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U.S. Semiconductors Industry Analysis

UpdatedMay 19, 2026
DataAggregated Company Financials
Companies129
  • 7D-3.4%
  • 3M32.3%
  • 1Y98.5%
  • YTD35.5%

Over the last 7 days, the Semiconductors industry has dropped 3.4%, driven by a pullback from Micron Technology of 14%. In the past year, the industry has gained 98%. As for the next few years, earnings are expected to grow by 26% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 19 May 2026US$7.0tUS$708.4bUS$221.5b58.8x31.6x9.9x
Thu, 16 Apr 2026US$10.2tUS$697.9bUS$215.6b42.2x47.5x14.7x
Sat, 14 Mar 2026US$9.0tUS$682.0bUS$203.5b41.7x44.2x13.2x
Mon, 09 Feb 2026US$9.2tUS$646.6bUS$178.0b44x51.6x14.2x
Wed, 07 Jan 2026US$9.0tUS$640.8bUS$176.4b41.2x51x14x
Fri, 05 Dec 2025US$8.9tUS$631.8bUS$168.7b37.5x52.9x14.1x
Sun, 02 Nov 2025US$9.3tUS$601.8bUS$156.9b36.1x59.5x15.5x
Tue, 30 Sep 2025US$8.2tUS$597.4bUS$136.9b35x60.2x13.8x
Thu, 28 Aug 2025US$7.9tUS$573.3bUS$118.8b33x66.4x13.8x
Sat, 26 Jul 2025US$7.6tUS$566.9bUS$117.0b28x64.9x13.4x
Mon, 23 Jun 2025US$6.6tUS$563.9bUS$116.8b26.6x56.2x11.6x
Wed, 21 May 2025US$6.1tUS$541.8bUS$109.3b23.5x56x11.3x
Fri, 18 Apr 2025US$4.7tUS$537.4bUS$108.9b22.6x43.2x8.7x
Sun, 16 Mar 2025US$5.6tUS$537.2bUS$108.1b29.5x51.6x10.4x
Tue, 11 Feb 2025US$6.1tUS$515.1bUS$95.9b31.1x63.3x11.8x
Thu, 09 Jan 2025US$6.4tUS$513.4bUS$96.7b31x66.2x12.5x
Sat, 07 Dec 2024US$6.3tUS$504.8bUS$92.9b31.3x67.5x12.4x
Mon, 04 Nov 2024US$6.0tUS$488.6bUS$84.7b29x71.1x12.3x
Wed, 02 Oct 2024US$5.8tUS$489.3bUS$101.8b28.2x57.1x11.9x
Fri, 30 Aug 2024US$5.8tUS$482.2bUS$104.4b29.1x55.3x12x
Sun, 28 Jul 2024US$5.6tUS$466.8bUS$96.0b27.2x57.9x11.9x
Tue, 25 Jun 2024US$6.1tUS$464.9bUS$94.3b29.7x65x13.2x
Thu, 23 May 2024US$5.1tUS$444.8bUS$83.4b30.3x61.6x11.6x
Sat, 20 Apr 2024US$4.6tUS$447.5bUS$81.6b27.7x56x10.2x
Mon, 18 Mar 2024US$4.8tUS$446.0bUS$78.2b30.4x61.1x10.7x
Wed, 14 Feb 2024US$4.3tUS$429.1bUS$70.9b29.6x60.7x10x
Fri, 12 Jan 2024US$3.6tUS$433.2bUS$69.5b25.1x52.5x8.4x
Sun, 10 Dec 2023US$3.2tUS$432.6bUS$70.6b24.5x46x7.5x
Tue, 07 Nov 2023US$3.0tUS$421.4bUS$62.6b24.3x47.9x7.1x
Thu, 05 Oct 2023US$3.0tUS$428.2bUS$65.8b24.8x45.4x7x
Sat, 02 Sep 2023US$3.1tUS$428.2bUS$68.7b26.5x45.8x7.3x
Mon, 31 Jul 2023US$3.2tUS$424.6bUS$68.2b24.3x46.9x7.5x
Wed, 28 Jun 2023US$3.0tUS$434.1bUS$71.9b23.6x41.4x6.9x
Fri, 26 May 2023US$2.5tUS$434.7bUS$70.4b20.9x34.9x5.7x
Price to Earnings Ratio

34.9x


Total Market Cap: US$2.5tTotal Earnings: US$70.4bTotal Revenue: US$434.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 54.3x202420252026
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 31.6x which is lower than its 3-year average PE of 54.3x.
  • The 3-year average PS ratio of 11.1x is higher than the industry's current PS ratio of 9.9x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 47% per year over the last three years.
  • Revenues for these companies have grown 18% 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-0.67%
Tech-1.21%
Semiconductors-3.41%
Semiconductors-3.02%
Semiconductor Equipment-6.96%
Industry PE
  • Investors are most optimistic about the Semiconductor Equipment industry which is trading above its 3-year average PE ratio of 31.9x.
    • Analysts are expecting annual earnings growth of 21.5%, which is lower than the prior year's growth of 24.5% per year.
  • Investors are most pessimistic about the Semiconductors industry, which is trading below its 3-year average of 59.2x.
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 11% per year.
  • In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 22% 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
NVDA NVIDIAUS$222.321.3%
+US$53.2b		64.0%PE44.8x
ARM Arm HoldingsUS$215.121.2%
+US$2.6b		62.9%PE285.8x
TXN Texas InstrumentsUS$300.601.0%
+US$2.6b		59.6%PE51.3x
TSEM Tower SemiconductorUS$248.078.4%
+US$2.2b		502.8%PE114x
ENPH Enphase EnergyUS$49.6932.0%
+US$1.6b		1.9%PE48.5x

