# Semiconductors — company-by-company sector analysis

> Semiconductors: NVIDIA Corporation owns the largest revenue base; Astera Labs, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Semiconductors has outperformed S&P 500 by 74.8% over 52 weeks and 2.1% over 13 weeks. 19 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 27 beat the sector itself. NVIDIA Corporation leads with revenue of $253,491 million, based on 23 of 27 comparable companies through Jun 2026.

### Is the Semiconductors sector outperforming S&P 500?

Semiconductors has outperformed S&P 500 by 74.8% over 52 weeks and 2.1% over 13 weeks. 19 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 27 beat the sector itself.

### Which Semiconductors company is largest by revenue?

NVIDIA Corporation leads with revenue of $253,491 million, based on 23 of 27 comparable companies through Jun 2026.

### Which Semiconductors company is growing fastest?

Astera Labs, Inc. has the fastest current revenue growth at 100%, across 22 of 27 comparable companies.

### Which Semiconductors company has the strongest 4-Factor Sector Score?

Micron Technology, Inc. ranks first at 81.5/100 with 76.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Semiconductors company reports the most CAPEX?

Micron Technology, Inc. reports the largest latest CAPEX at $7,826 million, with 27 of 27 companies comparable.

### Which Semiconductors company has the least gross debt?

Monolithic Power Systems, Inc. has the lowest comparable gross debt at $0 million. Broadcom Inc. has the highest at $64,907 million.

### Which Semiconductors company has the lowest comparable PEG?

QUALCOMM Incorporated has the lowest comparable Guarded PEG at 0.46, among 11 of 27 companies that pass the metric’s comparability rules.

### How much history does this Semiconductors comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Semiconductors has outperformed S&P 500 by 74.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2.1%. 19 of 27 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Micron Technology, Inc. is the strongest against the sector itself at +56.6%.

13-week sector return versus NIFTY 500: -2.1%
52-week sector return versus NIFTY 500: 75%
Stocks leading NIFTY: 19/27
Stocks leading sector: 7/27

