Research library · Semis & Hardware
Semis & Hardware: the moats, the numbers, the verdicts.
33 companies covered. Every report re-run after the latest earnings.
Analog Devices has accelerated its revenue growth in every one of the last six quarters, from 22% to 40%.
Astera Labs, Inc. Common Stock ALAB
Revenue more than doubled year over year for the sixth quarter running, and the shares are 43% below their high.
Applied Materials has ranged from $154.47 to $739.67 in a year and sits at $484.19, which tells you the market cannot decide what this company is.
Advanced Micro Devices, Inc. AMD
AMD's data centre revenue doubled to $6.72B in a year and that segment's operating income went from a $155M loss to a $2.10B profit.
Its deferred revenue grew 27.8% in six months to $6.87B, which is customers paying in advance for equipment not yet delivered.
Amphenol spent $10.68B on acquisitions this year and its cash fell from $11.13B to $4.73B.
You are paying $1,629 a share (€1,414 at about $1.15 per euro), 37x FY2026 consensus earnings, for the only company on earth that sells EUV lithography machines, in a year manageme
Broadcom's contracted future revenue went from $45.0B to $164.6B in a single quarter, on one custom artificial-intelligence chip contract.
At $0.31 you are paying ≈$214M for a Bitcoin-mining ASIC maker sitting on ≈$165M of cash-plus-crypto, ≈$530M of FY2025 revenue, and roughly half its own book value; the market is b
You are paying roughly 11 times revenue and 44 times this year's earnings, about $11 billion near a 52-week high after more than doubling off the low, for the leading independent m
Celestica's revenue grew 62% last quarter and three customers accounted for 63% of it.
Coherent's data centre revenue grew 58.6% last quarter and the company burned through a billion dollars of cash doing it.
Credo Technology Group Holding Ltd CRDO
Two customers are 81% of it, and the largest one's share fell from 67% to 49% while that was happening.
Cisco took $5.3B of artificial-intelligence infrastructure orders in nine months and raised its full-year expectation to $9B from $5B.
Intel made $1.80B of operating profit last quarter and reported an $11.03B net loss.
nLIGHT is a small-cap laser maker that has quietly become a defense company, with Aerospace and Defense now 67% of FY2025 revenue and directed-energy weapon programs its declared f
Deferred revenue fell over the same year, from $2.68B to $2.43B, because customers put down less money in advance.
Microchip Technology Incorporated MCHP
Microchip paid out $984.0M of dividends last fiscal year and generated $962.1M of operating cash flow.
Marvell sold its automotive ethernet business to Infineon for $2.5B last August and booked a $1.8B gain, which is why one quarter shows $1.90B of net income against $357.8M of oper
Micron's revenue grew 345.7% last quarter and its gross margin went from 38% to 85%.
NVIDIA grew revenue 85% last quarter, to $81.6B, and its growth rate has accelerated for four consecutive quarters at that scale.
ON Semiconductor Corporation ON
ON Semiconductor's revenue fell 22.4%, then 15.4%, then 12.0%, then 11.2%. The last two quarters it grew 4.7% and 9.2%.
You are paying a $4.9B market cap for a defense-robotics roll-up that did $50.7M of revenue in all of FY2025 and another $50.1M in Q1 2026 alone, sits on roughly $652M of cash and
Onto Innovation is the advanced-packaging-tilted metrology and inspection specialist, debt-free with net cash, whose stock has gone from $89 to $336 in a year as the market priced
Qualcomm took a $5.7B tax charge in one quarter and released the same $5.7B four quarters later, which produced a reported loss and then a reported windfall from nothing.
Super Micro Computer, Inc. SMCI
Super Micro's revenue more than doubled to $12.68B in a single quarter and its gross margin fell from 11.8% to 6.3% in the same three months.
Revenue over the same span went from $1.70B a quarter to $8.97B, and the shares from a low of $46.75 to $1,503.
STMicroelectronics is the largest European chipmaker, and after a two-year industrial downcycle that took earnings to near-zero, the stock has run from $21 to $79 in roughly a year
Seagate Technology Holdings plc STX
Two years ago Seagate lost $2.56 a share; the fiscal year just closed earned $13.90, the gross margin hit 52%, and the stock has quintupled to a $190B market cap on hard drives.
Teledyne Technologies Incorporated TDY
Teledyne carries $8.66B of goodwill against $10.92B of equity, which is what thirty years of buying small companies looks like on a balance sheet.
Taiwan Semiconductor Manufacturing Company Limited TSM
TSMC printed the strongest quarter in its history on July 16, 36% revenue growth, a record 67.7% gross margin, and a third 2026 guidance raise in a single year, and the stock still
Western Digital Corporation WDC
Western Digital's gross margin rose in six consecutive quarters, from 37.7% to 50.2%, with no reversal.
Wolfspeed is the only Western pure-play silicon-carbide maker, fresh out of Chapter 11, now carrying $1.8B of debt against $1.16B of cash and a restored positive book equity, on a