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U.S. Semiconductors Industry Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies123
  • 7D-6.8%
  • 3M4.4%
  • 1Y34.6%
  • YTD35.1%

Over the last 7 days, the Semiconductors industry has dropped 6.8%, driven by Broadcom declining 16%. Over the past 12 months, the industry was up 35%. As for the next few years, earnings are expected to grow by 25% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Dec 2025US$8.6tUS$635.8bUS$173.0b37.3x49.4x13.5x
Thu, 13 Nov 2025US$8.9tUS$610.5bUS$153.2b35.9x58.3x14.6x
Sat, 11 Oct 2025US$8.5tUS$597.4bUS$137.3b35.3x61.8x14.2x
Mon, 08 Sep 2025US$7.6tUS$593.8bUS$134.6b32x56.6x12.8x
Wed, 06 Aug 2025US$7.8tUS$570.0bUS$118.1b28.6x65.7x13.6x
Fri, 04 Jul 2025US$7.2tUS$566.4bUS$118.3b29.8x60.8x12.7x
Sun, 01 Jun 2025US$6.1tUS$561.2bUS$113.9b24.7x53.6x10.9x
Tue, 29 Apr 2025US$5.1tUS$538.7bUS$108.9b25.5x46.9x9.5x
Thu, 27 Mar 2025US$5.3tUS$537.5bUS$108.8b26.7x49.2x10x
Sat, 22 Feb 2025US$6.2tUS$515.3bUS$93.8b32.5x66.1x12x
Mon, 20 Jan 2025US$6.4tUS$513.5bUS$96.7b33.1x66.5x12.5x
Wed, 18 Dec 2024US$6.3tUS$509.5bUS$93.6b31.9x67.3x12.4x
Fri, 15 Nov 2024US$6.3tUS$488.2bUS$83.8b31.9x74.9x12.9x
Sun, 13 Oct 2024US$6.2tUS$489.2bUS$101.8b28.1x61x12.7x
Tue, 10 Sep 2024US$5.1tUS$485.4bUS$99.5b25.7x51.3x10.5x
Thu, 08 Aug 2024US$4.9tUS$468.0bUS$92.9b25.1x52.6x10.4x
Sat, 06 Jul 2024US$6.2tUS$467.9bUS$96.6b30.8x64.1x13.2x
Mon, 03 Jun 2024US$5.5tUS$462.6bUS$95.6b29.5x57.1x11.8x
Wed, 01 May 2024US$4.7tUS$446.3bUS$82.9b28.1x56.6x10.5x
Fri, 29 Mar 2024US$4.9tUS$448.2bUS$81.2b29.2x60.9x11x
Sun, 25 Feb 2024US$4.5tUS$443.4bUS$81.1b30.9x56x10.2x
Tue, 23 Jan 2024US$4.0tUS$433.1bUS$69.5b27.4x57.2x9.2x
Thu, 21 Dec 2023US$3.6tUS$432.7bUS$70.6b24.9x51x8.3x
Sat, 18 Nov 2023US$3.3tUS$420.6bUS$62.1b24.6x52.5x7.7x
Mon, 16 Oct 2023US$3.0tUS$427.9bUS$65.8b25x45.8x7x
Wed, 13 Sep 2023US$3.0tUS$428.1bUS$68.7b25x43.8x7x
Fri, 11 Aug 2023US$3.0tUS$419.8bUS$62.9b25.4x47.1x7.1x
Sun, 09 Jul 2023US$3.0tUS$429.1bUS$67.3b22.7x43.9x6.9x
Tue, 06 Jun 2023US$2.9tUS$434.2bUS$71.9b22.9x39.7x6.6x
Thu, 04 May 2023US$2.3tUS$436.7bUS$72.7b18.5x31.6x5.3x
Sat, 01 Apr 2023US$2.5tUS$443.8bUS$85.6b18.9x28.8x5.6x
Mon, 27 Feb 2023US$2.2tUS$442.9bUS$88.7b17.5x24.7x4.9x
Wed, 25 Jan 2023US$2.1tUS$447.6bUS$96.4b18.1x22x4.7x
Fri, 23 Dec 2022US$1.9tUS$447.3bUS$96.4b15.8x19.3x4.2x
Price to Earnings Ratio

