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U.S. Semiconductors Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies130
  • 7D-1.9%
  • 3M-0.7%
  • 1Y58.1%
  • YTD-1.6%

Over the last 7 days, the Semiconductors industry has dropped 1.9%, driven by NVIDIA declining 3.5%. In contrast, Lam Research has gained 6.3%. In the past year, the industry has gained 58%. 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
Tue, 24 Mar 2026US$8.8tUS$697.6bUS$215.5b40x40.7x12.6x
Thu, 19 Feb 2026US$9.2tUS$646.9bUS$179.6b42.6x51.4x14.3x
Sat, 17 Jan 2026US$9.1tUS$640.8bUS$176.4b43.4x51.9x14.3x
Mon, 15 Dec 2025US$8.6tUS$635.7bUS$173.0b37x49.4x13.5x
Wed, 12 Nov 2025US$9.2tUS$610.5bUS$153.3b35.6x59.9x15x
Fri, 10 Oct 2025US$8.8tUS$597.4bUS$137.3b38.3x64.2x14.8x
Sun, 07 Sep 2025US$7.6tUS$593.8bUS$134.6b32x56.4x12.8x
Tue, 05 Aug 2025US$7.5tUS$569.9bUS$118.0b28.9x63.8x13.2x
Thu, 03 Jul 2025US$7.0tUS$566.4bUS$118.3b29.7x58.8x12.3x
Sat, 31 May 2025US$6.2tUS$561.2bUS$113.9b24.7x54.8x11.1x
Mon, 28 Apr 2025US$5.2tUS$538.8bUS$108.9b24.2x47.4x9.6x
Wed, 26 Mar 2025US$5.6tUS$539.2bUS$108.9b26.8x51.4x10.4x
Fri, 21 Feb 2025US$6.5tUS$515.3bUS$93.9b31.4x68.8x12.5x
Sun, 19 Jan 2025US$6.4tUS$513.5bUS$96.7b33.1x66.5x12.5x
Tue, 17 Dec 2024US$6.2tUS$509.5bUS$93.6b32.1x66.5x12.2x
Thu, 14 Nov 2024US$6.4tUS$488.3bUS$84.2b30.3x75.9x13.1x
Sat, 12 Oct 2024US$6.2tUS$489.2bUS$101.8b28.1x60.9x12.7x
Mon, 09 Sep 2024US$5.0tUS$485.4bUS$99.5b25.8x49.8x10.2x
Wed, 07 Aug 2024US$4.9tUS$468.1bUS$92.9b25.7x52.9x10.5x
Fri, 05 Jul 2024US$6.2tUS$467.9bUS$96.6b30.8x64.6x13.3x
Sun, 02 Jun 2024US$5.5tUS$462.6bUS$95.6b29.5x57.1x11.8x
Tue, 30 Apr 2024US$4.8tUS$446.9bUS$83.2b28.3x57.2x10.7x
Thu, 28 Mar 2024US$4.9tUS$448.2bUS$81.2b29.1x60.8x11x
Sat, 24 Feb 2024US$4.5tUS$443.5bUS$81.1b30.9x56x10.2x
Mon, 22 Jan 2024US$4.0tUS$433.2bUS$69.5b27x57.1x9.2x
Wed, 20 Dec 2023US$3.6tUS$432.7bUS$70.6b26.3x50.9x8.3x
Fri, 17 Nov 2023US$3.3tUS$420.6bUS$62.1b25.2x52.4x7.7x
Sun, 15 Oct 2023US$3.0tUS$427.9bUS$65.8b25x45.8x7x
Tue, 12 Sep 2023US$3.0tUS$428.1bUS$68.7b25.3x43.8x7x
Thu, 10 Aug 2023US$3.0tUS$419.8bUS$63.2b25.6x47.1x7.1x
Sat, 08 Jul 2023US$3.0tUS$429.1bUS$67.3b22.7x43.9x6.9x
Mon, 05 Jun 2023US$2.9tUS$434.3bUS$71.9b22.8x39.7x6.6x
Wed, 03 May 2023US$2.3tUS$437.2bUS$73.6b18.5x31.6x5.3x
Fri, 31 Mar 2023US$2.4tUS$443.8bUS$85.6b18.7x28.6x5.5x
Price to Earnings Ratio

