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U.S. Semiconductors Industry Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies130
  • 7D-1.9%
  • 3M0.5%
  • 1Y59.1%
  • YTD-3.2%

Over the last 7 days, the Semiconductors industry has dropped 1.9%, driven by a pullback from NVIDIA of 4.2%. Meanwhile, Lam Research actually outperformed within the industry, gaining 7.6% in the last week. In the past year, the industry has gained 59%. Looking forward, earnings are forecast to grow by 24% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026US$8.7tUS$697.5bUS$215.5b39.6x40.4x12.5x
Tue, 17 Feb 2026US$9.2tUS$646.8bUS$179.6b42.1x51x14.2x
Thu, 15 Jan 2026US$9.2tUS$640.8bUS$176.4b42.6x51.9x14.3x
Sat, 13 Dec 2025US$9.0tUS$635.7bUS$173.0b37x52.2x14.2x
Mon, 10 Nov 2025US$8.8tUS$610.5bUS$153.5b35.4x57.3x14.4x
Wed, 08 Oct 2025US$8.5tUS$597.4bUS$137.3b36.2x62.2x14.3x
Fri, 05 Sep 2025US$7.5tUS$590.9bUS$129.1b31.4x58.4x12.8x
Sun, 03 Aug 2025US$7.5tUS$570.1bUS$118.2b28.5x63.7x13.2x
Tue, 01 Jul 2025US$7.1tUS$566.4bUS$118.3b28.3x60.1x12.6x
Thu, 29 May 2025US$6.1tUS$542.4bUS$109.6b25.3x56x11.3x
Sat, 26 Apr 2025US$5.0tUS$538.8bUS$108.9b24.2x46.1x9.3x
Mon, 24 Mar 2025US$5.5tUS$539.4bUS$108.9b29.3x50.1x10.1x
Wed, 19 Feb 2025US$6.4tUS$515.5bUS$94.1b32x67.7x12.4x
Fri, 17 Jan 2025US$6.3tUS$513.5bUS$96.7b32.1x65.1x12.3x
Sun, 15 Dec 2024US$6.2tUS$509.6bUS$93.6b31.9x66.5x12.2x
Tue, 12 Nov 2024US$6.5tUS$488.2bUS$84.1b31.8x77.1x13.3x
Thu, 10 Oct 2024US$6.1tUS$489.2bUS$101.8b28.1x60.2x12.5x
Sat, 07 Sep 2024US$5.0tUS$485.4bUS$99.5b25.8x49.8x10.2x
Mon, 05 Aug 2024US$5.1tUS$468.1bUS$92.9b26x55.1x10.9x
Wed, 03 Jul 2024US$6.0tUS$467.9bUS$96.6b30.7x62.5x12.9x
Fri, 31 May 2024US$5.5tUS$462.6bUS$95.6b29.6x57.6x11.9x
Sun, 28 Apr 2024US$4.8tUS$446.9bUS$83.2b28.1x57.3x10.7x
Tue, 26 Mar 2024US$5.1tUS$448.2bUS$81.2b28.9x62.2x11.3x
Thu, 22 Feb 2024US$4.2tUS$428.2bUS$70.8b29.7x59.9x9.9x
Sat, 20 Jan 2024US$3.9tUS$433.1bUS$69.5b27x56.5x9.1x
Mon, 18 Dec 2023US$3.6tUS$432.7bUS$70.6b25.7x50.6x8.3x
Wed, 15 Nov 2023US$3.2tUS$420.7bUS$62.2b25x50.6x7.5x
Fri, 13 Oct 2023US$3.1tUS$428.2bUS$65.8b24.8x46.9x7.2x
Sun, 10 Sep 2023US$3.0tUS$428.0bUS$68.7b25.4x43.9x7x
Tue, 08 Aug 2023US$3.1tUS$420.5bUS$63.6b23.4x48.9x7.4x
Thu, 06 Jul 2023US$3.0tUS$429.1bUS$67.3b23x44.2x6.9x
Sat, 03 Jun 2023US$2.9tUS$434.3bUS$71.9b22.8x39.7x6.6x
Mon, 01 May 2023US$2.3tUS$437.3bUS$73.8b18.6x31.6x5.3x
Wed, 29 Mar 2023US$2.3tUS$447.9bUS$90.3b17.5x25.9x5.2x
Price to Earnings Ratio