19.3x


Total Market Cap: US$1.9tTotal Earnings: US$96.4bTotal Revenue: US$447.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 51.4x202320242025
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 51.4x.
  • The 3-year average PS ratio of 9.9x is lower than the industry's current PS ratio of 13.5x.
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 12% 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-0.69%
Tech-4.53%
Semiconductors-6.85%
Semiconductor Equipment-1.03%
Semiconductors-7.33%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 56.7x.
    • Analysts are expecting annual earnings growth of 26.4%, 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 27.6x.
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
QCOM QUALCOMMUS$179.261.9%
+US$3.5b		13.5%PE34.5x
ADI Analog DevicesUS$280.441.5%
+US$2.1b		31.2%PE60.6x
NXPI NXP SemiconductorsUS$231.831.7%
+US$951.3m		5.8%PE28.3x
PLAB PhotronicsUS$36.7543.1%
+US$652.6m		40.1%PE15.9x
FSLR First SolarUS$255.891.0%
+US$265.1m		35.9%PE19.6x

Latest News

AMD
US$207.58
Advanced Micro Devices
7D
-6.3%
1Y
66.0%
NVDA
US$176.29
NVIDIA
7D
-4.7%
1Y
35.2%
INTC
US$37.51
Intel
7D
-7.4%
1Y
83.5%
AMAT
US$261.27
Applied Materials
7D
-2.2%
1Y
53.4%
AVGO
US$339.81
Broadcom
7D
-16.4%
1Y
41.5%

AVGO: AI Accelerator Deals And OpenAI Partnership Will Shape Balanced Future Outlook

Analysts have lifted their Broadcom fair value estimate from approximately $274 to $345 per share, citing sharply higher expected AI driven revenue growth, stronger profit margins from custom accelerator wins with hyperscalers and OpenAI, and a supportive broader AI spending backdrop reflected in a wave of higher Street price targets. Analyst Commentary Street research remains broadly constructive on Broadcom, with a wave of higher price targets and fresh Buy and Outperform initiations underscoring confidence in the company as a key beneficiary of the AI infrastructure build out.
MU
US$237.50
Micron Technology
7D
-5.9%
1Y
118.7%

MU: AI Memory Supercycle Will Support Earnings While Cycle Risks Limit Upside

Analysts have raised their fair value estimate for Micron Technology to approximately $249 per share from about $221, citing stronger high bandwidth memory driven revenue growth, improving margins supported by tight DRAM and NAND supply, and a more durable AI focused upcycle, partly offset by expectations for some valuation multiple compression. Analyst Commentary Bullish analysts largely frame Micron as a key beneficiary of an emerging memory supercycle, underpinned by structural demand for high bandwidth memory and DRAM tied to artificial intelligence workloads and data center builds.
CRDO
US$142.02
Credo Technology Group Holding
7D
-16.6%
1Y
103.4%

CRDO: Future Returns Will Depend On Expanding AI Datacenter Connectivity

Analysts have nudged their average price target on Credo Technology Group Holding higher to about $214 from roughly $163, citing stronger expected revenue growth, improving profit margins and sustained AI related demand that supports premium yet slightly compressed forward valuation multiples. Analyst Commentary Recent research updates underscore a broadly constructive stance on Credo Technology, with multiple bullish analysts lifting price targets while framing the stock as a key beneficiary of structural AI and data center connectivity trends.
NXPI
US$231.83
NXP Semiconductors
7D
1.7%
1Y
5.8%

