat; and growing optionality from the company’s emerging AI and data center accelerator initiatives. Analyst Commentary Bullish analysts see Qualcomm's latest quarter as reinforcing a multi year growth narrative, with upside driven by premium Android share gains, expanding auto and IoT businesses, and early traction in AI accelerators.
MCHP
US$67.18
Microchip Technology
7D
2.1%
1Y
12.1%

MCHP: 2026 Demand Recovery Will Offset Near-Term Guidance Weakness And Policy Uncertainty

Our updated narrative price target for Microchip Technology edges up to $73.92 from $73.64, as analysts balance recent target cuts and cautious near term guidance against expectations for a gradual demand recovery and resilient long term earnings power. Analyst Commentary Analysts remain divided on Microchip Technology, with recent target cuts reflecting near term execution risk even as longer term recovery expectations underpin valuation support.
TSEM
US$118.94
Tower Semiconductor
7D
4.3%
1Y
138.0%

TSEM: RF Infrastructure And SiPho Will Reshape Earnings Mix By 2027

Analysts have raised their price targets on Tower Semiconductor by as much as $35, citing stronger post Q3 earnings estimates, accelerating SiPho demand, and an expanding RF Infrastructure mix that is expected to drive higher revenue growth and margins through 2027. Analyst Commentary Recent research updates reflect a generally constructive view on Tower Semiconductor, with higher price targets framed around stronger earnings power and a more favorable revenue mix through 2027.
ENTG
US$92.55
Entegris
7D
3.8%
1Y
-13.2%

ENTG: AI Materials Demand And New U.S. Facility Will Drive Upside

Analysts have modestly trimmed their price target on Entegris by about $1 to roughly $100 per share, citing slightly lower assumed discount rates and a marginally less demanding future P E multiple, while leaving long term growth and margin expectations intact. Analyst Commentary Recent commentary on the sector highlights Entegris as one of only a few pure play electronic chemicals and materials providers, a positioning that investors increasingly view as strategically valuable as semiconductor capital spending and AI related demand scale up.
NVDA
US$175.02
NVIDIA
7D
-4.1%
1Y
30.4%
LRCX
US$160.52
Lam Research
7D
1.1%
1Y
110.5%

LRCX: AI Memory And WFE Upswing Will Drive Balanced Future Returns

Analysts have nudged our Lam Research fair value estimate higher, from $158.52 to $160.30. This reflects increased confidence in the companys record profitability, sustained beat and raise cadence, and strengthening AI driven WFE demand despite some valuation pushback.
MU
US$241.14
Micron Technology
7D
1.7%
1Y
135.3%