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U.S. Tech Sector Analysis

UpdatedApr 23, 2026
DataAggregated Company Financials
Companies986
  • 7D4.9%
  • 3M9.3%
  • 1Y58.6%
  • YTD7.5%

In the last week, the Tech industry is up 4.9%, with Microsoft up 5.3%. In the last 12 months, the industry was up 59%. As for the next few years, earnings are expected to grow by 20% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Apr 2026US$23.7tUS$2.7tUS$551.3b32.9x42.9x8.8x
Sat, 21 Mar 2026US$20.9tUS$2.7tUS$560.4b29.5x37.2x7.7x
Mon, 16 Feb 2026US$21.4tUS$2.6tUS$520.1b29.8x41.1x8.1x
Wed, 14 Jan 2026US$22.7tUS$2.6tUS$505.8b31.7x44.8x8.9x
Fri, 12 Dec 2025US$23.2tUS$2.6tUS$500.0b31.6x46.4x9x
Sun, 09 Nov 2025US$22.8tUS$2.5tUS$478.4b30.5x47.6x9x
Tue, 07 Oct 2025US$22.7tUS$2.5tUS$439.1b32x51.6x9.1x
Thu, 04 Sep 2025US$20.6tUS$2.5tUS$429.3b28.5x48x8.4x
Sat, 02 Aug 2025US$20.7tUS$2.4tUS$412.4b27.4x50.3x8.6x
Mon, 30 Jun 2025US$19.6tUS$2.4tUS$393.2b28.4x49.8x8.2x
Wed, 28 May 2025US$17.5tUS$2.4tUS$385.8b27.3x45.5x7.4x
Fri, 25 Apr 2025US$15.3tUS$2.3tUS$387.0b25.8x39.5x6.6x
Sun, 23 Mar 2025US$16.6tUS$2.3tUS$386.9b27.2x42.9x7.1x
Tue, 18 Feb 2025US$18.9tUS$2.3tUS$369.9b32.4x51x8.2x
Thu, 16 Jan 2025US$17.9tUS$2.3tUS$367.0b32.5x48.7x7.9x
Sat, 14 Dec 2024US$18.7tUS$2.3tUS$363.5b32.5x51.4x8.3x
Mon, 11 Nov 2024US$18.3tUS$2.2tUS$352.6b33.3x51.8x8.2x
Wed, 09 Oct 2024US$17.3tUS$2.2tUS$378.2b30.1x45.7x8x
Fri, 06 Sep 2024US$16.0tUS$2.2tUS$378.4b28.2x42.3x7.4x
Sun, 04 Aug 2024US$15.6tUS$2.1tUS$363.3b29.6x42.9x7.3x
Tue, 02 Jul 2024US$16.9tUS$2.1tUS$362.8b30.1x46.4x8x
Thu, 30 May 2024US$15.6tUS$2.1tUS$349.6b29.8x44.5x7.6x
Sat, 27 Apr 2024US$14.2tUS$2.1tUS$335.6b28.4x42.3x6.9x
Mon, 25 Mar 2024US$14.9tUS$2.0tUS$328.6b27.8x45.4x7.3x
Wed, 21 Feb 2024US$14.0tUS$2.0tUS$310.2b27.3x45.2x6.9x
Fri, 19 Jan 2024US$13.6tUS$2.0tUS$292.0b25.9x46.7x6.7x
Sun, 17 Dec 2023US$13.4tUS$2.1tUS$293.6b26.5x45.5x6.5x
Tue, 14 Nov 2023US$12.3tUS$2.0tUS$279.7b23.2x44x6x
Thu, 12 Oct 2023US$12.0tUS$2.0tUS$270.2b25.2x44.2x5.9x
Sat, 09 Sep 2023US$11.9tUS$2.0tUS$272.9b23.8x43.8x5.9x
Mon, 07 Aug 2023US$11.9tUS$2.0tUS$262.2b25.6x45.4x5.9x
Wed, 05 Jul 2023US$12.0tUS$2.0tUS$258.1b25.2x46.6x5.9x
Fri, 02 Jun 2023US$11.5tUS$2.0tUS$263.0b24.3x43.6x5.6x
Sun, 30 Apr 2023US$10.3tUS$2.0tUS$265.6b20.9x38.8x5.1x
Price to Earnings Ratio

