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U.S. Tech Sector Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies987
  • 7D0.7%
  • 3M-5.9%
  • 1Y32.3%
  • YTD-4.0%

The Tech is pretty flat in the last 7 days, but Broadcom has stood out, gaining 7.6%. As for the the longer term, the industry is up 32% over the past 12 months. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

Has the U.S. Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Mar 2026US$21.6tUS$2.7tUS$542.2b30.1x39.8x8.1x
Sat, 07 Feb 2026US$21.3tUS$2.6tUS$517.1b30.3x41.2x8.1x
Mon, 05 Jan 2026US$22.5tUS$2.6tUS$506.7b31x44.5x8.7x
Wed, 03 Dec 2025US$22.8tUS$2.6tUS$494.2b30.7x46.1x8.9x
Fri, 31 Oct 2025US$24.0tUS$2.5tUS$466.8b29.7x51.4x9.5x
Sun, 28 Sep 2025US$22.2tUS$2.5tUS$437.8b31.3x50.6x9x
Tue, 26 Aug 2025US$20.8tUS$2.4tUS$418.9b28.6x49.8x8.6x
Thu, 24 Jul 2025US$20.3tUS$2.4tUS$393.0b28.5x51.7x8.5x
Sat, 21 Jun 2025US$18.7tUS$2.4tUS$391.4b27.2x47.9x7.9x
Mon, 19 May 2025US$18.1tUS$2.4tUS$385.4b26.8x47.1x7.7x
Wed, 16 Apr 2025US$15.5tUS$2.3tUS$386.7b25x40x6.6x
Fri, 14 Mar 2025US$16.3tUS$2.3tUS$386.5b26.4x42.3x7x
Sun, 09 Feb 2025US$18.2tUS$2.3tUS$372.2b33.2x48.8x7.9x
Tue, 07 Jan 2025US$18.6tUS$2.3tUS$366.9b33.5x50.7x8.2x
Thu, 05 Dec 2024US$18.5tUS$2.2tUS$361.2b34x51.1x8.2x
Sat, 02 Nov 2024US$17.1tUS$2.2tUS$353.3b29.7x48.5x7.7x
Mon, 30 Sep 2024US$17.2tUS$2.2tUS$378.1b29.7x45.4x7.9x
Wed, 28 Aug 2024US$16.9tUS$2.1tUS$367.5b29.5x45.9x7.9x
Fri, 26 Jul 2024US$16.3tUS$2.1tUS$362.1b31.1x45.1x7.7x
Sun, 23 Jun 2024US$16.9tUS$2.1tUS$360.5b30.4x46.8x8x
Tue, 21 May 2024US$14.9tUS$2.0tUS$337.1b30x44.3x7.3x
Thu, 18 Apr 2024US$14.0tUS$2.0tUS$328.5b28.1x42.7x6.9x
Sat, 16 Mar 2024US$14.7tUS$2.0tUS$325.3b27.9x45.3x7.2x
Mon, 12 Feb 2024US$14.6tUS$2.0tUS$308.4b26.8x47.2x7.2x
Wed, 10 Jan 2024US$13.2tUS$2.0tUS$292.7b26.3x45.2x6.5x
Fri, 08 Dec 2023US$12.6tUS$2.1tUS$292.9b25.1x43.1x6.2x
Sun, 05 Nov 2023US$11.8tUS$2.0tUS$279.2b23.1x42.4x5.8x
Tue, 03 Oct 2023US$11.5tUS$2.0tUS$269.9b24.8x42.5x5.6x
Thu, 31 Aug 2023US$12.2tUS$2.0tUS$270.6b24.8x44.9x6x
Sat, 29 Jul 2023US$12.3tUS$2.0tUS$263.2b24.8x46.6x6x
Mon, 26 Jun 2023US$11.7tUS$2.0tUS$264.6b24.1x44.2x5.7x
Wed, 24 May 2023US$10.7tUS$2.0tUS$260.7b23.2x41x5.3x
Fri, 21 Apr 2023US$10.2tUS$2.0tUS$275.1b21.7x37x5x
Sun, 19 Mar 2023US$10.2tUS$2.2tUS$268.8b22.3x38x4.7x
Price to Earnings Ratio

