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U.S. Tech Sector Analysis

UpdatedJul 29, 2026
DataAggregated Company Financials
Companies986
  • 7D-4.8%
  • 3M5.0%
  • 1Y24.0%
  • YTD13.9%

Over the last 7 days, the Tech industry has dropped 4.8%, driven by a pullback from NVIDIA of 5.0%. This takes the industry's 12 month performance to a gain of 24%. 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
Wed, 29 Jul 2026US$25.8tUS$2.9tUS$638.5b32.9x40.5x8.9x
Fri, 26 Jun 2026US$26.6tUS$2.9tUS$644.9b32.1x41.2x9.2x
Sun, 24 May 2026US$21.6tUS$2.8tUS$611.2b35.1x35.4x7.7x
Tue, 21 Apr 2026US$23.7tUS$2.7tUS$550.6b33.4x43x8.8x
Thu, 19 Mar 2026US$21.4tUS$2.7tUS$543.3b30.4x39.3x8x
Sat, 14 Feb 2026US$21.4tUS$2.6tUS$520.7b30.4x41x8.1x
Mon, 12 Jan 2026US$22.6tUS$2.6tUS$507.0b32.4x44.5x8.7x
Wed, 10 Dec 2025US$23.2tUS$2.6tUS$495.7b31.2x46.9x9x
Fri, 07 Nov 2025US$23.4tUS$2.5tUS$477.9b30.4x48.9x9.2x
Sun, 05 Oct 2025US$22.7tUS$2.5tUS$439.2b31.7x51.8x9.1x
Tue, 02 Sep 2025US$20.8tUS$2.5tUS$429.3b29.4x48.5x8.5x
Thu, 31 Jul 2025US$20.7tUS$2.4tUS$393.3b27.7x52.7x8.7x
Sat, 28 Jun 2025US$19.6tUS$2.4tUS$393.2b28.4x49.8x8.2x
Mon, 26 May 2025US$17.5tUS$2.4tUS$385.8b26.9x45.5x7.4x
Wed, 23 Apr 2025US$14.5tUS$2.3tUS$386.6b24.6x37.4x6.2x
Fri, 21 Mar 2025US$16.6tUS$2.3tUS$386.1b27.3x42.9x7.1x
Sun, 16 Feb 2025US$18.9tUS$2.3tUS$369.9b32.4x51x8.2x
Tue, 14 Jan 2025US$18.0tUS$2.3tUS$367.2b32.3x49x8x
Thu, 12 Dec 2024US$18.5tUS$2.3tUS$362.8b33.1x50.9x8.2x
Sat, 09 Nov 2024US$18.3tUS$2.2tUS$352.5b33.3x52x8.2x
Mon, 07 Oct 2024US$17.2tUS$2.2tUS$378.1b29.7x45.4x7.9x
Wed, 04 Sep 2024US$16.8tUS$2.2tUS$378.3b28.7x44.4x7.8x
Fri, 02 Aug 2024US$16.5tUS$2.1tUS$365.6b30.7x45.2x7.8x
Sun, 30 Jun 2024US$16.8tUS$2.1tUS$362.8b29.7x46.4x8x
Tue, 28 May 2024US$15.4tUS$2.1tUS$349.9b30.3x43.9x7.5x
Thu, 25 Apr 2024US$13.9tUS$2.0tUS$327.8b28.4x42.5x6.8x
Sat, 23 Mar 2024US$14.9tUS$2.0tUS$328.6b27.8x45.4x7.3x
Mon, 19 Feb 2024US$14.2tUS$2.0tUS$310.2b27.5x45.9x7x
Wed, 17 Jan 2024US$13.4tUS$2.0tUS$292.0b25.7x46x6.5x
Fri, 15 Dec 2023US$13.2tUS$2.1tUS$293.6b26.2x45x6.4x
Sun, 12 Nov 2023US$12.3tUS$2.0tUS$279.7b23.4x44.1x6.1x
Tue, 10 Oct 2023US$11.8tUS$2.0tUS$269.8b24.7x43.8x5.8x
Thu, 07 Sep 2023US$12.1tUS$2.0tUS$272.7b24.1x44.5x5.9x
Sat, 05 Aug 2023US$11.9tUS$2.0tUS$262.2b25.6x45.4x5.9x
Price to Earnings Ratio