25.9x


Total Market Cap: US$2.3tTotal Earnings: US$90.3bTotal Revenue: US$447.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 53.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American Semiconductor 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 40.4x which is lower than its 3-year average PE of 53.7x.
  • The 3-year average PS ratio of 10.7x is lower than the industry's current PS ratio of 12.5x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 34% per year over the last three years.
  • Revenues for these companies have grown 16% 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-1.83%
Tech-1.68%
Semiconductors-1.94%
Semiconductor Equipment5.54%
Semiconductors-2.78%
Industry PE
  • Investors are most optimistic about the Semiconductor Equipment industry which is trading above its 3-year average PE ratio of 30.1x.
    • Analysts are expecting annual earnings growth of 18.4%, which is higher than its past year's earnings decline of 3.2% per year.
  • Investors are most pessimistic about the Semiconductors industry, which is trading below its 3-year average of 58.9x.
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 7.6% per year.
  • In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 18% 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
LRCX Lam ResearchUS$228.367.6%
+US$20.2b		201.1%PE45.9x
ARM Arm HoldingsUS$132.3514.3%
+US$17.6b		11.2%PE175.5x
AMD Advanced Micro DevicesUS$201.334.1%
+US$12.9b		89.1%PE76.9x
AMAT Applied MaterialsUS$357.064.5%
+US$12.3b		134.7%PE36.1x
KLAC KLAUS$1.50k5.6%
+US$10.5b		112.1%PE43.1x

Latest News

MU
US$422.90
Micron Technology
7D
-0.8%
1Y
346.5%
AVGO
US$310.51
Broadcom
7D
-3.6%
1Y
62.0%
TSEM
US$163.63
Tower Semiconductor
7D
31.2%
1Y
327.8%

Tower Semiconductor (TSEM): The Analog Engine Powering the AI Power Delivery Boom

Tower Semiconductor (TSEM) is emerging as a critical "sleeper" in the 2026 AI infrastructure trade, closing the March 18 session at $141.96 USD. While most investors focus on GPU manufacturers, Tower has carved out a dominant niche in high-value analog solutions, specifically in Silicon Photonics (SiPho) and power management.
ALAB
US$116.04
Astera Labs
7D
-3.5%
1Y
63.2%
AMD
US$201.33
Advanced Micro Devices
7D
4.1%
1Y
89.1%

AMD: Expanded Meta And OpenAI AI Agreements Will Support Future Upside

Analysts have lifted the fair value estimate for AMD by about $6 to $289.61. This reflects updated assumptions around higher profit margins, slightly stronger revenue growth, a lower future P/E multiple, and recent Street research highlighting expanded GPU partnerships with Meta, OpenAI, and large customers across data center and AI workloads.
NVDA
US$172.70
NVIDIA
7D
-4.2%
1Y
46.7%
LRCX
US$228.36
Lam Research
7D
7.6%
1Y
201.1%

LRCX: AI Memory Spending Upturn Will Support WFE Cycle Reacceleration

The analyst price target for Lam Research has been raised modestly to reflect a slightly higher fair value estimate of about $275, with analysts pointing to a robust wafer fab equipment spending outlook, stronger DRAM and NAND memory investment expectations, and inclusion on preferred idea lists as key supports for the updated view. Analyst Commentary Recent research coverage on Lam Research has been active, with a series of price target revisions and rating changes clustered around a stronger wafer fab equipment spending backdrop, improving expectations for DRAM and NAND investment, and inclusion on preferred idea lists.
CRDO
US$103.40
Credo Technology Group Holding
7D
-12.1%
1Y
123.1%