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 27
Combined market value: ₹101.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Micron Technology, Inc. (MU): 82/100 — Sector-leading setup; evidence 76%
   - Growth & earnings 30.9/35 | Capital efficiency 19.4/25 | Valuation 11.3/20 | Relative strength 19.9/20
   - Exact sum: 30.9 + 19.4 + 11.3 + 19.9 = 81.5
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. NVIDIA Corporation (NVDA): 73/100 — Favorable setup; evidence 86%
   - Growth & earnings 31.1/35 | Capital efficiency 20.6/25 | Valuation 15.0/20 | Relative strength 6.7/20
   - Exact sum: 31.1 + 20.6 + 15 + 6.7 = 73.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -25% and the one-year return is 13.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Advanced Micro Devices, Inc. (AMD): 65/100 — Favorable setup; evidence 72%
   - Growth & earnings 23.3/35 | Capital efficiency 12.8/25 | Valuation 10.1/20 | Relative strength 19.2/20
   - Exact sum: 23.3 + 12.8 + 10.1 + 19.2 = 65.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Credo Technology Group Holding Ltd (CRDO): 65/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 28.6/35 | Capital efficiency 16.3/25 | Valuation 9.9/20 | Relative strength 10.0/20
   - Exact sum: 28.6 + 16.3 + 9.9 + 10 = 64.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Astera Labs, Inc. (ALAB): 62/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 26.6/35 | Capital efficiency 11.3/25 | Valuation 9.8/20 | Relative strength 14.3/20
   - Exact sum: 26.6 + 11.3 + 9.8 + 14.3 = 62
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Analog Devices, Inc. (ADI): 60/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 24.9/35 | Capital efficiency 14.2/25 | Valuation 12.2/20 | Relative strength 8.7/20
   - Exact sum: 24.9 + 14.2 + 12.2 + 8.7 = 60
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Lattice Semiconductor Corporation (LSCC): 56/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.5/35 | Capital efficiency 14.1/25 | Valuation 8.6/20 | Relative strength 11.4/20
   - Exact sum: 21.5 + 14.1 + 8.6 + 11.4 = 55.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Arm Holdings plc (ARM): 56/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 13.1/35 | Capital efficiency 15.1/25 | Valuation 9.0/20 | Relative strength 18.3/20
   - Exact sum: 13.1 + 15.1 + 9 + 18.3 = 55.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. NXP Semiconductors N.V. (NXPI): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.5/35 | Capital efficiency 13.4/25 | Valuation 12.9/20 | Relative strength 7.6/20
   - Exact sum: 20.5 + 13.4 + 12.9 + 7.6 = 54.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Broadcom Inc. (AVGO): 53/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 27.7/35 | Capital efficiency 14.3/25 | Valuation 5.4/20 | Relative strength 6.0/20
   - Exact sum: 27.7 + 14.3 + 5.4 + 6 = 53.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.5% and the one-year return is 32%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
11. Texas Instruments Incorporated (TXN): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.3/35 | Capital efficiency 13.5/25 | Valuation 7.7/20 | Relative strength 12.8/20
   - Exact sum: 18.3 + 13.5 + 7.7 + 12.8 = 52.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Tower Semiconductor Ltd. (TSEM): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.0/35 | Capital efficiency 13.7/25 | Valuation 5.6/20 | Relative strength 12.8/20
   - Exact sum: 19 + 13.7 + 5.6 + 12.8 = 51.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Marvell Technology, Inc. (MRVL): 50/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 15.2/35 | Capital efficiency 9.3/25 | Valuation 10.3/20 | Relative strength 15.4/20
   - Exact sum: 15.2 + 9.3 + 10.3 + 15.4 = 50.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 34.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. STMicroelectronics N.V. (STM): 49/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.2/35 | Capital efficiency 9.3/25 | Valuation 9.1/20 | Relative strength 12.4/20
   - Exact sum: 18.2 + 9.3 + 9.1 + 12.4 = 49
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. ON Semiconductor Corporation (ON): 48/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 22.7/35 | Capital efficiency 7.0/25 | Valuation 10.5/20 | Relative strength 7.6/20
   - Exact sum: 22.7 + 7 + 10.5 + 7.6 = 47.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Allegro MicroSystems, Inc. (ALGM): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 19.5/35 | Capital efficiency 7.1/25 | Valuation 9.7/20 | Relative strength 10.5/20
   - Exact sum: 19.5 + 7.1 + 9.7 + 10.5 = 46.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. SiTime Corporation (SITM): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 22.6/35 | Capital efficiency 8.2/25 | Valuation 9.3/20 | Relative strength 6.5/20
   - Exact sum: 22.6 + 8.2 + 9.3 + 6.5 = 46.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Microchip Technology Incorporated (MCHP): 46/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 20.1/35 | Capital efficiency 8.8/25 | Valuation 13.2/20 | Relative strength 3.5/20
   - Exact sum: 20.1 + 8.8 + 13.2 + 3.5 = 45.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Monolithic Power Systems, Inc. (MPWR): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.1/35 | Capital efficiency 17.6/25 | Valuation 6.1/20 | Relative strength 5.6/20
   - Exact sum: 16.1 + 17.6 + 6.1 + 5.6 = 45.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
20. QUALCOMM Incorporated (QCOM): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 7.1/35 | Capital efficiency 12.9/25 | Valuation 16.5/20 | Relative strength 5.5/20
   - Exact sum: 7.1 + 12.9 + 16.5 + 5.5 = 42
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
21. MACOM Technology Solutions Holdings, Inc. (MTSI): 41/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 17.9/35 | Capital efficiency 12.2/25 | Valuation 4.2/20 | Relative strength 6.2/20
   - Exact sum: 17.9 + 12.2 + 4.2 + 6.2 = 40.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Qorvo, Inc. (QRVO): 40/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 14.5/35 | Capital efficiency 7.2/25 | Valuation 11.2/20 | Relative strength 7.3/20
   - Exact sum: 14.5 + 7.2 + 11.2 + 7.3 = 40.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Skyworks Solutions, Inc. (SWKS): 40/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.0/35 | Capital efficiency 10.4/25 | Valuation 11.0/20 | Relative strength 5.5/20
   - Exact sum: 13 + 10.4 + 11 + 5.5 = 39.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. GLOBALFOUNDRIES Inc. (GFS): 39/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 14.1/35 | Capital efficiency 11.2/25 | Valuation 10.8/20 | Relative strength 2.6/20
   - Exact sum: 14.1 + 11.2 + 10.8 + 2.6 = 38.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Intel Corporation (INTC): 38/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 9.9/35 | Capital efficiency 6.0/25 | Valuation 8.5/20 | Relative strength 13.3/20
   - Exact sum: 9.9 + 6 + 8.5 + 13.3 = 37.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 37.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
26. Semtech Corporation (SMTC): 36/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 10.2/35 | Capital efficiency 7.1/25 | Valuation 8.8/20 | Relative strength 9.5/20
   - Exact sum: 10.2 + 7.1 + 8.8 + 9.5 = 35.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Rambus Inc. (RMBS): 35/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.5/35 | Capital efficiency 15.6/25 | Valuation 6.4/20 | Relative strength 0.9/20
   - Exact sum: 12.5 + 15.6 + 6.4 + 0.9 = 35.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: NVIDIA Corporation is the scale leader at $253,491 million, 180.8% ahead of Micron Technology, Inc.. Astera Labs, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 104.5% from a $1,002 million base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: NVIDIA Corporation is the scale benchmark; Astera Labs, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: NVIDIA Corporation's growth falls below Astera Labs, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: NVIDIA Corporation · $253,491 million | 180.8% versus #2 · Micron Technology, Inc. | 8/8 recent comparable periods | 23/27 companies · 501 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. NVIDIA Corporation (NVDA): ₹2.5 L Cr
2. Micron Technology, Inc. (MU): ₹90.3K Cr
3. Broadcom Inc. (AVGO): ₹75.5K Cr
4. Intel Corporation (INTC): ₹53.8K Cr
5. QUALCOMM Incorporated (QCOM): ₹44.5K Cr

