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U.S. Semiconductors Industry Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies125
  • 7D8.9%
  • 3M8.9%
  • 1Y39.0%
  • YTD41.8%

The Semiconductors industry is up 8.9% in the last week, with NVIDIA up 4.2%. This takes the industry's 12 month performance to a gain of 39%. 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
Fri, 26 Dec 2025US$8.9tUS$640.7bUS$176.4b36.5x50.5x13.9x
Sun, 23 Nov 2025US$8.3tUS$630.3bUS$165.7b33.7x50.1x13.2x
Tue, 21 Oct 2025US$8.6tUS$597.4bUS$137.3b37.4x62.9x14.5x
Thu, 18 Sep 2025US$8.1tUS$593.8bUS$134.6b32.7x60.1x13.6x
Sat, 16 Aug 2025US$8.0tUS$572.7bUS$118.5b28.2x67.4x13.9x
Mon, 14 Jul 2025US$7.3tUS$566.4bUS$118.3b31.6x62.1x13x
Wed, 11 Jun 2025US$6.5tUS$563.8bUS$116.8b27.6x55.5x11.5x
Fri, 09 May 2025US$5.4tUS$541.3bUS$109.4b23x49.3x10x
Sun, 06 Apr 2025US$4.3tUS$537.4bUS$108.9b20.5x39.7x8x
Tue, 04 Mar 2025US$5.5tUS$532.8bUS$103.5b28.7x52.9x10.3x
Thu, 30 Jan 2025US$5.9tUS$513.4bUS$96.7b31.5x61.4x11.6x
Sat, 28 Dec 2024US$6.3tUS$513.5bUS$96.7b29.5x65.7x12.4x
Mon, 25 Nov 2024US$6.1tUS$505.3bUS$93.4b29.7x65.4x12.1x
Wed, 23 Oct 2024US$6.3tUS$489.1bUS$101.7b27.6x62.3x12.9x
Fri, 20 Sep 2024US$5.4tUS$485.5bUS$99.5b27.3x54.8x11.2x
Sun, 18 Aug 2024US$5.8tUS$467.6bUS$94.9b29.7x61.5x12.5x
Tue, 16 Jul 2024US$6.3tUS$467.9bUS$96.6b30.8x65.2x13.5x
Thu, 13 Jun 2024US$5.9tUS$461.2bUS$95.7b30.6x61.3x12.7x
Sat, 11 May 2024US$4.8tUS$444.8bUS$83.3b29x57.5x10.8x
Mon, 08 Apr 2024US$4.8tUS$447.7bUS$81.6b29.8x59.4x10.8x
Wed, 06 Mar 2024US$4.9tUS$443.3bUS$81.1b29.1x60.4x11x
Fri, 02 Feb 2024US$4.0tUS$432.9bUS$72.2b29.1x54.9x9.2x
Sun, 31 Dec 2023US$3.6tUS$433.4bUS$69.5b27.7x52.2x8.4x
Tue, 28 Nov 2023US$3.2tUS$432.4bUS$70.6b25x46x7.5x
Thu, 26 Oct 2023US$2.8tUS$425.6bUS$64.7b22.4x43.1x6.6x
Sat, 23 Sep 2023US$2.9tUS$430.8bUS$68.7b24.8x41.8x6.7x
Mon, 21 Aug 2023US$2.9tUS$421.1bUS$62.9b25.1x46.2x6.9x
Wed, 19 Jul 2023US$3.2tUS$429.2bUS$67.3b24.5x47.6x7.5x
Fri, 16 Jun 2023US$3.1tUS$434.3bUS$71.9b23.9x42.5x7x
Sun, 14 May 2023US$2.3tUS$434.1bUS$70.4b19.2x33.2x5.4x
Tue, 11 Apr 2023US$2.4tUS$443.7bUS$85.6b18.3x28.1x5.4x
Thu, 09 Mar 2023US$2.3tUS$445.2bUS$90.1b18.6x25.5x5.2x
Sat, 04 Feb 2023US$2.2tUS$442.3bUS$91.3b18.9x24.6x5.1x
Mon, 02 Jan 2023US$1.8tUS$447.4bUS$96.4b15.9x19.1x4.1x
Price to Earnings Ratio

19.1x


Total Market Cap: US$1.8tTotal Earnings: US$96.4bTotal Revenue: US$447.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 51.6x20242025
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 51.6x.
  • The 3-year average PS ratio of 10.0x is lower than the industry's current PS ratio of 13.9x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 22% per year over the last three years.
  • Revenues for these companies have grown 13% 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 Market3.10%
Tech5.09%
Semiconductors8.92%
Semiconductor Equipment8.94%
Semiconductors8.91%
Industry PE
  • Investors are most optimistic about the Semiconductors industry, which is trading close to its 3-year average PE ratio of 57.0x.
    • Analysts are expecting annual earnings growth of 26.3%, which is higher than its past year's earnings growth of 8.7% 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 27.8x.
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 8.7% per year.
  • In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 13% 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$188.614.2%
+US$185.2b		37.7%PE46.2x
MU Micron TechnologyUS$286.6827.1%
+US$69.5b		221.1%PE27.1x
AVGO BroadcomUS$350.222.9%
+US$46.7b		44.9%PE71.8x
LRCX Lam ResearchUS$177.3314.4%
+US$28.1b		140.2%PE38.3x
AMAT Applied MaterialsUS$260.785.0%
+US$9.9b		54.9%PE29.5x