CRDO: AI Datacenter Connectivity Traction Will Drive Future Upside Potential

Analysts have lowered their average price targets on Credo Technology Group Holding to roughly $40 to $60 per share, citing sector wide multiple compression. They also highlight solid recent results, higher outer year EPS estimates and continued traction in active electrical cables and optical products.
AMAT
US$357.06
Applied Materials
7D
4.5%
1Y
134.7%
SMTC
US$73.60
Semtech
7D
-13.3%
1Y
85.8%
INTC
US$43.87
Intel
7D
-4.2%
1Y
80.8%

Intel Corp (INTC): The 18A Node Pivot and the "Foundry First" Transformation

Intel (INTC) concluded the March 16, 2026, trading session at $45.74 USD on the NASDAQ, ending the day with a 0.30% gain amid a volatile session that saw an intraday high of $49.17. Since your last update on March 1st, the stock has experienced significant "choppiness" as investors digest the launch of the Core Ultra 200S Plus series and wait for supply constraints to ease.
TXN
US$187.19
Texas Instruments
7D
-1.9%
1Y
4.6%

TXN: Evolving Capex And Inventory Framework Will Support Stronger Future Cash Generation

Texas Instruments' analyst price targets have broadly moved higher, with several firms lifting their views by $5 to $45 as analysts factor in updated capex plans, inventory intentions, and expectations for the company's revenue and free cash flow scenarios. Analyst Commentary Bullish analysts are largely focused on Texas Instruments' updated capital plans, inventory framework, and potential for free cash flow, using these inputs to refresh their valuation work and lift price targets across the board.
KLAC
US$1,498.67
KLA
7D
5.6%
1Y
112.1%

KLAC: AI And DRAM Spending Cycles Will Support Stronger Long Term Outlook

The analyst price target for KLA has been revised higher, with the updated fair value estimate moving from about $1,297 to roughly $1,676 as analysts factor in stronger long term revenue growth, higher profit margin assumptions and KLA's more constructive Investor Day outlook, while views on the appropriate discount rate and future P/E multiple remain fairly similar. Analyst Commentary Recent research has centered on KLA's updated long term framework, higher 2030 financial targets and a reassessment of wafer fab equipment spending, with most firms adjusting price targets and rating views around those themes.
ADI
US$309.43
Analog Devices
7D
1.1%
1Y
51.4%

ADI: Cyclical Recovery And AI Data Center Demand Will Drive Mixed Outcomes

Our updated price target for Analog Devices rises from $204.70 to $314.76, reflecting analysts' higher modeled revenue growth, a richer assumed future P/E multiple, and commentary pointing to upside from data center, AI, industrial exposure, and pricing power, alongside an ongoing cyclical recovery. Analyst Commentary Recent Street research on Analog Devices is broadly constructive, with many firms lifting their price targets after the latest quarterly results and guidance updates.
NVMI
US$465.30
Nova
7D
8.6%
1Y
136.5%

NVMI: Multi Year Metrology Demand Visibility Will Shape Future Free Cash Flow

NOVA’s analyst price target has moved higher into the low $450s, with firms citing in-line earnings, steady wafer fab equipment guidance and improving multi-year demand visibility as key reasons for the reset. Analyst Commentary Recent research reflects a cluster of higher price targets for Nova into the low US$450 range, with analysts largely focused on execution against wafer fab equipment trends and the durability of multi-year demand.
ARM
US$132.35
Arm Holdings
7D
14.3%
1Y
11.2%

ARM: Physical AI And Data Center CPUs Will Drive Future Upside

Analysts have nudged their average price target for Arm higher to $148.09 from $147.83, reflecting slightly faster assumed revenue growth and AI driven CPU demand in data centers, partially tempered by more conservative profit margin and P/E assumptions. Analyst Commentary Recent Street research on Arm shows a split between analysts who see more upside tied to AI CPU demand and those who are tightening assumptions around growth, margins and valuation multiples.