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U.S. Tech Sector Analysis

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies987
  • 7D-0.8%
  • 3M7.0%
  • 1Y25.3%
  • YTD15.2%

Last week, the Tech industry hasn't moved much but Apple is up 3.2% in that time. As for the the longer term, the industry is up 26% over the past 12 months. Looking forward, earnings are forecast to grow by 22% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Jul 2026US$21.1tUS$2.9tUS$638.5b33.3x33x7.3x
Thu, 25 Jun 2026US$26.5tUS$2.8tUS$618.7b33.9x42.9x9.3x
Sat, 23 May 2026US$21.4tUS$2.8tUS$611.3b35.1x35x7.6x
Mon, 20 Apr 2026US$23.7tUS$2.7tUS$550.6b32.9x43x8.8x
Wed, 18 Mar 2026US$21.3tUS$2.7tUS$542.8b30.7x39.2x7.9x
Fri, 13 Feb 2026US$22.0tUS$2.6tUS$519.4b29.2x42.3x8.4x
Sun, 11 Jan 2026US$22.6tUS$2.6tUS$507.0b32.4x44.5x8.7x
Tue, 09 Dec 2025US$23.1tUS$2.6tUS$496.4b31.5x46.5x9x
Thu, 06 Nov 2025US$23.3tUS$2.5tUS$481.9b30.9x48.4x9.2x
Sat, 04 Oct 2025US$22.8tUS$2.5tUS$439.1b31.7x51.9x9.1x
Mon, 01 Sep 2025US$20.8tUS$2.5tUS$429.3b29.4x48.5x8.5x
Wed, 30 Jul 2025US$20.8tUS$2.4tUS$393.0b28.2x52.9x8.7x
Fri, 27 Jun 2025US$19.4tUS$2.4tUS$393.3b28.4x49.4x8.1x
Sun, 25 May 2025US$17.5tUS$2.4tUS$385.8b26.9x45.5x7.4x
Tue, 22 Apr 2025US$14.9tUS$2.3tUS$386.6b24.3x38.5x6.4x
Thu, 20 Mar 2025US$16.4tUS$2.3tUS$386.8b27.4x42.5x7.1x
Sat, 15 Feb 2025US$18.8tUS$2.3tUS$370.0b32.4x50.7x8.2x
Mon, 13 Jan 2025US$18.0tUS$2.3tUS$367.4b32.3x49.1x8x
Wed, 11 Dec 2024US$18.7tUS$2.3tUS$363.0b33.1x51.5x8.3x
Fri, 08 Nov 2024US$17.9tUS$2.2tUS$354.3b33.1x50.6x8x
Sun, 06 Oct 2024US$17.2tUS$2.2tUS$378.1b29.7x45.4x7.9x
Tue, 03 Sep 2024US$16.8tUS$2.2tUS$378.3b29.7x44.4x7.8x
Thu, 01 Aug 2024US$16.5tUS$2.1tUS$363.9b31.7x45.4x7.8x
Sat, 29 Jun 2024US$16.9tUS$2.1tUS$362.8b29.7x46.6x8x
Mon, 27 May 2024US$15.4tUS$2.1tUS$349.8b30.5x43.9x7.5x
Wed, 24 Apr 2024US$13.9tUS$2.0tUS$328.3b28x42.4x6.8x
Fri, 22 Mar 2024US$14.7tUS$2.0tUS$325.5b28.3x45.3x7.2x
Sun, 18 Feb 2024US$14.2tUS$2.0tUS$310.2b27.5x45.9x7x
Tue, 16 Jan 2024US$13.4tUS$2.0tUS$292.0b26x46x6.5x
Thu, 14 Dec 2023US$13.1tUS$2.1tUS$293.3b25.4x44.6x6.4x
Sat, 11 Nov 2023US$12.1tUS$2.0tUS$279.7b23.4x43.1x5.9x
Mon, 09 Oct 2023US$11.8tUS$2.0tUS$269.8b24.3x43.6x5.8x
Wed, 06 Sep 2023US$12.3tUS$2.0tUS$272.5b24.1x45.1x6x
Fri, 04 Aug 2023US$12.1tUS$2.0tUS$259.8b24.8x46.4x6x
Price to Earnings Ratio

46.4x


Total Market Cap: US$12.1tTotal Earnings: US$259.8bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Tech Sector Price to Earnings3Y Average 45x202420252026
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 33.0x which is lower than its 3-year average PE of 45.0x.
  • The industry is trading close to its 3-year average PS ratio of 7.7x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 35% 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 sector?

