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U.S. Semiconductors Industry Analysis

UpdatedAug 24, 2026
DataAggregated Company Financials
Companies129
  • 7D-6.1%
  • 3M-6.5%
  • 1Y56.0%
  • YTD34.1%

Over the last 7 days, the Semiconductors industry has dropped 5.5%, driven by a pullback from NVIDIA of 4.6%. Meanwhile, Marvell Technology actually outperformed within the industry, gaining 6.8% in the last week. In the past year, the industry has gained 56%. Earnings are forecast to grow by 29% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 24 Aug 2026US$7.0tUS$805.7bUS$288.3b46x24.3x8.7x
Wed, 22 Jul 2026US$12.0tUS$787.8bUS$292.4b60.4x41x15.2x
Fri, 19 Jun 2026US$8.4tUS$755.3bUS$266.0b72.6x31.6x11.1x
Sun, 17 May 2026US$7.0tUS$708.4bUS$221.6b61.7x31.6x9.9x
Tue, 14 Apr 2026US$9.9tUS$697.9bUS$215.5b41.9x45.9x14.2x
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
Price to Earnings Ratio

45.9x


Total Market Cap: US$3.1tTotal Earnings: US$68.4bTotal Revenue: US$427.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 53.5x202420252026
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 24.3x which is lower than its 3-year average PE of 53.5x.
  • The 3-year average PS ratio of 11.6x is higher than the industry's current PS ratio of 8.7x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 62% per year over the last three years.
  • Revenues for these companies have grown 23% 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-1.19%
Tech-3.37%
Semiconductors-6.11%
Semiconductors-5.72%
Semiconductor Equipment-9.43%
Industry PE
  • Investors are most optimistic about the Semiconductor Equipment industry which is trading above its 3-year average PE ratio of 35.4x.
    • Analysts are expecting annual earnings growth of 23.3%, which is lower than the prior year's growth of 34.0% per year.
  • Investors are most pessimistic about the Semiconductors industry, which is trading below its 3-year average of 57.4x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 29% over the next 5 years.
  • However this is lower than its past earnings growth rate of 37% per year.
  • In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 23% 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
MRVL Marvell TechnologyUS$237.041.2%
+US$2.6b		224.9%PE82.3x
ICG Intchains GroupUS$1.0112.5%
+US$6.8m		-48.7%PS7.3x
GCTS GCT Semiconductor HoldingUS$2.043.6%
+US$6.4m		64.5%PS46x
SEDG SolarEdge TechnologiesUS$30.830.1%
+US$2.5m		-3.6%PS1.4x
NA Nano LabsUS$2.003.6%
+US$1.6m		-65.6%PE2.3x

Latest News

MU
US$966.78
Micron Technology
7D
-4.4%
1Y
730.4%
Seeking Alpha • 5h

Micron: The Competition Has A Better Price

Summary Micron is downgraded to Hold due to stretched valuation and intensifying competition despite structural improvements from strategic customer agreements. MU's recent earnings surge is driven almost entirely by price increases, not volume, raising concerns about earnings durability if pricing weakens. Peers SK hynix and Samsung offer more attractive capital return programs and trade at significantly lower multiples, making them more compelling investments currently. Patent litigation risks, Chinese NAND/DRAM supply expansion, and decelerating memory price growth further pressure MU's forward outlook. Read the full article on Seeking Alpha
NVDA
US$214.72
NVIDIA
7D
-4.6%
1Y
20.6%
Seeking Alpha • 20h

Nvidia Stock May Plunge After Earnings, Even If It Beats

Summary Nvidia faces elevated expectations ahead of earnings, with the market pricing in strong growth and a high bar for outperformance. Options and technical analysis indicate asymmetric post-earnings risk, with limited upside and potential for a sharp decline to $190 support. Positive gamma positioning may cap NVDA’s upside while slowing initial declines, but a break below $210 could accelerate downside volatility. Despite a history of beating estimates, NVDA’s post-earnings moves often remain within options-implied ranges, limiting outsized gains. Read the full article on Seeking Alpha
AMAT
US$492.32
Applied Materials
7D
-8.0%
1Y
203.9%
Seeking Alpha • Aug 22

Applied Materials: I Am Reiterating My Strong Buy As AI Manufacturing Demand Accelerates

Summary I'm reiterating Applied Materials as a Strong Buy rating, with the price target revised to $680 from $802 due to a more conservative valuation multiple. Q3 2026 results reinforce my thesis that AI-driven demand is transforming semiconductor equipment into a structural growth cycle, not just a capacity cycle. AMAT is well-positioned, as leading-edge foundry logic, DRAM, and advanced packaging are set to drive 80% of WFE growth through 2027. Valuation has compressed to 38.79x FWD P/E, while forward growth metrics remain robust, improving the risk-reward profile after the recent selloff. Read the full article on Seeking Alpha
MRVL
US$237.04
Marvell Technology
7D
1.2%
1Y
224.9%
NA
US$2.00
Nano Labs
7D
3.6%
1Y
-65.6%
ARM
US$243.32
Arm Holdings
7D
-10.4%
1Y
76.6%
Seeking Alpha • Aug 21

