As the Q1 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the semiconductors industry, including Seagate (NASDAQ: STX) and its peers.

The semiconductor industry is driven by cyclical demand for advanced electronic products like smartphones, PCs, servers, and data storage. While analog chips serve as the building blocks of most electronic goods and equipment, processors (CPUs) and graphics chips serve as their brains. The growth of data and technologies like artificial intelligence, 5G, the Internet of Things, and smart cars are creating the next wave of secular growth for the industry.

The 40 semiconductors stocks we track reported a very strong Q1. As a group, revenues beat analysts’ consensus estimates by 2.6% while next quarter’s revenue guidance was in line.

Luckily, semiconductors stocks have performed well with share prices up 23.4% on average since the latest earnings results.

Seagate (NASDAQ: STX)

One of two remaining major hard drive manufacturers after decades of industry consolidation, Seagate (NASDAQ: STX) manufactures hard disk drives and solid state drives that store data in data centers, cloud systems, and consumer devices.

Seagate reported revenues of $3.11 billion, up 44.1% year on year. This print exceeded analysts’ expectations by 5.4%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

Interestingly, the stock is up 59.2% since reporting and currently trades at $921.87.

We think Seagate is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q1: Texas Instruments (NASDAQ: TXN)

Headquartered in Dallas, Texas since the 1950s, Texas Instruments (NASDAQ: TXN) is the world’s largest producer of analog semiconductors.

Texas Instruments reported revenues of $4.83 billion, up 18.6% year on year, outperforming analysts’ expectations by 6.6%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The market seems happy with the results as the stock is up 24% since reporting. It currently trades at $292.93.

Is now the time to buy Texas Instruments? Access our full analysis of the earnings results here, it’s free.

Slowest Q1: Universal Display (NASDAQ: OLED)

Serving major consumer electronics manufacturers, Universal Display (NASDAQ: OLED) is a provider of organic light emitting diode (OLED) technologies used in display and lighting applications.

Universal Display reported revenues of $142.2 million, down 14.5% year on year, falling short of analysts’ expectations by 11%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and underwhelming full-year revenue guidance.

Universal Display delivered the weakest performance against analyst estimates and slowest revenue growth in the group. Interestingly, the stock is up 8.6% since the results and currently trades at $94.60.

Read our full analysis of Universal Display’s results here.

Microchip Technology (NASDAQ: MCHP)

Spun out from General Instrument in 1987, Microchip Technology (NASDAQ: MCHP) is a leading provider of microcontrollers and integrated circuits used mainly in the automotive world, especially in electric vehicles and their charging devices.

Microchip Technology reported revenues of $1.31 billion, up 35.1% year on year. This number surpassed analysts’ expectations by 3.8%. It was a stunning quarter as it also logged a beat of analysts’ EPS estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The stock is flat since reporting and currently trades at $100.65.

Read our full, actionable report on Microchip Technology here, it’s free.

Applied Materials (NASDAQ: AMAT)

Founded in 1967 as the first company to develop tools for other businesses in the semiconductor industry, Applied Materials (NASDAQ: AMAT) is the largest provider of semiconductor wafer fabrication equipment.

Applied Materials reported revenues of $7.91 billion, up 11.4% year on year. This print beat analysts’ expectations by 2.7%. Overall, it was an exceptional quarter as it also put up revenue guidance for next quarter exceeding analysts’ expectations and an impressive beat of analysts’ adjusted operating income estimates.

The stock is up 3.4% since reporting and currently trades at $455.50.

Read our full, actionable report on Applied Materials here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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