38.8x


Total Market Cap: US$10.3tTotal Earnings: US$265.6bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Tech Sector Price to Earnings3Y Average 45.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Information Technology 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 45.5x.
  • The 3-year average PS ratio of 7.4x is lower than the industry's current PS ratio of 8.8x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 28% per year over the last three years.
  • Revenues for these companies have grown 10.0% 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 Market1.73%
Tech4.86%
Communications7.47%
Software6.21%
Semiconductors4.82%
IT3.59%
Tech Hardware3.29%
Electronic Equipment and Components2.88%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 32.5x.
    • Analysts are expecting annual earnings growth of 22.1%, which is higher than its past year's earnings growth of 15.7% per year.
  • Investors are most pessimistic about the Tech Hardware industry, which is trading close to its 3-year average of 33.2x.
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 3.1% per year.
  • In contrast, the Tech Hardware industry is expected to see its earnings grow by 10% 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
MSFT MicrosoftUS$432.925.3%
+US$161.1b		15.6%PE27x
AVGO BroadcomUS$422.656.5%
+US$122.8b		138.9%PE80.1x
AAPL AppleUS$273.172.5%
+US$99.0b		33.5%PE34.1x
NVDA NVIDIAUS$202.501.8%
+US$88.2b		97.2%PE41x
AMD Advanced Micro DevicesUS$303.4617.6%
+US$73.9b		235.7%PE115.9x

Latest News

AAPL
US$273.17
Apple
7D
2.5%
1Y
33.5%
TEL
US$221.04
TE Connectivity
7D
-5.6%
1Y
62.5%
AVGO
US$422.65
Broadcom
7D
6.5%
1Y
138.9%
CTSH
US$58.81
Cognizant Technology Solutions
7D
-2.6%
1Y
-17.2%
NBIS
US$156.14
Nebius Group
7D
-6.4%
1Y
580.1%

Nebius: The Profit Inflection Point

Apr 22
LITE
US$873.60
Lumentum Holdings
7D
-2.0%
1Y
1,386.5%
ACN
US$190.10
Accenture
7D
-2.0%
1Y
-34.0%

What The AI-Transition Really Means For IT Services, And Why Accenture Seems All Set To Dominate

Apr 21
NVDA
US$202.50
NVIDIA
7D
1.8%
1Y
97.2%

Huang Isn't Planning To Wake Up A Loser

Apr 21
ORCL
US$187.50
Oracle
7D
10.4%
1Y
42.7%

ORCL: AI Data Center Expansion And Financing Will Drive Future Upside

Analysts have trimmed the Oracle price target by about $11 to reflect slightly higher discounting, lower projected profit margins and a modestly lower future P/E multiple, even as revenue growth expectations are supported by recent Q3 beats, raised long term revenue goals and broadly constructive research commentary. Analyst Commentary Street research on Oracle clusters around strong Q3 execution, rising long term cloud ambitions and a reset in valuation assumptions after a sharp selloff.
MU
US$487.48
Micron Technology
7D
6.8%
1Y
568.4%

Micron: Dead Cats Don't Bounce Twice

Apr 20
ARM
US$196.57
Arm Holdings
7D
23.4%
1Y
86.9%

ARM: AI Data Center Workloads Will Drive Next Leg Of Upside

Analysts have lifted the implied fair value estimate for Arm to $237.73 from $205.00, reflecting a reset in Street price targets that leans on higher long term revenue growth assumptions, a richer future P/E of 93.78, and a mix of recent target hikes and upgrades across firms such as Susquehanna, Goldman Sachs, Mizuho, Wells Fargo, Barclays, Evercore ISI, RBC Capital, Deutsche Bank, Raymond James, HSBC, BofA and New Street, alongside at least one downgrade from Morgan Stanley and several target trims earlier in the period. Analyst Commentary Recent research on Arm shows a clear split between bullish analysts raising targets and ratings and a smaller group trimming expectations or turning more cautious.
AMD
US$303.46
Advanced Micro Devices
7D
17.6%
1Y
235.7%

AMD: $600 Bullseye

Apr 20
BMI
US$123.56
Badger Meter
7D
-21.3%
1Y
-41.3%
CRM
US$189.80
Salesforce
7D
6.9%
1Y
-24.2%

CRM: Debt-Funded Buybacks Will Support AI Execution And Margin Discipline

The analyst price target for Salesforce has been reduced by about $50 to reflect slightly lower modeled fair value, a higher discount rate, more conservative assumptions on revenue growth and profit margins, and a trimmed future P/E multiple, in line with a broad set of recent price target cuts that cite softer organic growth, sector multiple compression, and a wait for clearer payoff from Agentforce-driven AI products. Analyst Commentary Street research around Salesforce has shifted toward tighter valuation assumptions, but it also highlights a set of execution and product drivers that bullish analysts see as underappreciated.
MSFT
US$432.92
Microsoft
7D
5.3%
1Y
15.6%

MSFT: AI Infrastructure Self Sufficiency And Heavy Data Center Commitments Will Sustain Leadership

Microsoft's analyst fair value estimate has been adjusted slightly lower to $579.57, as analysts factor in updated price targets that reflect a mix of reduced P/E assumptions, along with expectations for revenue growth and profit margins tied to AI and cloud spending. Analyst Commentary Recent Street research on Microsoft reflects a mix of optimism and caution as analysts recalibrate price targets and ratings around AI, cloud spending, and capital intensity.
FICO
US$970.17
Fair Isaac
7D
-5.9%
1Y
-49.6%