Arm Holdings: What The $25 Billion Target Actually Requires

Summary Arm Holdings trades at extreme multiples, reflecting high expectations for its move into fabless AI data center CPUs (AGI CPUs). ARM's royalty capture from AI buildout remains low (~1.7%), and aggressive growth in royalties and AGI CPU sales is required to justify the current valuation. Management's FY2031 targets—$25B revenue, $9+ EPS—demand significant royalty rate expansion, and rapid AGI CPU ramp. Although its cloud compute TAM could be understated. The 20% royalty CAGR rests on one demanding assumption. At $250, the stock is priced beyond what management has guided even with optimistic margin/sales growth assumptions. Read the full article on Seeking Alpha
ICG
US$1.01
Intchains Group
7D
12.5%
1Y
-48.7%
LRCX
US$314.00
Lam Research
7D
-8.7%
1Y
210.0%
Narrative Update • Aug 21

LRCX: AI Wafer Equipment Upswing Will Support Extended Multi Year Earnings Runway

Analysts have trimmed their price targets on Lam Research, with the modelled fair value moving from about $500 to about $474, as they recalibrate discount rates and valuation multiples while still highlighting stronger projected revenue growth, higher profit margins and solid wafer fab equipment demand across AI driven logic and memory spending. Analyst Commentary Analyst commentary on Lam Research remains largely constructive, even as several firms recalibrate price targets and valuation assumptions.
AMD
US$473.25
Advanced Micro Devices
7D
-6.5%
1Y
189.7%
AVGO
US$368.45
Broadcom
7D
-6.1%
1Y
25.2%
Seeking Alpha • Aug 20

Broadcom: Marvell Panic Causes A Huge Buying Opportunity

Summary Broadcom Inc. remains a prime beneficiary of the AI boom, with robust profit growth expected for years. The recent selloff following the Marvell-Alphabet deal is seen as an overreaction; the partnership does not threaten AVGO’s position or growth trajectory. AVGO’s valuation is compelling, with downside risk already priced in even under conservative growth assumptions. Even with bearish growth scenarios, AVGO offers attractive annualized returns of 12%+, with potential for much higher upside if consensus is met or exceeded. Read the full article on Seeking Alpha
INTC
US$90.07
Intel
7D
-12.1%
1Y
263.2%
Seeking Alpha • Aug 20

Intel: Why I Am Not Buying The Dip

Summary Intel delivered impressive second-quarter revenue growth of 25% year-over-year alongside strong gross margin expansion and doubled consensus EPS estimates today. Data Center and AI momentum surged 59% annually, benefiting from server CPU demand, higher average selling prices, and 40% margins. Shareholder dilution from pricing 210.5 million new shares, elevated capital expenditures, and ongoing foundry operating losses create near-term fundamental headwinds. Long-term structural catalysts include Intel 14A foundry customer adoption, Tesla partnerships, EMIB advanced packaging scaling, and expanding agentic CPU demand. Extreme valuation multiples compared to semiconductor peers make execution risks asymmetric, warranting a Hold rating until shares pull back significantly. Read the full article on Seeking Alpha
SEDG
US$30.83
SolarEdge Technologies
7D
0.1%
1Y
-3.6%
Narrative Update • Aug 20

SEDG: Potential Inverter Ban Will Drive Future Repricing

Analysts have trimmed their average price targets for SolarEdge Technologies, reflecting weaker U.S. solar demand, softer revenue guidance, and slower margin improvement, even as some still point to European demand and potential policy support as partial offsets. Analyst Commentary Recent research updates show a wide range of views on SolarEdge Technologies, with several bullish analysts still pointing to potential upside drivers despite weaker U.S. solar demand and cautious guidance.
SQNS
US$3.06
Sequans Communications
7D
1.3%
1Y
-70.3%
Analysis Article • Aug 17

We're A Little Worried About Sequans Communications' (NYSE:SQNS) Cash Burn Rate

We can readily understand why investors are attracted to unprofitable companies. For example, although...
GCTS
US$2.04
GCT Semiconductor Holding
7D
3.6%
1Y
64.5%
Narrative Update • Aug 12

GCTS: AI Connectivity And Satellite Focus Will Recast Long-Term Upside Potential

Analysts have revised their price target rationale for GCT Semiconductor Holding, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that collectively point to a different risk and reward profile for the stock, although no specific dollar target was disclosed. What’s in the News for GCT Semiconductor Holding GCT Semiconductor Holding outlined a sharpened focus on supplying the wireless connectivity layer for artificial intelligence infrastructure, highlighting 5G, satellite communications and Non Terrestrial Network technologies as tools to link devices to cloud based AI systems.