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U.S. Semiconductors Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies126
  • 7D3.5%
  • 3M3.0%
  • 1Y42.5%
  • YTD1.2%

NVIDIA is up 1.4%, leading the way for the Semiconductors industry, which has gained 3.5%. This means that the industry has gained 42% over the past year. As for the next few years, earnings are expected to grow by 25% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026US$9.1tUS$640.8bUS$176.4b42.3x51.5x14.2x
Sat, 06 Dec 2025US$8.9tUS$631.8bUS$168.7b38x52.8x14.1x
Mon, 03 Nov 2025US$9.3tUS$601.8bUS$156.9b36.1x59.5x15.5x
Wed, 01 Oct 2025US$8.3tUS$597.4bUS$136.9b35.4x60.9x14x
Fri, 29 Aug 2025US$7.8tUS$590.0bUS$128.6b34.6x61x13.3x
Sun, 27 Jul 2025US$7.6tUS$566.9bUS$117.0b28x64.9x13.4x
Tue, 24 Jun 2025US$6.6tUS$563.9bUS$116.8b26.9x56.5x11.7x
Thu, 22 May 2025US$6.1tUS$541.9bUS$109.3b23.2x55.4x11.2x
Sat, 19 Apr 2025US$4.7tUS$537.4bUS$108.9b22.6x43x8.7x
Mon, 17 Mar 2025US$5.6tUS$537.2bUS$108.1b29.5x51.6x10.4x
Wed, 12 Feb 2025US$6.2tUS$514.9bUS$94.8b32.6x65.7x12.1x
Fri, 10 Jan 2025US$6.4tUS$513.5bUS$96.7b31x66x12.4x
Sun, 08 Dec 2024US$6.2tUS$504.8bUS$92.9b31.3x67x12.3x
Tue, 05 Nov 2024US$6.0tUS$488.5bUS$84.7b29x71.1x12.3x
Thu, 03 Oct 2024US$5.8tUS$489.3bUS$101.8b28.2x57.1x11.9x
Sat, 31 Aug 2024US$5.6tUS$482.1bUS$104.4b29.5x53.5x11.6x
Mon, 29 Jul 2024US$5.6tUS$466.8bUS$96.0b27.2x57.9x11.9x
Wed, 26 Jun 2024US$5.8tUS$464.9bUS$94.3b30.2x61.9x12.6x
Fri, 24 May 2024US$5.2tUS$462.6bUS$95.6b29.7x53.9x11.1x
Sun, 21 Apr 2024US$4.3tUS$447.5bUS$81.6b25.1x52.3x9.5x
Tue, 19 Mar 2024US$4.8tUS$446.0bUS$78.2b29.7x61.4x10.8x
Thu, 15 Feb 2024US$4.3tUS$429.0bUS$70.8b28.8x60.7x10x
Sat, 13 Jan 2024US$3.7tUS$433.1bUS$69.5b25x52.7x8.5x
Mon, 11 Dec 2023US$3.2tUS$432.6bUS$70.6b24.5x46x7.5x
Wed, 08 Nov 2023US$3.0tUS$421.3bUS$62.6b24.1x48.1x7.1x
Fri, 06 Oct 2023US$3.0tUS$428.2bUS$65.8b24.6x45x6.9x
Sun, 03 Sep 2023US$3.1tUS$428.2bUS$68.7b26.5x45.8x7.3x
Tue, 01 Aug 2023US$3.2tUS$424.7bUS$68.3b24x46.9x7.5x
Thu, 29 Jun 2023US$2.9tUS$434.0bUS$71.9b23.3x40.9x6.8x
Sat, 27 May 2023US$2.9tUS$433.7bUS$71.0b23x40.3x6.6x
Mon, 24 Apr 2023US$2.3tUS$443.5bUS$85.4b18.4x27.5x5.3x
Wed, 22 Mar 2023US$2.4tUS$448.1bUS$90.5b18.1x26.2x5.3x
Fri, 17 Feb 2023US$2.2tUS$444.2bUS$90.2b18.3x24.8x5x
Sun, 15 Jan 2023US$2.0tUS$447.7bUS$96.4b18.2x21.1x4.5x
Price to Earnings Ratio

21.1x


Total Market Cap: US$2.0tTotal Earnings: US$96.4bTotal Revenue: US$447.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 52x202420252026
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 52.0x.
  • The 3-year average PS ratio of 10.1x 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 22% per year over the last three years.
  • Revenues for these companies have grown 13% 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 Market1.52%
Tech1.03%
Semiconductors3.50%
Semiconductor Equipment15.22%
Semiconductors2.45%
Industry PE
  • Investors are most optimistic about the Semiconductors industry, which is trading close to its 3-year average PE ratio of 57.3x.
    • Analysts are expecting annual earnings growth of 26.5%, 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 28.1x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 26% 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$327.0214.6%
+US$46.8b		229.0%PE30.9x
LRCX Lam ResearchUS$200.9617.4%
+US$37.4b		160.9%PE43.4x
AMAT Applied MaterialsUS$292.2013.7%
+US$27.9b		65.1%PE33.1x
INTC IntelUS$41.1111.4%
+US$21.0b		106.8%PE1035x
KLAC KLAUS$1.32k9.0%
+US$14.4b		93.0%PE41.1x

