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U.S. Semiconductors Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies129
  • 7D2.5%
  • 3M12.7%
  • 1Y50.7%
  • YTD4.2%

In the last week, the Semiconductors industry is up 2.5%, with NVIDIA up 3.8%. Meanwhile, Intel actually underperformed within the industry, shrinking 5.7% in the last week. This means that the industry has gained 51% over the past year. 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 Feb 2026US$9.3tUS$647.8bUS$180.1b43x51.7x14.4x
Tue, 20 Jan 2026US$9.2tUS$640.8bUS$176.4b43.4x52.4x14.4x
Thu, 18 Dec 2025US$8.5tUS$635.8bUS$173.0b35.8x49x13.3x
Sat, 15 Nov 2025US$8.7tUS$610.3bUS$153.3b34x56.6x14.2x
Mon, 13 Oct 2025US$8.3tUS$597.4bUS$137.3b35.3x60.6x13.9x
Wed, 10 Sep 2025US$7.8tUS$593.8bUS$134.6b33.5x57.7x13.1x
Fri, 08 Aug 2025US$7.8tUS$572.1bUS$118.7b27.8x65.4x13.6x
Sun, 06 Jul 2025US$7.2tUS$566.4bUS$118.3b29.8x60.9x12.7x
Tue, 03 Jun 2025US$6.1tUS$561.2bUS$113.9b24.7x53.6x10.9x
Thu, 01 May 2025US$5.1tUS$537.0bUS$108.4b22.8x47x9.5x
Sat, 29 Mar 2025US$5.2tUS$537.5bUS$108.8b24.8x47.6x9.6x
Mon, 24 Feb 2025US$6.2tUS$515.3bUS$93.8b32.5x66.1x12x
Wed, 22 Jan 2025US$6.4tUS$513.6bUS$96.7b33.2x66.5x12.5x
Fri, 20 Dec 2024US$6.0tUS$513.5bUS$96.7b29.1x62.2x11.7x
Sun, 17 Nov 2024US$6.1tUS$488.4bUS$83.4b30.5x72.8x12.4x
Tue, 15 Oct 2024US$6.2tUS$489.2bUS$101.8b28.1x61x12.7x
Thu, 12 Sep 2024US$5.5tUS$485.4bUS$99.5b27.9x55.5x11.4x
Sat, 10 Aug 2024US$5.1tUS$467.2bUS$94.7b26.6x54.1x11x
Mon, 08 Jul 2024US$6.2tUS$467.9bUS$96.6b30.8x64.1x13.2x
Wed, 05 Jun 2024US$5.6tUS$461.2bUS$95.7b29.4x58.4x12.1x
Fri, 03 May 2024US$4.6tUS$446.8bUS$84.0b27.2x54.8x10.3x
Sun, 31 Mar 2024US$5.0tUS$447.4bUS$81.7b29.2x60.6x11.1x
Tue, 27 Feb 2024US$4.6tUS$443.4bUS$81.1b31.1x56.6x10.4x
Thu, 25 Jan 2024US$4.0tUS$432.6bUS$69.0b28.1x57.9x9.2x
Sat, 23 Dec 2023US$3.6tUS$433.3bUS$69.5b27.4x51.5x8.3x
Mon, 20 Nov 2023US$3.3tUS$420.6bUS$62.5b24.5x52.3x7.8x
Wed, 18 Oct 2023US$3.0tUS$427.9bUS$65.8b25.2x45.5x7x
Fri, 15 Sep 2023US$3.1tUS$430.8bUS$68.7b25.9x44.8x7.1x
Sun, 13 Aug 2023US$2.9tUS$419.7bUS$62.9b25.1x45.9x6.9x
Tue, 11 Jul 2023US$3.0tUS$429.1bUS$67.3b23.3x44.4x7x
Thu, 08 Jun 2023US$2.8tUS$434.2bUS$71.9b23.4x38.9x6.4x
Sat, 06 May 2023US$2.4tUS$434.2bUS$70.7b19.1x33.3x5.4x
Mon, 03 Apr 2023US$2.5tUS$443.8bUS$85.6b18.9x28.8x5.6x
Wed, 01 Mar 2023US$2.2tUS$443.7bUS$88.9b17.8x24.9x5x
Price to Earnings Ratio

24.9x


Total Market Cap: US$2.2tTotal Earnings: US$88.9bTotal Revenue: US$443.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 53.2x202420252026
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 53.2x.
  • The 3-year average PS ratio of 10.5x is lower than the industry's current PS ratio of 14.4x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 27% per year over the last three years.
  • Revenues for these companies have grown 14% 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 Market0.99%
Tech1.19%
Semiconductors2.54%
Semiconductor Equipment3.54%
Semiconductors2.42%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 58.4x.
    • Analysts are expecting annual earnings growth of 25.1%, which is higher than its past year's earnings growth of 6.1% 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 29.3x.
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 6.1% per year.
  • In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 17% 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$189.823.8%
+US$170.3b		41.2%PE46.5x
AVGO BroadcomUS$332.652.3%
+US$35.5b		52.1%PE68.2x
MU Micron TechnologyUS$428.174.0%
+US$18.6b		333.2%PE40.5x
AMAT Applied MaterialsUS$375.385.8%
+US$16.2b		118.3%PE38x
LRCX Lam ResearchUS$244.924.0%
+US$11.7b		184.7%PE49.2x