45.4x


Total Market Cap: US$11.9tTotal Earnings: US$262.2bTotal 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 40.5x which is lower than its 3-year average PE of 45.0x.
  • The 3-year average PS ratio of 7.7x is lower than the industry's current PS ratio of 8.9x.
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-1.50%
Tech-4.80%
IT2.48%
Tech Hardware0.63%
Software-0.93%
Communications-1.83%
Semiconductors-9.22%
Electronic Equipment and Components-10.12%
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 26.1%, which is higher than its past year's earnings growth of 10.6% per year.
  • Investors are most pessimistic about the Software industry, which is trading below its 3-year average of 49.7x.
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$340.083.8%
+US$181.2b		61.0%PE40.7x
IBM International Business MachinesUS$227.558.1%
+US$16.5b		-13.3%PE20x
ACN AccentureUS$164.6616.9%
+US$14.6b		-41.0%PE12.9x
CSCO Cisco SystemsUS$115.583.0%
+US$13.4b		70.1%PE38.1x
SHOP ShopifyUS$130.285.9%
+US$9.4b		4.3%PE127.2x

Latest News

AAPL
US$340.08
Apple
7D
3.8%
1Y
61.0%
CRM
US$181.50
Salesforce
7D
6.7%
1Y
-32.1%
ACN
US$164.66
Accenture
7D
16.9%
1Y
-41.0%
LRCX
US$269.61
Lam Research
7D
-16.3%
1Y
172.5%
AMAT
US$476.46
Applied Materials
7D
-15.6%
1Y
152.9%
SNDK
US$1,096.10
Sandisk
7D
-31.5%
1Y
2,426.2%
ADBE
US$249.18
Adobe
7D
9.7%
1Y
-32.8%
Seeking Alpha • 20h

Adobe: Navigating Through Much Uncertainty

Summary Adobe Inc. trades at under 10x FY26E EPS, despite projected double-digit earnings growth through FY28 and robust share repurchase capacity. Management revised organic ARR growth down to 8.3% for FY26, adopting a freemium model for AI products and deferring Creative Cloud price hikes. Despite solid Q2 beats and strong cash flow, ADBE shares face much uncertainty amid leadership transitions, SaaSpocalypse fears, and multiple compression. An analysis around Adobe follows in the paragraphs below. Read the full article on Seeking Alpha
NVDA
US$197.01
NVIDIA
7D
-5.0%
1Y
12.3%
SHOP
US$130.28
Shopify
7D
5.9%
1Y
4.3%
MU
US$820.53
Micron Technology
7D
-15.5%
1Y
632.9%
Seeking Alpha • Jul 27

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
INTC
US$86.30
Intel
7D
-18.2%
1Y
322.8%
Narrative Update • Jul 27

INTC: AI Server Demand And Foundry Traction Will Support Lofty Expectations

Intel's updated analyst price target of $115.65, up from $88.61, reflects analysts' use of stronger revenue and margin assumptions supported by recent Q2 beat and raise commentary, firm AI server CPU demand, and growing attention on the foundry and advanced packaging roadmaps, even as some still flag valuation and execution risks. Analyst Commentary Analysts covering Intel point to a mix of strong near term execution and longer term questions around valuation and foundry delivery, which is reflected in a wide spread of price targets and a cluster of Neutral and Hold ratings even after a strong Q2 showing.
NOW
US$110.62
ServiceNow
7D
8.4%
1Y
-44.3%
Seeking Alpha • Jul 27

ServiceNow: An Enterprise AI Bargain

Summary ServiceNow delivered double-digit revenue and RPO growth in Q2, driven by accelerating adoption of its generative AI services, notably Now Assist. NOW exceeded Q2 consensus with $3.99B revenue and $0.90 non-GAAP EPS, and raised its subscription revenue outlook on robust enterprise AI momentum. Free cash flow reached $634M, up 19% year-over-year, as AI-driven subscription revenue growth continues. Despite a recent valuation drawdown, I see NOW as undervalued at 19.7x forward earnings, with potential to re-rate to 25x P/E if AI momentum continues. Read the full article on Seeking Alpha
IBM
US$227.55
International Business Machines
7D
8.1%
1Y
-13.3%
AVGO
US$380.91
Broadcom
7D
-4.0%
1Y
25.9%
AMD
US$454.62
Advanced Micro Devices
7D
-16.5%
1Y
156.2%
CSCO
US$115.58
Cisco Systems
7D
3.0%
1Y
70.1%