Latest News

NVDA
US$222.32
NVIDIA
7D
1.3%
1Y
64.0%
ARM
US$215.12
Arm Holdings
7D
1.2%
1Y
62.9%
ALAB
US$215.58
Astera Labs
7D
4.0%
1Y
138.8%
MU
US$681.54
Micron Technology
7D
-14.3%
1Y
590.9%
AMD
US$420.99
Advanced Micro Devices
7D
-8.2%
1Y
266.9%
ENPH
US$49.69
Enphase Energy
7D
32.0%
1Y
1.9%
Narrative Update • May 18

ENPH: PPL Demand Visibility And Key Distributor Partnership Will Support Recovery

Analysts have slightly reduced their average price target for Enphase Energy to about $61.01, reflecting a modestly lower fair value estimate. They cited recent sharp share price gains without corresponding fundamental catalysts, along with a series of small target cuts from several research firms.
AVGO
US$420.71
Broadcom
7D
-1.8%
1Y
82.4%
Narrative Update • May 18

AVGO: Long Term AI Chip Partnerships Will Support Future Upside

Broadcom's analyst price target rises by about $1 to roughly $477 as analysts update their models in response to AI-driven semiconductor momentum, refreshed Q2 expectations, and evolving views on long-term data center silicon spending. Analyst Commentary Recent research points to a wide range of views on Broadcom, with many price targets moving higher around AI demand, long term data center silicon spending and updated earnings models, while a smaller group of cautious voices focus on valuation resets and competitive risks.
SEDG
US$55.23
SolarEdge Technologies
7D
32.2%
1Y
166.0%
Seeking Alpha • May 18

SolarEdge Technologies: Strong Momentum, But Valuation Is Keeping Me Sidelined

Summary Adjusted for one-time charges, SolarEdge delivered solid first-quarter results and provided Q2 guidance largely in line with consensus expectations. While the U.S. residential solar market has started the year on a weak note, the Middle East conflict has boosted demand from Europe. While the company is entering into safe harbor agreements with customers ahead of the Section 48E investment tax credit expiration in July, these transactions won't benefit revenues in the near term. After a muted initial reaction, shares rallied to new multi-year highs in recent sessions without an apparent catalyst. While valuation concerns are keeping me sidelined, I wouldn't be surprised to see additional momentum traders chasing the shares next week. As a result, I am reiterating my 'Hold' rating on SEDG stock. Read the full article on Seeking Alpha
QCOM
US$203.64
QUALCOMM
7D
-14.3%
1Y
32.5%
AMAT
US$413.57
Applied Materials
7D
-6.8%
1Y
149.2%
Narrative Update • May 18

AMAT: AI Systems And Packaging Demand Will Support Multi Year Upside

Analysts lifted the Applied Materials fair value estimate to $575 from $500, citing a wave of higher price targets across the Street that reflects stronger revenue and margin assumptions tied to AI-driven systems demand and extended multi-year visibility. Analyst Commentary Bullish analysts are clustering around higher valuation ranges for Applied Materials, with a series of price target lifts into the US$500 to US$575 band following recent earnings.
TXN
US$300.60
Texas Instruments
7D
1.0%
1Y
59.6%
Narrative Update • May 17

From ‘Positioned’ to ‘Performing’

The thesis has moved from “positioned for” to “delivering.” Q1 2026 revenue of $4.83B came in above the top of guidance, up 19% YoY and 9% sequentially, with industrial up ~30% and data center up ~90% - the latter now a confirmed growth vector, not future optionality. Gross margin expanded to 58% with Q2 guidance implying a further step to the low-to-mid 59% range as 300mm utilization gains take hold.
INTC
US$108.17
Intel
7D
-16.4%
1Y
405.9%
Seeking Alpha • May 17

Intel: Bought The Rumor, Sell The Apple News

Summary Intel has surged 393% since my initial buy rating in early 2025, driven by turnaround optimism and preliminary interest from major customers like Apple. I am downgrading INTC to Hold, as the risk/reward profile has shifted and most upside is now priced in at a $546B market cap. INTC’s foundry business faces significant competitive and execution hurdles, with current valuation already reflecting optimistic market share gains. I remain positive on INTC’s strategic trajectory but see a limited margin of safety at current prices and would only revisit if it falls to $40/share. Read the full article on Seeking Alpha
ON
US$109.43
ON Semiconductor
7D
2.0%
1Y
149.6%
New Narrative • May 16

ON: Dominating the Silicon Carbide Hegemon through 200mm EliteSiC Scaling and the High-Voltage AI Data Center Inflection Point

ON Semiconductor Corp. (ON) is navigating a powerful structural expansion in 2026, successfully shedding its legacy as a broad-based component vendor to become the primary architect of high-efficiency power ecosystems.
TSEM
US$248.07
Tower Semiconductor
7D
8.4%
1Y
502.8%
Narrative Update • May 16

TSEM: Optical Datacenter Shift And Capacity Expansion Will Test Earnings Resilience

The analyst-derived fair value estimate for Tower Semiconductor has shifted from $173.00 to about $288.33. This move aligns with a series of higher Street price targets in the $300 to $335 range as analysts factor in recent results, capacity expansion plans, and updated long-term revenue and margin expectations.
LRCX
US$277.96
Lam Research
7D
-6.1%
1Y
231.6%
KLAC
US$1,756.45
KLA
7D
-4.8%
1Y
123.2%