Latest News

ADI
US$355.03
Analog Devices
7D
5.3%
1Y
48.6%
ALGM
US$38.93
Allegro MicroSystems
7D
-8.1%
1Y
46.3%
OLED
US$104.07
Universal Display
7D
-16.7%
1Y
-33.8%
MU
US$428.17
Micron Technology
7D
4.0%
1Y
333.2%

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When I wrote the original narrative, the thesis was straightforward: Micron was riding a powerful AI driven memory supercycle, and HBM was the ticket. That thesis hasn’t changed.
AVGO
US$332.65
Broadcom
7D
2.3%
1Y
52.1%

Broadcom (AVGO): The VMWare Synergies & The Custom Silicon Moat

Broadcom in February 2026 is the ultimate "Hybrid" asset. It offers the high-margin revenue of a software giant (VMware) combined with the explosive growth of a custom AI-silicon leader.
AMAT
US$375.38
Applied Materials
7D
5.8%
1Y
118.3%
NXPI
US$232.27
NXP Semiconductors
7D
-5.0%
1Y
-1.8%

NXPI: Future Execution And Auto Exposure Will Shape Fairly Priced Outlook

The updated NXP Semiconductors analyst price target edges up by about $3 to $261, as analysts weigh a mix of recent target cuts and raises against revised assumptions on growth, profitability and future P/E multiples. Analyst Commentary Recent Street research on NXP Semiconductors reflects a split view, with several firms cutting targets by US$10 to US$35, while others lift targets by US$5 to US$35.
AMD
US$200.15
Advanced Micro Devices
7D
-3.5%
1Y
80.6%

AMD: AI Accelerator And Server Demand Will Support Long-Term Earnings Power

Analysts have trimmed their consolidated AMD price target by about $5 to reflect slightly more cautious revenue growth assumptions and a lower future P/E, while acknowledging stronger profit margin expectations supported by recent research highlighting AI accelerator demand, server CPU sell through into 2026, and ongoing debate around competitive risks. Analyst Commentary Recent research on Advanced Micro Devices points to a split tape in sentiment, but with a clear group of bullish analysts leaning into AI, server demand, and competitive positioning as key supports for valuation and growth expectations.
LRCX
US$244.92
Lam Research
7D
4.0%
1Y
184.7%

LRCX: AI Memory And WFE Upcycle Is Expected To Drive Returns

Lam Research's fair value estimate has been raised from about $204 to roughly $274 as analysts update their price targets based on higher assumed revenue growth, stronger profit margins, and slightly adjusted discount and future P/E assumptions across recent research reports. Analyst Commentary Recent research on Lam Research has been active, with a long list of firms revisiting their models and lifting price targets.
GFS
US$46.19
GlobalFoundries
7D
-5.7%
1Y
8.9%
INTC
US$44.11
Intel
7D
-5.7%
1Y
77.4%

INTC: AI And Foundry Partnerships Will Test Rich Future P E Expectations

Intel's updated fair value estimate edged up to $47.12 from $46.97 as analysts balanced a series of upward and downward price target revisions with slightly adjusted assumptions around discount rate, revenue growth, profit margins and future P/E. This reflects a more finely tuned view of the company’s execution and foundry opportunity.
TXN
US$219.73
Texas Instruments
7D
-2.8%
1Y
8.8%

TXN: Higher Street Conviction And Tariff Uncertainty Will Shape Next Cycle

The analyst fair value estimate for Texas Instruments has shifted from about $191 to roughly $219. Analysts attribute this change to updated expectations for revenue growth, profit margins, and a higher future P/E multiple following a wave of recent price target increases across the Street.
KLAC
US$1,496.00
KLA
7D
2.2%
1Y
98.3%

KLAC: AI And DRAM Upswing Will Test Elevated P/E Expectations

The analyst fair value estimate for KLA has been raised by $52 to $1,332, as analysts generally factor in slightly higher revenue growth and profit margins, a modestly lower discount rate, and Street research that points to stronger wafer fab equipment spending and KLA's position in leading edge logic and memory. Analyst Commentary Recent Street research around KLA features a cluster of higher price targets and several rating upgrades, with many firms pointing to wafer fab equipment spending, leading edge logic and memory exposure, and KLA's competitive position as key drivers in their models.
ON
US$69.11
ON Semiconductor
7D
-4.3%
1Y
27.9%
QCOM
US$142.88
QUALCOMM
7D
1.5%
1Y
-13.6%
NVDA
US$189.82
NVIDIA
7D
3.8%
1Y
41.2%

NVDA: AI Infrastructure Demand And Partnerships Will Sustain Market Leadership

Analysts nudged their fair value estimate for Nvidia higher from US$326.00 to about US$334.78, as they factor in expectations for stronger profit margins, a higher future P/E and recent research that highlights Nvidia's AI leadership, data center demand and supportive partner deals such as the CoreWeave agreement. Analyst Commentary Recent Street research around Nvidia has been broadly constructive, with many bullish analysts adjusting their models after company updates, product news and partner commentary.