US Market-0.74%
Tech-0.84%
Tech Hardware2.75%
Communications1.58%
IT-0.13%
Electronic Equipment and Components-1.15%
Semiconductors-1.71%
Software-2.84%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 35.0x.
    • Analysts are expecting annual earnings growth of 25.9%, which is higher than its past year's earnings growth of 12.3% per year.
  • Investors are most pessimistic about the Semiconductors industry, which is trading below its 3-year average of 53.9x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Tech Hardware industry is expected to see its earnings grow by 12% 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
AAPL AppleUS$336.913.2%
+US$151.6b		57.4%PE40.4x
MU Micron TechnologyUS$900.204.0%
+US$39.2b		709.2%PE20.1x
DELL Dell TechnologiesUS$426.9111.8%
+US$29.1b		218.9%PE32.8x
AVGO BroadcomUS$383.221.3%
+US$24.1b		30.2%PE62.2x
CSCO Cisco SystemsUS$114.573.5%
+US$15.3b		68.7%PE37.8x

Latest News

NVDA
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NVIDIA
7D
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1Y
11.2%
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Smart CEOs, Bad Returns: Avoid Hyperscaler AI Capex Beneficiaries Like Nvidia

Summary 14 major headwinds for continued Hyperscaler AI capex growth are detailed. AI Capex by Hyperscalers is unsustainably exceeding cash flow, driven by a temporary land rush and mounting headwinds unrelated to technology. Enterprise ROI on AI remains elusive, LLM pricing is dropping, and over half of Hyperscaler backlogs depend on unprofitable buyers like OpenAI and Anthropic. Investor pushback, regulatory risks, and depreciation pressures suggest the AI Capex boom is nearing its limit, with a bust likely by 2027. Read the full article on Seeking Alpha
SMCI
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25.1%
1Y
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MU
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Micron Technology
7D
4.0%
1Y
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Micron: Elon Said Thanks, I'm Still Saying Hold

Summary I'm keeping Micron Technology, Inc. at Hold, the same call I made the day after the print in June. The hyperscaler capex raises last week (and likely this week too) are a strong tailwind for the picks-and-shovels names, but they don't move me off the fence. My view is that part of the money the hyperscalers are adding to their budgets is there because memory got more expensive, not because they're buying more memory. MU's record 84.9% margin is not coming from High Bandwidth Memory. This year, a plain server memory stick has been more profitable per wafer than HBM. CMXT (up a ridiculous 530% in its IPO debut) adds noise in the near term. I don't think the oversupply narrative holds up this year. Read the full article on Seeking Alpha
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Sandisk
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MSFT
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Microsoft
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1Y
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CrowdStrike Holdings
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AVGO
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Broadcom
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AMD
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Advanced Micro Devices
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HPE
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Hewlett Packard Enterprise
7D
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1Y
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CSCO
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Cisco Systems
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3.5%
1Y
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DELL
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Dell Technologies
7D
11.8%
1Y
218.9%
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DELL: AI Server Frenzy Will Eventually Meet Tight Memory Supply Ceiling

The analyst price target for Dell Technologies has been raised from $321.69 to $381.72. Analysts cite stronger modeled revenue growth, higher profit margins, and tighter AI server supply as key factors supporting the higher valuation and slightly lower discount rate assumptions.
LRCX
US$291.61
Lam Research
7D
-4.9%
1Y
195.7%
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LRCX: Extended AI Wafer Equipment Cycle Will Drive Multi Year Upswing

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