28.6x


Total Market Cap: US$2.4tTotal Earnings: US$85.6bTotal Revenue: US$443.8bTotal 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 40.7x 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 12.6x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 36% 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-1.74%
Tech-1.56%
Semiconductors-1.94%
Semiconductor Equipment5.09%
Semiconductors-2.73%
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$233.316.3%
+US$17.4b		199.2%PE46.9x
ARM Arm HoldingsUS$136.8912.5%
+US$16.1b		9.6%PE181.5x
AMAT Applied MaterialsUS$361.794.5%
+US$12.4b		133.5%PE36.6x
AMD Advanced Micro DevicesUS$202.683.1%
+US$9.9b		78.0%PE77.4x
KLAC KLAUS$1.51k5.1%
+US$9.6b		107.7%PE43.5x

Latest News

AXTI
US$64.44
AXT
7D
45.3%
1Y
3,646.5%
TXN
US$188.63
Texas Instruments
7D
-3.0%
1Y
2.5%
TSEM
US$172.13
Tower Semiconductor
7D
24.3%
1Y
338.5%
MRVL
US$90.16
Marvell Technology
7D
-1.6%
1Y
23.9%

MRVL: AI Data Center And Optics Momentum Will Offset XPU Sustainability Risks

Marvell Technology's updated fair value estimate moved from $90.00 to about $85.78, as analysts adjusted their models to reflect higher projected revenue growth and profit margins, alongside a lower future P/E multiple. This revision is supported by recent price target updates that cite stronger data center momentum, AI driven custom compute and optics demand, and new partnerships such as the Mojo Vision micro-LED collaboration.
NVDA
US$175.64
NVIDIA
7D
-3.5%
1Y
45.5%

NVDA: Trillion Dollar AI Backlog Will Support Multi-Year Infrastructure Supercycle

The analyst fair value estimate for Nvidia has been raised from $253.02 to $269.23. Analysts cite higher modeled revenue growth, continued AI data center demand, and expanding use cases beyond data centers as key factors supporting a lower future P/E assumption and the higher price target.
MU
US$404.35
Micron Technology
7D
-12.4%
1Y
329.3%
ARM
US$136.89
Arm Holdings
7D
12.5%
1Y
9.6%

ARM: AI CPU Inference And PC Design Wins Will Drive Future Upside

Analysts have trimmed the fair value estimate for Arm Holdings by $10 to $205, reflecting slightly softer modeled revenue growth and profit margins, even as recent research highlights ongoing AI driven CPU opportunities and a mix of upgraded and lowered Street price targets. Analyst Commentary Recent research on Arm shows a mix of higher and lower price targets, but several bullish analysts are highlighting AI as a key driver for the story, especially around CPU demand in data centers and inference workloads.
AVGO
US$322.51
Broadcom
7D
-0.7%
1Y
68.6%
QCOM
US$128.35
QUALCOMM
7D
-2.5%
1Y
-19.9%

QCOM: AI Inference And Diversification Will Offset Handset And Apple Headwinds

QUALCOMM's analyst fair value estimate has been reset from about $193 to about $157 as analysts factor in a slightly higher discount rate, more cautious profit margin expectations, and recent downgrades citing share loss in a shrinking handset market and the expected roll off of Apple business. Analyst Commentary Recent Street research around QUALCOMM is mixed, with a cluster of cautious calls focused on handset exposure and Apple concentration, and a smaller group of more optimistic views pointing to diversification and new revenue pools.
AMD
US$202.68
Advanced Micro Devices
7D
3.1%
1Y
78.0%

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.
LRCX
US$233.31
Lam Research
7D
6.3%
1Y
199.2%

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.
AMAT
US$361.79
Applied Materials
7D
4.5%
1Y
133.5%
SMTC
US$76.52
Semtech
7D
-14.0%
1Y
89.7%
INTC
US$44.01
Intel
7D
-3.8%
1Y
81.7%

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.
KLAC
US$1,511.43
KLA
7D
5.1%
1Y
107.7%

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.
NVMI
US$470.87
Nova
7D
7.6%
1Y
131.1%

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.