### Revenue growth — fastest growers
1. Astera Labs, Inc. (ALAB): 100%
2. Credo Technology Group Holding Ltd (CRDO): 100%
3. Micron Technology, Inc. (MU): 100%
4. NVIDIA Corporation (NVDA): 71%
5. SiTime Corporation (SITM): 65%

### 20-quarter Revenue history
- NVDA: Sep 2021 ₹6.5K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹7.6K Cr | Jun 2022 ₹8.3K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹13.5K Cr | Dec 2023 ₹18.1K Cr | Mar 2024 ₹22.1K Cr | Jun 2024 ₹26.0K Cr | Sep 2024 ₹30.0K Cr | Dec 2024 ₹35.1K Cr | Mar 2025 ₹39.3K Cr | Jun 2025 ₹44.1K Cr | Sep 2025 ₹46.7K Cr | Dec 2025 ₹57.0K Cr | Mar 2026 ₹68.1K Cr | Jun 2026 ₹81.6K Cr
- AVGO: Sep 2021 ₹6.8K Cr | Dec 2021 ₹7.4K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹8.1K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹8.9K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹8.9K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹12.0K Cr | Jun 2024 ₹12.5K Cr | Sep 2024 ₹13.1K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹14.9K Cr | Jun 2025 ₹15.0K Cr | Sep 2025 ₹16.0K Cr | Dec 2025 ₹18.0K Cr | Mar 2026 ₹19.3K Cr | Jun 2026 ₹22.2K Cr
- MU: Sep 2021 ₹8.3K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹8.6K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹8.7K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹9.3K Cr | Sep 2025 ₹11.3K Cr | Dec 2025 ₹13.6K Cr | Mar 2026 ₹23.9K Cr | Jun 2026 ₹41.5K Cr
- AMD: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 — | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹9.2K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹10.3K Cr | Jun 2026 —
- INTC: Sep 2021 ₹19.2K Cr | Dec 2021 ₹20.5K Cr | Mar 2022 — | Jun 2022 ₹18.4K Cr | Sep 2022 ₹15.3K Cr | Dec 2022 ₹15.3K Cr | Mar 2023 — | Jun 2023 ₹11.7K Cr | Sep 2023 ₹12.9K Cr | Dec 2023 ₹15.4K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹12.8K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹14.3K Cr | Mar 2025 ₹12.7K Cr | Jun 2025 ₹12.9K Cr | Sep 2025 ₹13.7K Cr | Dec 2025 ₹13.7K Cr | Mar 2026 ₹13.6K Cr | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹657 Cr | Jun 2022 ₹692 Cr | Sep 2022 ₹630 Cr | Dec 2022 ₹724 Cr | Mar 2023 ₹633 Cr | Jun 2023 ₹675 Cr | Sep 2023 ₹806 Cr | Dec 2023 ₹824 Cr | Mar 2024 ₹928 Cr | Jun 2024 ₹939 Cr | Sep 2024 ₹844 Cr | Dec 2024 ₹983 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- TXN: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- ADI: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.6K Cr
- QCOM: Sep 2021 ₹9.3K Cr | Dec 2021 ₹10.7K Cr | Mar 2022 ₹11.2K Cr | Jun 2022 ₹10.9K Cr | Sep 2022 ₹11.4K Cr | Dec 2022 ₹9.5K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹8.5K Cr | Sep 2023 ₹8.6K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹9.4K Cr | Jun 2024 ₹9.4K Cr | Sep 2024 ₹10.2K Cr | Dec 2024 ₹11.7K Cr | Mar 2025 ₹11.0K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹11.3K Cr | Dec 2025 ₹12.3K Cr | Mar 2026 ₹10.6K Cr | Jun 2026 —
- MRVL: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 ₹2.4K Cr
- NXPI: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 — | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 — | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- MPWR: Sep 2021 ₹324 Cr | Dec 2021 ₹337 Cr | Mar 2022 ₹378 Cr | Jun 2022 ₹461 Cr | Sep 2022 ₹495 Cr | Dec 2022 ₹460 Cr | Mar 2023 ₹451 Cr | Jun 2023 ₹441 Cr | Sep 2023 ₹475 Cr | Dec 2023 ₹454 Cr | Mar 2024 ₹458 Cr | Jun 2024 ₹507 Cr | Sep 2024 ₹620 Cr | Dec 2024 ₹622 Cr | Mar 2025 ₹638 Cr | Jun 2025 ₹665 Cr | Sep 2025 ₹737 Cr | Dec 2025 ₹751 Cr | Mar 2026 ₹804 Cr | Jun 2026 —
