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U.S. Semiconductors Industry Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies130
  • 7D1.9%
  • 3M3.2%
  • 1Y70.5%
  • YTD2.2%

Over the last 7 days, the Semiconductors industry has risen 1.9%, driven by gains from Broadcom of 7.6%. In the same time, Analog Devices was down 6.5%. In the last 12 months, the industry was up 70%. Looking forward, earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Mar 2026US$9.2tUS$682.1bUS$203.5b42.8x45.1x13.4x
Sat, 07 Feb 2026US$9.1tUS$646.6bUS$178.0b44x50.9x14x
Mon, 05 Jan 2026US$9.0tUS$640.8bUS$176.4b37.3x51x14x
Wed, 03 Dec 2025US$8.8tUS$631.2bUS$166.1b36.2x53.2x14x
Fri, 31 Oct 2025US$9.4tUS$600.1bUS$158.6b37.7x59.1x15.6x
Sun, 28 Sep 2025US$8.2tUS$597.4bUS$136.9b34.9x59.6x13.7x
Tue, 26 Aug 2025US$7.8tUS$573.4bUS$118.6b30.3x65.8x13.6x
Thu, 24 Jul 2025US$7.4tUS$566.9bUS$118.3b28.4x62.6x13.1x
Sat, 21 Jun 2025US$6.6tUS$563.9bUS$116.8b26.6x56.3x11.7x
Mon, 19 May 2025US$6.2tUS$541.9bUS$109.3b23.5x56.3x11.4x
Wed, 16 Apr 2025US$5.0tUS$537.3bUS$108.9b23.2x45.9x9.3x
Fri, 14 Mar 2025US$5.4tUS$536.3bUS$108.3b28.2x49.6x10x
Sun, 09 Feb 2025US$6.1tUS$515.4bUS$96.1b31x63.2x11.8x
Tue, 07 Jan 2025US$6.5tUS$513.5bUS$96.7b31.9x67.1x12.6x
Thu, 05 Dec 2024US$6.1tUS$505.2bUS$92.9b31x66.1x12.2x
Sat, 02 Nov 2024US$6.0tUS$488.6bUS$84.7b29x71x12.3x
Mon, 30 Sep 2024US$5.8tUS$489.3bUS$101.8b29.2x57.3x11.9x
Wed, 28 Aug 2024US$5.8tUS$465.6bUS$94.0b29.6x62x12.5x
Fri, 26 Jul 2024US$5.6tUS$466.8bUS$96.0b26.7x58.3x12x
Sun, 23 Jun 2024US$6.1tUS$464.9bUS$94.3b30x65x13.2x
Tue, 21 May 2024US$5.0tUS$444.9bUS$83.4b29.8x60.2x11.3x
Thu, 18 Apr 2024US$4.6tUS$447.5bUS$81.6b28x56.4x10.3x
Sat, 16 Mar 2024US$4.8tUS$446.0bUS$78.2b30.4x61.4x10.8x
Mon, 12 Feb 2024US$4.4tUS$429.4bUS$71.2b29.2x61.1x10.1x
Wed, 10 Jan 2024US$3.6tUS$433.3bUS$69.5b26.4x52.2x8.4x
Fri, 08 Dec 2023US$3.1tUS$432.3bUS$70.4b24.8x44.4x7.2x
Sun, 05 Nov 2023US$3.0tUS$421.3bUS$62.6b24.3x47.9x7.1x
Tue, 03 Oct 2023US$3.0tUS$428.2bUS$65.8b24.8x44.9x6.9x
Thu, 31 Aug 2023US$3.1tUS$427.7bUS$68.4b27.2x45.9x7.3x
Sat, 29 Jul 2023US$3.1tUS$424.6bUS$68.2b24.3x46.1x7.4x
Mon, 26 Jun 2023US$2.9tUS$434.1bUS$71.9b22.9x40.4x6.7x
Wed, 24 May 2023US$2.5tUS$434.7bUS$70.4b21x35.5x5.7x
Fri, 21 Apr 2023US$2.4tUS$443.5bUS$85.4b18.4x27.6x5.3x
Sun, 19 Mar 2023US$2.3tUS$447.4bUS$90.2b18x25.9x5.2x
Price to Earnings Ratio