NXPI: Future Returns Will Depend On New Battery Management Chipset And Buybacks

Analysts have raised their price target on NXP Semiconductors from approximately $174 to about $213 per share, citing sharply higher expected revenue growth and slightly stronger profit margins that more than offset a modestly higher discount rate and a marginally lower assumed future P/E multiple. What's in the News Introduced a new Electrochemical Impedance Spectroscopy battery management chipset that embeds EIS directly in hardware to improve EV and energy storage safety, longevity, and performance, with full solution availability targeted for early 2026 (company announcement) New BMS chipset integrates three units: the BMA7418 cell sensing device, BMA6402 gateway, and BMA8420 battery junction box controller, enabling nanosecond-level synchronization and high-frequency battery monitoring without extra sensors (company announcement) Updated fourth quarter 2025 guidance, forecasting revenue of $3.2 billion to $3.4 billion, GAAP operating income of $878 million to $1.006 billion, and diluted GAAP EPS of $2.40 to $2.81 (company guidance) Completed a share repurchase tranche of 670,245 shares for $150 million, bringing total buybacks under the January 31, 2022 program to 10,645,664 shares, or 4.17 percent of shares, for $2.35 billion (company filing) Announced a multi-year collaboration with eInfochips, which will distribute software and provide support for NXP's S32 microcontroller and microprocessor families to help customers accelerate application development (company announcement) Valuation Changes Fair Value Estimate has risen significantly from approximately $174.04 to about $212.84 per share.
PLAB
US$36.75
Photronics
7D
43.1%
1Y
40.1%
FSLR
US$255.89
First Solar
7D
1.0%
1Y
35.9%

FSLR: Elevated Pricing Power Will Face Policy And Tariff Headwinds

We are lifting our First Solar fair value estimate to $199 from $142, reflecting analysts' broad price target increases into the mid $200s to $300 range, as they highlight the company's structurally advantaged U.S. manufacturing footprint, durable pricing power, and policy driven tailwinds, despite near term supply and tariff headwinds. Analyst Commentary Recent Street research reflects a broadly constructive stance on First Solar, with multiple firms lifting price targets into the mid $200s and even approaching $300.
JKS
US$26.17
JinkoSolar Holding
7D
5.3%
1Y
-1.9%

JKS: Policy Headwinds Will Limit Benefits From Rising Energy Storage Margins

Analysts have lifted their fair value estimate for JinkoSolar Holding from $17.00 to $20.00 per share, citing improving gross margins driven by lower unit costs and a stronger long term outlook for higher margin energy storage systems, despite ongoing policy related risks. Analyst Commentary Recent Street research reflects a cautiously constructive but still guarded stance on JinkoSolar, with price targets moving higher but ratings generally remaining restrained.
ARM
US$124.37
Arm Holdings
7D
-12.4%
1Y
-12.9%

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.
ACMR
US$37.73
ACM Research
7D
3.3%
1Y
147.6%

ACMR: China Tools And New Platforms Will Drive Resilient Yet Measured Outlook

Analysts have trimmed their price target on ACM Research to $40 from $50 as they balance confidence in a Q3 demand recovery and mid to high teens revenue growth with caution around near term margin headwinds and modestly lower estimates. Analyst Commentary Street research on ACM Research reflects a generally constructive view on the companys growth and execution, tempered by a more conservative stance on near term profitability and risk.
ADI
US$280.44
Analog Devices
7D
1.5%
1Y
31.2%

ADI: AI And Autos Are Expected To Drive Balanced Cyclical Recovery

We modestly lift our Analog Devices fair value estimate to $282.03 from $280.31, as analysts point to autos and AI driven upside, a strengthening cyclical recovery into 2026, and higher long term earnings power despite slightly lower near term margin assumptions. Analyst Commentary Street research remains broadly constructive on Analog Devices, with multiple firms lifting price targets on the back of autos strength, rising AI exposure, and confidence in a multi year cyclical recovery into 2026 and beyond.
QCOM
US$179.26
QUALCOMM
7D
1.9%
1Y
13.5%

QCOM: Premium Android Strength And Emerging AI Inference Will Drive Balanced Future Outcomes

Analysts have modestly raised their price target on Qualcomm to about $205, citing broad based strength in premium Android handsets, autos and IoT; a solid earnings beat; and growing optionality from the company’s emerging AI and data center accelerator initiatives. Analyst Commentary Bullish analysts see Qualcomm's latest quarter as reinforcing a multi year growth narrative, with upside driven by premium Android share gains, expanding auto and IoT businesses, and early traction in AI accelerators.
MCHP
US$67.18
Microchip Technology
7D
0.5%
1Y
15.3%

MCHP: 2026 Demand Recovery Will Offset Near-Term Guidance Weakness And Policy Uncertainty

Our updated narrative price target for Microchip Technology edges up to $73.92 from $73.64, as analysts balance recent target cuts and cautious near term guidance against expectations for a gradual demand recovery and resilient long term earnings power. Analyst Commentary Analysts remain divided on Microchip Technology, with recent target cuts reflecting near term execution risk even as longer term recovery expectations underpin valuation support.