- STM: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 — | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 — | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹271 Cr | Mar 2026 ₹308 Cr | Jun 2026 —
- MCHP: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹971 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- CRDO: Sep 2021 ₹11 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹407 Cr | Jun 2026 ₹437 Cr
- ON: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 — | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 — | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 — | Jun 2026 ₹1.5K Cr
- GFS: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- TSEM: Sep 2021 ₹387 Cr | Dec 2021 ₹412 Cr | Mar 2022 ₹421 Cr | Jun 2022 ₹426 Cr | Sep 2022 ₹427 Cr | Dec 2022 ₹403 Cr | Mar 2023 ₹356 Cr | Jun 2023 ₹357 Cr | Sep 2023 ₹358 Cr | Dec 2023 ₹352 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹351 Cr | Sep 2024 ₹371 Cr | Dec 2024 ₹387 Cr | Mar 2025 ₹358 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹396 Cr | Dec 2025 ₹440 Cr | Mar 2026 ₹414 Cr | Jun 2026 —
- MTSI: Sep 2021 ₹153 Cr | Dec 2021 ₹155 Cr | Mar 2022 — | Jun 2022 ₹165 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹201 Cr | Dec 2024 — | Mar 2025 ₹218 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹252 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹272 Cr | Jun 2026 ₹289 Cr
- LSCC: Sep 2021 ₹126 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹173 Cr | Mar 2023 — | Jun 2023 ₹184 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹133 Cr | Dec 2025 — | Mar 2026 ₹146 Cr | Jun 2026 ₹171 Cr
- SITM: Sep 2021 ₹63 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹114 Cr | Jun 2026 —
- SMTC: Sep 2021 ₹185 Cr | Dec 2021 ₹195 Cr | Mar 2022 ₹191 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹237 Cr | Sep 2023 ₹238 Cr | Dec 2023 ₹201 Cr | Mar 2024 — | Jun 2024 ₹206 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹274 Cr | Jun 2026 ₹291 Cr
- SWKS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 — | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 — | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹906 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹953 Cr | Jun 2025 ₹965 Cr | Sep 2025 — | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹944 Cr
- RMBS: Sep 2021 ₹81 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹121 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹122 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹180 Cr | Jun 2026 —
- ALGM: Sep 2021 ₹194 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹200 Cr | Jun 2022 ₹218 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹167 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹243 Cr | Jun 2026 —
- QRVO: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 — | Jun 2023 ₹633 Cr | Sep 2023 ₹651 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹941 Cr | Jun 2024 ₹887 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹916 Cr | Mar 2025 ₹869 Cr | Jun 2025 ₹819 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹993 Cr | Mar 2026 ₹808 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- NVDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.0% | Dec 2022 -17% | Mar 2023 -21% | Jun 2023 -13% | Sep 2023 101% | Dec 2023 206% | Mar 2024 265% | Jun 2024 262% | Sep 2024 122% | Dec 2024 94% | Mar 2025 78% | Jun 2025 69% | Sep 2025 56% | Dec 2025 62% | Mar 2026 73% | Jun 2026 85%
- AVGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 21% | Mar 2023 16% | Jun 2023 7.8% | Sep 2023 4.9% | Dec 2023 4.1% | Mar 2024 34% | Jun 2024 43% | Sep 2024 47% | Dec 2024 51% | Mar 2025 25% | Jun 2025 20% | Sep 2025 22% | Dec 2025 28% | Mar 2026 29% | Jun 2026 48%