Latest News

KLAC
US$1,324.60
KLA
7D
9.0%
1Y
93.0%
INTC
US$41.11
Intel
7D
11.4%
1Y
106.8%
SWKS
US$60.66
Skyworks Solutions
7D
-4.3%
1Y
-34.5%
FSLR
US$241.11
First Solar
7D
-7.7%
1Y
26.1%
NVDA
US$185.00
NVIDIA
7D
-0.8%
1Y
32.0%
AMD
US$210.02
Advanced Micro Devices
7D
-1.9%
1Y
72.4%

AMD: AI And Rack Scale Execution Will Define The Next Chapter

Analysts have raised their AMD fair value estimate from about $137 to roughly $208. This change reflects higher assumptions for revenue growth and profit margins in AI accelerators and rack scale systems, partly offset by a slightly higher discount rate and more conservative future P/E expectations.
LRCX
US$200.96
Lam Research
7D
17.4%
1Y
160.9%

LRCX: AI And Memory Upcycle Enthusiasm Will Eventually Disappoint Expectations

Narrative Update: Lam Research The analyst price target for Lam Research has moved higher from US$110.13 to US$115.00, as analysts factor in recent coverage initiations, higher targets across the Street, and ongoing confidence in the company’s role in AI related wafer fab equipment demand and 3D memory leadership. Analyst Commentary Recent Street research on Lam Research clusters around increasing confidence in the company’s position in AI related wafer fab equipment, memory, and advanced node spending, with several firms lifting price targets following strong quarterly results and guidance.
AVGO
US$332.39
Broadcom
7D
-4.0%
1Y
45.0%

AVGO: Custom AI Chip Deployments And OpenAI Deal Will Shape Future Balance

Narrative Update Analysts lifted their Broadcom fair value estimate from $344.62 to $365.10 as they update models for higher AI related revenue expectations, stronger profitability tied to custom accelerators for partners like OpenAI and Google, and a lower future P/E assumption that reflects rising conviction in the company's role in large scale AI deployments. Analyst Commentary Recent Street research on Broadcom has centered on the company’s role in large scale AI build outs, especially around custom accelerators for major cloud and AI customers.
CSIQ
US$19.39
Canadian Solar
7D
-18.4%
1Y
52.2%

CSIQ: Battery Storage Outlook And Reshoring Plans Will Drive Future Upside

Analysts have raised their price targets on Canadian Solar, with one increasing the target to US$30 from US$11. Others remain more cautious, setting targets in the US$9 to US$11 range.
CRDO
US$141.59
Credo Technology Group Holding
7D
-1.6%
1Y
93.9%

CRDO: Sector Q3 Strength And AI Connectivity Portfolio Will Support Upside

Analysts have raised their fair value estimate for Credo Technology Group Holding to $250.00 from $165.00, citing updated assumptions for revenue growth, profit margins and future P/E, as well as recent Street research that anticipates generally in line to modestly better results for the broader semiconductor group. Analyst Commentary Recent Street research has added context to the higher fair value estimate, with bullish analysts pointing to supportive earnings expectations for the broader semiconductor group and updated assumptions for Credo Technology Group Holding.
ALAB
US$156.73
Astera Labs
7D
-5.8%
1Y
19.9%

ALAB: Hyperscale AI Connectivity Upside Will Offset Product And Standards Transition Risks

Analysts trimmed their fair value estimate for Astera Labs by about US$2 to roughly US$197, reflecting a slightly higher discount rate and marginally lower future P/E assumptions, as they balance cautious views on product transitions and structural challenges with supportive research citing potential upside from AI connectivity demand and key hyperscaler relationships. Analyst Commentary Recent Street research on Astera Labs reflects a mixed setup, with analysts split between enthusiasm for AI connectivity upside and caution around product transitions and competitive risks.
QCOM
US$181.87
QUALCOMM
7D
6.3%
1Y
14.3%
TXN
US$185.71
Texas Instruments
7D
7.0%
1Y
-3.1%

TXN: Margin Reset And Cyclical Softness Will Set Up Future Rebound

Narrative Update Analysts have reduced the implied fair value for Texas Instruments to $245 from $260. This reflects updated views on higher required returns, more moderate revenue growth, softer profit margins, and a higher future P/E multiple following recent price target cuts and more cautious commentary on margins, utilization, and end demand.
MU
US$327.02
Micron Technology
7D
14.6%
1Y
229.0%

MU: AI Memory Supercycle Hype Will Likely Drive Future Multiple Compression

Micron Technology's fair value estimate has been raised from approximately $105.48 to $171.83. Analysts attribute this change to tightening DRAM supply, accelerating high bandwidth memory ramps for AI workloads, and improving margin and earnings visibility despite recent sector volatility.
AMAT
US$292.20
Applied Materials
7D
13.7%
1Y
65.1%

AMAT: Future Multiple Compression Will Likely Pressure Elevated Share Price

Our fair value estimate for Applied Materials has been raised to $180 from $160.41 as analysts lift price targets into the mid to high $200s, citing above-consensus execution, resilient foundry and memory demand, de-risked China exposure, and strengthening recurring services growth. Analyst Commentary Street research has turned more constructive on Applied Materials, with multiple firms lifting price targets into the $250 to $270 range following solid quarterly execution, above-consensus guidance, and stronger visibility into 2026 wafer fab equipment demand.
ADI
US$299.16
Analog Devices
7D
10.3%
1Y
35.7%