Semiconductors - U.S. Sector Profile - 2026-04-13

April 19, 2026 at 11:46 ET

Sector Overview

Semiconductors comprise an industry sector defined by the GICS code 451010, spanning design, fabrication, and related equipment and materials that enable silicon-based devices used across computing, communications, data centers, and consumer electronics. The dataset highlights wafer supply, demand for devices, and capital intensity as core factors shaping activity within this sector. The sector is reflected in the proxy [ETF](https://aksoycapital.com/glossary/exchange-traded-fund-etf.html) SOXX and a set of large, diversified representatives, with fundamental characteristics centered on high scale, sizable revenue growth among incumbents, and meaningful variability in profitability across firms.

ETF Landscape

SOXX (iShares Semiconductor ETF)

- AUM: $20.59B

- Last close: 393.34 on 2026-04-13

- 1-month return: +19.13%

- 3-month return: +21.07%

- Year-to-date (YTD) return: +25.39%

- 1-year return: +126.84%

- 52-week high/low: 393.54 / 160.26

- [Drawdown](https://aksoycapital.com/glossary/drawdown.html) from 52W high: -0.05%

- 30-day average volume: 7,968,855

Alternative ETFs

- SMH: 1Y +119.90%, drawdown -0.07%

- XSD: 1Y +112.78%, drawdown -0.08%

Representative Firms

INTC (Intel Corporation): mcap $327.27B, P/E n/a, margin -0.51%, rev growth -4.10%, 6M +82.94%
AVGO (Broadcom Inc.): mcap $1.80T, P/E 74.03, margin 36.57%, rev growth 29.50%, 6M +10.35%
NVDA (NVIDIA Corporation): mcap $4.60T, P/E 38.63, margin 55.60%, rev growth 73.20%, 6M +5.15%
MCHP (Microchip Technology Incorporated): mcap $39.80B, P/E n/a, margin -1.57%, rev growth 15.60%, 6M +13.85%
QCOM (QUALCOMM Incorporated): mcap $140.17B, P/E 26.46, margin 11.96%, rev growth 5.00%, 6M -18.86%

Aggregate Fundamentals

Firms counted: 5
Median market cap: $327.27B
Median trailing P/E: 38.63
Median profit margin: 11.96%
Median revenue growth (YoY): 15.60%
Median 6-month return: +10.35%

Macro Backdrop

GDP (latest): 31,422.526 as of 2025-10-01, trend vs ~1Y ago +21.50%
M2 (latest): 19,393.4 as of 2021-02-01, trend vs ~1Y ago +3.28%

Performance and Price Action

SOXX (proxy ETF)

- Last close: 393.34 on 2026-04-13

- 1-month: +19.13%

- 3-month: +21.07%

- YTD: +25.39%

- 1-year: +126.84%

- 52-week high/low: 393.54 / 160.26

- Drawdown from 52W high: -0.05%

- 30-day avg volume: 7,968,855

Alternative ETFs

- SMH: 1Y +119.90%, drawdown -0.07%

- XSD: 1Y +112.78%, drawdown -0.08%

Tailwinds

Capital intensity is a structural feature of semiconductor manufacturing, influencing ongoing facility and equipment investment in the sector.
Macro liquidity and broader GDP momentum indicators in the dataset suggest sustained demand drivers, with GDP trend showing a positive trajectory versus a year ago.
Representative firms exhibit positive median revenue growth (YoY) and a positive mid-year return signal, indicating ongoing activity among large-cap players.
The proxy ETF landscape demonstrates robust one-year price action for semiconductors (SOXX 1Y +126.84%), alongside peers SMH (+119.90%) and XSD (+112.78%), reflecting broad market demand for the sector over the last year.
Median fundamentals among the five representative firms show a median revenue growth of 15.60% and a median profit margin of 11.96%, suggesting earnings resilience within the sample.

Headwinds

The dispersion of performance across representative firms is visible, with some firms reporting negative six-month returns (e.g., QCOM at -18.86% over 6 months) and others posting lower YoY growth relative to peers, signaling cyclicality in the group.
Net revenue growth for at least one large incumbent (INTC) is negative YoY (-4.10%), and gross/margin dynamics vary by company (INTC margin -0.51%; MCHP margin -1.57%), highlighting profitability pressure in portions of the sector.
The sector’s high trailing valuation (median P/E 38.63) can amplify sensitivity to macro shifts, cost inflation, or shifts in capital availability, given price-to-earnings characteristics observed in a subset of the firms.
Device demand cycles remain a critical upstream driver; any deceleration in consumer or enterprise electronics uptake could influence capacity utilization and capital expenditure timing.
Geopolitical, supply chain, or regulatory developments—while not quantified in this dataset—pose potential risk to global semiconductor supply and pricing dynamics given the global nature of manufacturing and export controls.

Summary

The semiconductors sector, as an industry (GICS 451010), is characterized by high capital intensity and ongoing wafer supply and device demand dynamics. The proxied ETF SOXX shows strong recent price action, with a 1-year return of 126.84% and multi-month gains, while alternative ETFs SMH and XSD also display elevated 1-year performance. Among five representative firms, median revenue growth stands at 15.60% with a median profit margin of 11.96%, though individual firms vary, including negative YoY revenue for INTC and negative six-month performance for QCOM. Macro indicators in the provided dataset show positive GDP trends and modest M2 growth, aligning with a supportive liquidity environment. Overall, the data reflect substantial scale and dispersion within the sector, with ongoing capital expenditure and cyclical sensitivity shaping near-term fundamentals.