- MU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -20% | Dec 2022 -47% | Mar 2023 -53% | Jun 2023 -57% | Sep 2023 -40% | Dec 2023 16% | Mar 2024 58% | Jun 2024 82% | Sep 2024 93% | Dec 2024 84% | Mar 2025 38% | Jun 2025 37% | Sep 2025 46% | Dec 2025 57% | Mar 2026 196% | Jun 2026 346%
- AMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 29% | Dec 2022 16% | Mar 2023 — | Jun 2023 -18% | Sep 2023 -3.7% | Dec 2023 10% | Mar 2024 — | Jun 2024 9.0% | Sep 2024 27% | Dec 2024 24% | Mar 2025 36% | Jun 2025 32% | Sep 2025 36% | Dec 2025 34% | Mar 2026 38% | Jun 2026 —
- INTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.5% | Sep 2022 -20% | Dec 2022 -25% | Mar 2023 — | Jun 2023 -36% | Sep 2023 -15% | Dec 2023 0.4% | Mar 2024 — | Jun 2024 9.5% | Sep 2024 2.6% | Dec 2024 -7.4% | Mar 2025 -0.5% | Jun 2025 0.2% | Sep 2025 2.8% | Dec 2025 -4.1% | Mar 2026 7.2% | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -3.7% | Jun 2023 -2.5% | Sep 2023 28% | Dec 2023 14% | Mar 2024 47% | Jun 2024 39% | Sep 2024 4.7% | Dec 2024 19% | Mar 2025 34% | Jun 2025 12% | Sep 2025 34% | Dec 2025 26% | Mar 2026 20% | Jun 2026 —
- TXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 13% | Dec 2022 -3.4% | Mar 2023 -11% | Jun 2023 -13% | Sep 2023 -14% | Dec 2023 -13% | Mar 2024 -16% | Jun 2024 -16% | Sep 2024 -8.4% | Dec 2024 -1.7% | Mar 2025 11% | Jun 2025 16% | Sep 2025 14% | Dec 2025 10% | Mar 2026 19% | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 77% | Dec 2022 39% | Mar 2023 21% | Jun 2023 9.8% | Sep 2023 -1.1% | Dec 2023 -16% | Mar 2024 -23% | Jun 2024 -34% | Sep 2024 -25% | Dec 2024 -10% | Mar 2025 -3.6% | Jun 2025 22% | Sep 2025 25% | Dec 2025 26% | Mar 2026 30% | Jun 2026 37%
- QCOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 22% | Dec 2022 -12% | Mar 2023 -17% | Jun 2023 -23% | Sep 2023 -24% | Dec 2023 5.0% | Mar 2024 1.2% | Jun 2024 11% | Sep 2024 19% | Dec 2024 17% | Mar 2025 17% | Jun 2025 10% | Sep 2025 10% | Dec 2025 5.0% | Mar 2026 -3.5% | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 41% | Dec 2022 27% | Mar 2023 5.7% | Jun 2023 -8.6% | Sep 2023 -12% | Dec 2023 -7.7% | Mar 2024 0.6% | Jun 2024 -12% | Sep 2024 -5.1% | Dec 2024 6.8% | Mar 2025 27% | Jun 2025 63% | Sep 2025 58% | Dec 2025 37% | Mar 2026 22% | Jun 2026 28%
- NXPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 20% | Mar 2023 — | Jun 2023 -0.5% | Sep 2023 -0.4% | Dec 2023 -0.3% | Mar 2024 — | Jun 2024 0.2% | Sep 2024 -1.5% | Dec 2024 -9.4% | Mar 2025 -9.3% | Jun 2025 -6.4% | Sep 2025 -2.4% | Dec 2025 7.2% | Mar 2026 12% | Jun 2026 —
- MPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 53% | Dec 2022 37% | Mar 2023 19% | Jun 2023 -4.3% | Sep 2023 -4.0% | Dec 2023 -1.3% | Mar 2024 1.6% | Jun 2024 15% | Sep 2024 31% | Dec 2024 37% | Mar 2025 39% | Jun 2025 31% | Sep 2025 19% | Dec 2025 21% | Mar 2026 26% | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 35% | Mar 2023 — | Jun 2023 20% | Sep 2023 13% | Dec 2023 -0.9% | Mar 2024 — | Jun 2024 -24% | Sep 2024 -25% | Dec 2024 -22% | Mar 2025 -27% | Jun 2025 -14% | Sep 2025 -2.0% | Dec 2025 0.2% | Mar 2026 23% | Jun 2026 —
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 20% | Jun 2023 -48% | Sep 2023 61% | Dec 2023 155% | Mar 2024 261% | Jun 2024 600% | Sep 2024 205% | Dec 2024 176% | Mar 2025 145% | Jun 2025 149% | Sep 2025 104% | Dec 2025 92% | Mar 2026 94% | Jun 2026 —
- MCHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 26% | Dec 2022 23% | Mar 2023 21% | Jun 2023 17% | Sep 2023 8.7% | Dec 2023 -19% | Mar 2024 -41% | Jun 2024 -46% | Sep 2024 -48% | Dec 2024 -42% | Mar 2025 -27% | Jun 2025 -13% | Sep 2025 -2.1% | Dec 2025 16% | Mar 2026 35% | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 318% | Dec 2022 96% | Mar 2023 69% | Jun 2023 -16% | Sep 2023 -24% | Dec 2023 -14% | Mar 2024 -1.9% | Jun 2024 91% | Sep 2024 71% | Dec 2024 64% | Mar 2025 155% | Jun 2025 179% | Sep 2025 272% | Dec 2025 272% | Mar 2026 201% | Jun 2026 157%
- ON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 21% | Mar 2023 — | Jun 2023 7.7% | Sep 2023 4.6% | Dec 2023 -4.1% | Mar 2024 -5.0% | Jun 2024 -17% | Sep 2024 -19% | Dec 2024 -15% | Mar 2025 — | Jun 2025 -17% | Sep 2025 -17% | Dec 2025 -10.0% | Mar 2026 — | Jun 2026 4.6%
- GFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 22% | Dec 2022 14% | Mar 2023 -5.1% | Jun 2023 -7.4% | Sep 2023 -11% | Dec 2023 -12% | Mar 2024 -16% | Jun 2024 -12% | Sep 2024 -6.1% | Dec 2024 -1.3% | Mar 2025 2.3% | Jun 2025 3.4% | Sep 2025 -2.9% | Dec 2025 0.0% | Mar 2026 3.1% | Jun 2026 —
- TSEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 10% | Dec 2022 -2.2% | Mar 2023 -15% | Jun 2023 -16% | Sep 2023 -16% | Dec 2023 -13% | Mar 2024 -8.2% | Jun 2024 -1.7% | Sep 2024 3.6% | Dec 2024 9.9% | Mar 2025 9.5% | Jun 2025 6.0% | Sep 2025 6.7% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 16% | Mar 2023 — | Jun 2023 -9.7% | Sep 2023 -13% | Dec 2023 -13% | Mar 2024 7.1% | Jun 2024 28% | Sep 2024 34% | Dec 2024 — | Mar 2025 20% | Jun 2025 24% | Sep 2025 25% | Dec 2025 — | Mar 2026 25% | Jun 2026 22%
- LSCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 31% | Mar 2023 — | Jun 2023 22% | Sep 2023 18% | Dec 2023 -1.2% | Mar 2024 — | Jun 2024 -33% | Sep 2024 -33% | Dec 2024 -32% | Mar 2025 -15% | Jun 2025 0.0% | Sep 2025 4.7% | Dec 2025 — | Mar 2026 22% | Jun 2026 38%
- SITM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 16% | Dec 2022 -20% | Mar 2023 -46% | Jun 2023 -65% | Sep 2023 -51% | Dec 2023 -31% | Mar 2024 -13% | Jun 2024 57% | Sep 2024 61% | Dec 2024 62% | Mar 2025 82% | Jun 2025 57% | Sep 2025 45% | Dec 2025 66% | Mar 2026 90% | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 -8.7% | Mar 2023 -12% | Jun 2023 17% | Sep 2023 14% | Dec 2023 13% | Mar 2024 — | Jun 2024 -13% | Sep 2024 -9.7% | Dec 2024 18% | Mar 2025 — | Jun 2025 22% | Sep 2025 20% | Dec 2025 13% | Mar 2026 9.2% | Jun 2026 16%
- SWKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 1.4% | Mar 2023 — | Jun 2023 — | Sep 2023 -13% | Dec 2023 -9.6% | Mar 2024 -9.3% | Jun 2024 — | Sep 2024 -4.3% | Dec 2024 -11% | Mar 2025 -8.9% | Jun 2025 6.5% | Sep 2025 — | Dec 2025 2.9% | Mar 2026 8.6% | Jun 2026 -2.2%
- RMBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 38% | Dec 2022 33% | Mar 2023 15% | Jun 2023 -0.8% | Sep 2023 -6.3% | Dec 2023 0.0% | Mar 2024 3.5% | Jun 2024 10% | Sep 2024 39% | Dec 2024 32% | Mar 2025 42% | Jun 2025 30% | Sep 2025 23% | Dec 2025 18% | Mar 2026 7.8% | Jun 2026 —
- ALGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 23% | Dec 2022 33% | Mar 2023 35% | Jun 2023 28% | Sep 2023 16% | Dec 2023 2.4% | Mar 2024 -10% | Jun 2024 -40% | Sep 2024 -32% | Dec 2024 -30% | Mar 2025 -20% | Jun 2025 22% | Sep 2025 14% | Dec 2025 29% | Mar 2026 26% | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.8% | Dec 2022 -7.7% | Mar 2023 — | Jun 2023 -46% | Sep 2023 -37% | Dec 2023 -7.3% | Mar 2024 — | Jun 2024 40% | Sep 2024 61% | Dec 2024 -15% | Mar 2025 -7.7% | Jun 2025 -7.7% | Sep 2025 1.2% | Dec 2025 8.4% | Mar 2026 -7.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Micron Technology, Inc. leads both opm at 80.4% and margin change at +57.1 percentage points.