25.9x


Total Market Cap: US$2.3tTotal Earnings: US$90.2bTotal Revenue: US$447.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 53.6x202420252026
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 45.1x which is lower than its 3-year average PE of 53.6x.
  • The 3-year average PS ratio of 10.6x is lower than the industry's current PS ratio of 13.4x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 31% per year over the last three years.
  • Revenues for these companies have grown 15% 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-1.47%
Tech0.73%
Semiconductors1.94%
Semiconductors2.38%
Semiconductor Equipment-1.87%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 58.8x.
    • Analysts are expecting annual earnings growth of 25.4%, which is higher than its past year's earnings growth of 9.2% 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 29.8x.
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 9.2% 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
AVGO BroadcomUS$341.577.6%
+US$113.8b		75.9%PE64.8x
NVDA NVIDIAUS$186.031.5%
+US$65.4b		61.0%PE37.6x
MU Micron TechnologyUS$418.694.5%
+US$20.2b		337.8%PE39.6x
INTC IntelUS$47.985.3%
+US$12.0b		132.0%PS4.5x
MRVL Marvell TechnologyUS$90.4415.8%
+US$10.8b		29.5%PE29.5x

Latest News

GFS
US$44.09
GLOBALFOUNDRIES
7D
-8.8%
1Y
20.7%
MRVL
US$90.44
Marvell Technology
7D
15.8%
1Y
29.5%
NVDA
US$186.03
NVIDIA
7D
1.5%
1Y
61.0%
INTC
US$47.98
Intel
7D
5.3%
1Y
132.0%
AVGO
US$341.57
Broadcom
7D
7.6%
1Y
75.9%
ALAB
US$124.71
Astera Labs
7D
9.6%
1Y
81.2%
CRDO
US$115.91
Credo Technology Group Holding
7D
13.0%
1Y
143.9%
NXPI
US$199.87
NXP Semiconductors
7D
-7.6%
1Y
-2.2%
TXN
US$198.67
Texas Instruments
7D
-1.8%
1Y
13.1%
MU
US$418.69
Micron Technology
7D
4.5%
1Y
337.8%

Position to be managed in the supercycle of memory but too expensive for long-term hold

Target Entry Point: Under $350 - ride 12 month supercycle (if you have appetite) Micron represents a cycle-aware position in the $200B+ global memory semiconductor market, entering the most profitable period in its 47-year history driven by AI-fueled demand for High Bandwidth Memory (HBM), data center DRAM, and enterprise SSDs. FY2026 is a confirmed supercycle: Q1 delivered $13.64B in record revenue (+57% YoY), Q2 is guided at $18.7B with 68% gross margins, and full-year consensus is ~$76B in revenue with ~$34 EPS. The core thesis — that AI structurally elevates memory from commodity component to strategic infrastructure — is validated by Micron's entire 2026 HBM supply being sold out under finalized contracts.
ADI
US$319.22
Analog Devices
7D
-6.5%
1Y
54.5%

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.
QCOM
US$134.12
QUALCOMM
7D
-3.9%
1Y
-12.2%

QCOM: AI Data Center And Advanced Nodes Will Balance Handset Risks

Analysts have nudged their long term price framework for Qualcomm slightly lower, trimming the future P/E assumption from 16.92x to 16.65x and modestly adjusting growth. They still point to potential upside in areas like AI data center, automotive and IoT as handset headwinds are reassessed across the Street.
ARM
US$120.10
Arm Holdings
7D
-3.2%
1Y
6.6%

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.
AMD
US$204.83
Advanced Micro Devices
7D
1.4%
1Y
103.2%
LRCX
US$218.87
Lam Research
7D
-1.8%
1Y
185.8%

LRCX: Future DRAM WFE Cycle May Drive Multi Year Upswing

The analyst price target for Lam Research has been raised by $10 to $254, as analysts point to higher wafer fab equipment growth forecasts, strong demand for DRAM memory spending, and broad Street support including Lam's addition to BofA's "US 1 List". Analyst Commentary Recent research is broadly constructive on Lam Research, with a series of higher price targets and fresh initiations pointing to confidence in the company’s position in wafer fab equipment and memory exposure.
AMAT
US$351.07
Applied Materials
7D
-1.9%
1Y
135.5%

AMAT: Wafer Equipment Upswing And Services Mix Will Support Future Upside

Our fair value estimate for Applied Materials has been raised from $420.71 to $470.00 as analysts lift long term wafer fab equipment growth expectations and highlight the stock as a top pick in semiconductor production equipment. Analyst Commentary Recent Street research around Applied Materials has been heavily skewed toward positive revisions, with a broad group of bullish analysts lifting price targets and, in several cases, upgrading their ratings.