38x


Total Market Cap: US$10.2tTotal Earnings: US$268.8bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Tech Sector Price to Earnings3Y Average 45.4x202420252026
Current Industry PE
  • Investors are pessimistic on the American Information Technology 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 39.8x which is lower than its 3-year average PE of 45.4x.
  • The 3-year average PS ratio of 7.3x is lower than the industry's current PS ratio of 8.1x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 26% per year over the last three years.
  • Revenues for these companies have grown 7.4% 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 sector?

US Market-1.47%
Tech0.73%
Semiconductors1.94%
IT1.43%
Software0.42%
Tech Hardware-0.37%
Communications-1.22%
Electronic Equipment and Components-3.98%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 31.5x.
    • Analysts are expecting annual earnings growth of 22.3%, which is higher than its past year's earnings growth of 17.4% per year.
  • Investors are most pessimistic about the Tech Hardware industry, which is trading close to its 3-year average of 32.9x.
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 4.1% per year.
  • In contrast, the Tech Hardware industry is expected to see its earnings grow by 9.5% 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
ORCL OracleUS$163.127.1%
+US$30.9b		8.1%PE30.4x
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

Latest News

MRVL
US$90.44
Marvell Technology
7D
15.8%
1Y
29.5%
APP
US$461.45
AppLovin
7D
-4.4%
1Y
69.3%
NVDA
US$186.03
NVIDIA
7D
1.5%
1Y
61.0%
INTC
US$47.98
Intel
7D
5.3%
1Y
132.0%
GLW
US$131.76
Corning
7D
-9.0%
1Y
190.2%
AVGO
US$341.57
Broadcom
7D
7.6%
1Y
75.9%
FICO
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Fair Isaac
7D
-20.4%
1Y
-34.5%
ORCL
US$163.12
Oracle
7D
7.1%
1Y
8.1%
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.
CSCO
US$78.10
Cisco Systems
7D
-3.4%
1Y
29.2%

CSCO: AI Data Center Demand Will Support Earnings Despite Margin Headwinds

Our updated Cisco Systems narrative keeps fair value unchanged but reflects a modestly lower discount rate and slightly lower future P/E assumption. This aligns with recent analyst moves that include a downgrade on margin concerns, alongside several $5 price target increases tied to long term growth expectations.
AAPL
US$260.81
Apple
7D
-0.7%
1Y
20.2%

Apple will shine with a 6% revenue growth in the next 5 years

Apple Inc. (AAPL) – Investment Narrative Company Overview Apple Inc.
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.
NET
US$213.00
Cloudflare
7D
14.6%
1Y
78.4%

NET: AI Infrastructure And JD Cloud Partnership Will Drive Future Upside

Analysts have trimmed their average Cloudflare price target slightly by about $1 to reflect a higher discount rate and sharply lower modeled profit margins, while still highlighting continued revenue strength and questioning recent security sector selling linked to Claude Code Security news. Analyst Commentary Recent research on Cloudflare reflects a split tape, with several banks trimming price targets on valuation and margin assumptions at the same time others are upgrading ratings or lifting targets on product momentum and AI exposure.
CRWD
US$442.03
CrowdStrike Holdings
7D
8.4%
1Y
27.5%

CRWD: AI Security Platform And Identity Expansion Will Temper Crowded Trade Fears

Narrative Update on CrowdStrike Holdings Our updated view reflects a lower analyst price target of $374.82, down from $414.96, as analysts recalibrate revenue growth, profit margin and future P/E assumptions, while still highlighting strong Q4 execution, resilient ARR trends and ongoing AI and platform tailwinds across recent research. Analyst Commentary Across recent research, you are seeing a mix of optimism on CrowdStrike's execution and platform, paired with a clear reset in expectations as many firms trim price targets.
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.