Investor read: Micron Technology, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Micron Technology, Inc. · 80.4% | 22.6% versus #2 · NVIDIA Corporation | 8/8 recent comparable periods | 27/27 companies · 501 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Micron Technology, Inc. (MU): 80%
2. NVIDIA Corporation (NVDA): 66%
3. Broadcom Inc. (AVGO): 49%
4. NXP Semiconductors N.V. (NXPI): 47%
5. Analog Devices, Inc. (ADI): 38%

### Margin change — fastest expanders
1. Micron Technology, Inc. (MU): +57.1 pp
2. ON Semiconductor Corporation (ON): +36.2 pp
3. SiTime Corporation (SITM): +35.7 pp
4. Microchip Technology Incorporated (MCHP): +26.9 pp
5. NXP Semiconductors N.V. (NXPI): +21.8 pp

### 20-quarter OPM history
- NVDA: Sep 2021 38% | Dec 2021 38% | Mar 2022 39% | Jun 2022 23% | Sep 2022 7.4% | Dec 2022 10% | Mar 2023 21% | Jun 2023 30% | Sep 2023 50% | Dec 2023 58% | Mar 2024 62% | Jun 2024 65% | Sep 2024 62% | Dec 2024 62% | Mar 2025 61% | Jun 2025 49% | Sep 2025 61% | Dec 2025 63% | Mar 2026 65% | Jun 2026 66%
- AVGO: Sep 2021 31% | Dec 2021 35% | Mar 2022 40% | Jun 2022 42% | Sep 2022 44% | Dec 2022 45% | Mar 2023 46% | Jun 2023 46% | Sep 2023 43% | Dec 2023 46% | Mar 2024 17% | Jun 2024 24% | Sep 2024 29% | Dec 2024 33% | Mar 2025 42% | Jun 2025 39% | Sep 2025 37% | Dec 2025 42% | Mar 2026 44% | Jun 2026 49%
- MU: Sep 2021 36% | Dec 2021 34% | Mar 2022 33% | Jun 2022 35% | Sep 2022 23% | Dec 2022 -5.1% | Mar 2023 -62% | Jun 2023 -47% | Sep 2023 -37% | Dec 2023 -24% | Mar 2024 3.3% | Jun 2024 11% | Sep 2024 20% | Dec 2024 25% | Mar 2025 22% | Jun 2025 23% | Sep 2025 32% | Dec 2025 45% | Mar 2026 68% | Jun 2026 80%
- AMD: Sep 2021 22% | Dec 2021 25% | Mar 2022 16% | Jun 2022 8.0% | Sep 2022 -1.2% | Dec 2022 -2.7% | Mar 2023 — | Jun 2023 -2.7% | Sep 2023 -0.4% | Dec 2023 5.5% | Mar 2024 0.7% | Jun 2024 4.6% | Sep 2024 11% | Dec 2024 11% | Mar 2025 11% | Jun 2025 -1.7% | Sep 2025 14% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- INTC: Sep 2021 27% | Dec 2021 24% | Mar 2022 — | Jun 2022 24% | Sep 2022 -4.6% | Dec 2022 -1.1% | Mar 2023 — | Jun 2023 -13% | Sep 2023 -7.8% | Dec 2023 17% | Mar 2024 -8.4% | Jun 2024 -15% | Sep 2024 -68% | Dec 2024 2.9% | Mar 2025 -2.4% | Jun 2025 -25% | Sep 2025 5.0% | Dec 2025 4.2% | Mar 2026 -23% | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 -13% | Jun 2022 43% | Sep 2022 29% | Dec 2022 34% | Mar 2023 -7.9% | Jun 2023 16% | Sep 2023 -19% | Dec 2023 16% | Mar 2024 2.4% | Jun 2024 19% | Sep 2024 7.6% | Dec 2024 18% | Mar 2025 33% | Jun 2025 11% | Sep 2025 14% | Dec 2025 15% | Mar 2026 29% | Jun 2026 —
- TXN: Sep 2021 50% | Dec 2021 52% | Mar 2022 52% | Jun 2022 52% | Sep 2022 51% | Dec 2022 47% | Mar 2023 44% | Jun 2023 44% | Sep 2023 42% | Dec 2023 38% | Mar 2024 35% | Jun 2024 33% | Sep 2024 37% | Dec 2024 34% | Mar 2025 33% | Jun 2025 35% | Sep 2025 35% | Dec 2025 33% | Mar 2026 38% | Jun 2026 —
- ADI: Sep 2021 35% | Dec 2021 4.2% | Mar 2022 14% | Jun 2022 31% | Sep 2022 29% | Dec 2022 34% | Mar 2023 35% | Jun 2023 35% | Sep 2023 30% | Dec 2023 23% | Mar 2024 23% | Jun 2024 18% | Sep 2024 21% | Dec 2024 23% | Mar 2025 20% | Jun 2025 26% | Sep 2025 28% | Dec 2025 31% | Mar 2026 32% | Jun 2026 38%