Latest News

AVGO
US$350.22
Broadcom
7D
2.9%
1Y
44.9%
INTC
US$36.16
Intel
7D
-0.3%
1Y
76.9%

INTC: Foundry And AI Execution Will Drive Confidence In Turnaround Narrative

Analysts have lifted their Intel fair value estimate to about $52 from roughly $27, reflecting improving execution, early but encouraging foundry progress, and a clearer AI strategy, even as they continue to flag rich valuation and execution risk. Analyst Commentary Recent Street research reflects a more constructive, but still guarded, view on Intel as bullish analysts acknowledge improving execution and a clearer AI and foundry strategy.
MU
US$286.68
Micron Technology
7D
27.1%
1Y
221.1%
LRCX
US$177.33
Lam Research
7D
14.4%
1Y
140.2%

LRCX: Recent AI And Memory Upcycle Euphoria Will Likely Fade

Analysts have raised their price target on Lam Research to approximately $110 from about $81, citing the company's stronger than expected earnings momentum, improving wafer fab equipment upcycle exposure, and durable AI driven demand for advanced memory and 3D stacking technologies. Analyst Commentary Recent Street research reflects a broadly constructive view on Lam Research, with multiple firms lifting price targets and highlighting the company’s leverage to an improving wafer fab equipment cycle, AI driven memory demand, and stronger than expected profitability.
NVDA
US$188.61
NVIDIA
7D
4.2%
1Y
37.7%
ALAB
US$169.97
Astera Labs
7D
21.2%
1Y
20.0%
RMBS
US$94.48
Rambus
7D
-2.0%
1Y
74.2%
KLAC
US$1,276.99
KLA
7D
2.5%
1Y
98.0%
MRVL
US$86.49
Marvell Technology
7D
5.9%
1Y
-25.4%
AMAT
US$260.78
Applied Materials
7D
5.0%
1Y
54.9%
DQ
US$31.42
Daqo New Energy
7D
-1.7%
1Y
63.6%

DQ: Industry Stabilization And Anti Involution Policy Will Test Margin Recovery Prospects

Analysts have raised their price target on Daqo New Energy by $11 to $25 per share, citing expectations that industry stabilization and potential cash cost breakeven in Q3 could mark an earnings inflection point, despite recent below-cost sales and lowered 2025 production guidance. Analyst Commentary Street research points to a more constructive outlook on Daqo New Energy, even as near term fundamentals remain challenging.
GFS
US$35.75
GlobalFoundries
7D
-1.4%
1Y
-19.9%

GFS: U.S. Manufacturing Demand And Policy Tailwinds Will Drive Upside Potential

Analysts have trimmed their price target on GlobalFoundries by about $8 to approximately $47 per share, citing a sluggish cyclical recovery, higher near term spending that offsets margin gains, and the longer runway before U.S. manufacturing advantages fully translate into revenue growth. Analyst Commentary Analyst reactions to the latest results have been mixed, with headline price targets moving lower but commentary emphasizing that GlobalFoundries continues to execute steadily against a challenging cyclical backdrop.
ON
US$55.08
ON Semiconductor
7D
-0.2%
1Y
-16.6%

ON: Higher GaN Expectations Will Likely Fail To Justify Current Price

Narrative Update Analysts have nudged their price target on ON Semiconductor higher to approximately 43.22 dollars from about 42.50 dollars, citing upgraded expectations for revenue growth, improved profit margins, and a slightly lower future price to earnings multiple, despite a modestly higher discount rate. What's in the News Extended strategic engagement with FORVIA HELLA, which will adopt onsemi PowerTrench T10 MOSFET technology across advanced automotive platforms, supporting higher efficiency and power density in a long term supply agreement (client announcement) Entered a strategic cooperation with InnoScience to combine InnoScience 8 inch GaN on silicon process with onsemi system packaging expertise, targeting rapid GaN adoption in EVs, AI, data centers, and industrial markets, with expected GaN sales of hundreds of millions of dollars (strategic alliance) Authorized a new share repurchase program of up to 6 billion dollars, valid through December 31, 2028, as part of an active capital return strategy (buyback transaction announcement) Updated fourth quarter 2025 guidance, projecting revenue of 1.48 to 1.58 billion dollars and diluted EPS of 0.56 to 0.66 dollars (corporate guidance) Announced that Teledyne Technologies selected the Treo 65nm analog and mixed signal platform for next generation infrared imaging ROICs, reinforcing onsemi role in aerospace and defense and leveraging its East Fishkill, NY trusted facility (client announcement) Valuation Changes Fair Value: increased slightly from approximately 42.50 dollars to about 43.22 dollars per share.
ARM
US$111.55
Arm Holdings
7D
-2.6%
1Y
-15.4%

ARM Risks Mount As AI-Driven Royalties May Not Justify Premium Multiple

We raise our fair value estimate for Arm Holdings to approximately $99 per share from about $86, reflecting analysts' higher price targets driven by solid earnings beats, accelerating licensing and AI related royalty growth, and improved long term revenue and multiple assumptions, despite a modestly higher discount rate and slightly lower profit margin outlook. Analyst Commentary Recent Street research on Arm reflects a generally constructive outlook on earnings power and artificial intelligence related optionality, but it also highlights areas of caution that could pressure the stock's premium valuation if execution falters.
ENPH
US$32.85
Enphase Energy
7D
-1.2%
1Y
-54.5%

ENPH: Residential Solar Recovery And Cash Flow Visibility Will Drive Future Upside

Analysts slightly trimmed their blended price target on Enphase Energy by about $1 to the mid $30s, as cautious views on continued revenue contraction and modestly lower profit expectations offset incremental optimism from select firms citing improving conditions in residential solar. Analyst Commentary Recent research updates highlight a divided but slowly improving sentiment around Enphase, with modest target changes reflecting balancing views on execution risk and recovery potential in residential solar.
DVLT
US$0.80
Datavault AI
7D
-18.1%
1Y
-65.4%