- QCOM: Sep 2021 31% | Dec 2021 36% | Mar 2022 35% | Jun 2022 41% | Sep 2022 32% | Dec 2022 26% | Mar 2023 23% | Jun 2023 22% | Sep 2023 16% | Dec 2023 30% | Mar 2024 25% | Jun 2024 24% | Sep 2024 25% | Dec 2024 31% | Mar 2025 28% | Jun 2025 27% | Sep 2025 26% | Dec 2025 28% | Mar 2026 22% | Jun 2026 —
- MRVL: Sep 2021 -25% | Dec 2021 -2.8% | Mar 2022 2.6% | Jun 2022 4.8% | Sep 2022 2.6% | Dec 2022 6.9% | Mar 2023 1.6% | Jun 2023 -14% | Sep 2023 -15% | Dec 2023 -10% | Mar 2024 -2.3% | Jun 2024 -13% | Sep 2024 -7.9% | Dec 2024 -46% | Mar 2025 13% | Jun 2025 14% | Sep 2025 15% | Dec 2025 17% | Mar 2026 18% | Jun 2026 14%
- NXPI: Sep 2021 22% | Dec 2021 25% | Mar 2022 — | Jun 2022 28% | Sep 2022 29% | Dec 2022 29% | Mar 2023 — | Jun 2023 26% | Sep 2023 28% | Dec 2023 29% | Mar 2024 27% | Jun 2024 29% | Sep 2024 31% | Dec 2024 22% | Mar 2025 26% | Jun 2025 24% | Sep 2025 28% | Dec 2025 22% | Mar 2026 47% | Jun 2026 —
- MPWR: Sep 2021 24% | Dec 2021 23% | Mar 2022 26% | Jun 2022 31% | Sep 2022 31% | Dec 2022 30% | Mar 2023 28% | Jun 2023 26% | Sep 2023 29% | Dec 2023 24% | Mar 2024 21% | Jun 2024 23% | Sep 2024 27% | Dec 2024 26% | Mar 2025 27% | Jun 2025 25% | Sep 2025 27% | Dec 2025 27% | Mar 2026 30% | Jun 2026 —
- STM: Sep 2021 16% | Dec 2021 19% | Mar 2022 — | Jun 2022 25% | Sep 2022 26% | Dec 2022 29% | Mar 2023 — | Jun 2023 28% | Sep 2023 27% | Dec 2023 24% | Mar 2024 16% | Jun 2024 12% | Sep 2024 12% | Dec 2024 11% | Mar 2025 0.1% | Jun 2025 -4.8% | Sep 2025 5.6% | Dec 2025 3.8% | Mar 2026 2.3% | Jun 2026 —
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 -28% | Jun 2022 -131% | Sep 2022 -26% | Dec 2022 -107% | Mar 2023 -107% | Jun 2023 -165% | Sep 2023 -5.4% | Dec 2023 18% | Mar 2024 -127% | Jun 2024 -32% | Sep 2024 -7.9% | Dec 2024 0.1% | Mar 2025 7.1% | Jun 2025 21% | Sep 2025 24% | Dec 2025 25% | Mar 2026 20% | Jun 2026 —
- MCHP: Sep 2021 25% | Dec 2021 29% | Mar 2022 30% | Jun 2022 36% | Sep 2022 36% | Dec 2022 37% | Mar 2023 38% | Jun 2023 40% | Sep 2023 39% | Dec 2023 30% | Mar 2024 19% | Jun 2024 18% | Sep 2024 13% | Dec 2024 3.0% | Mar 2025 -10% | Jun 2025 3.0% | Sep 2025 7.8% | Dec 2025 13% | Mar 2026 17% | Jun 2026 —
- CRDO: Sep 2021 -108% | Dec 2021 -13% | Mar 2022 -1.4% | Jun 2022 -17% | Sep 2022 -0.5% | Dec 2022 -3.4% | Mar 2023 -5.3% | Jun 2023 -51% | Sep 2023 -41% | Dec 2023 -20% | Mar 2024 -11% | Jun 2024 -13% | Sep 2024 -24% | Dec 2024 -12% | Mar 2025 19% | Jun 2025 20% | Sep 2025 27% | Dec 2025 29% | Mar 2026 37% | Jun 2026 36%
- ON: Sep 2021 17% | Dec 2021 23% | Mar 2022 — | Jun 2022 33% | Sep 2022 28% | Dec 2022 34% | Mar 2023 29% | Jun 2023 32% | Sep 2023 32% | Dec 2023 30% | Mar 2024 28% | Jun 2024 22% | Sep 2024 25% | Dec 2024 24% | Mar 2025 — | Jun 2025 -40% | Sep 2025 13% | Dec 2025 17% | Mar 2026 — | Jun 2026 -3.5%
- GFS: Sep 2021 3.1% | Dec 2021 4.7% | Mar 2022 12% | Jun 2022 15% | Sep 2022 17% | Dec 2022 14% | Mar 2023 16% | Jun 2023 15% | Sep 2023 14% | Dec 2023 16% | Mar 2024 9.5% | Jun 2024 9.5% | Sep 2024 11% | Dec 2024 -38% | Mar 2025 9.5% | Jun 2025 12% | Sep 2025 12% | Dec 2025 14% | Mar 2026 11% | Jun 2026 —
- TSEM: Sep 2021 11% | Dec 2021 14% | Mar 2022 15% | Jun 2022 17% | Sep 2022 19% | Dec 2022 25% | Mar 2023 25% | Jun 2023 14% | Sep 2023 101% | Dec 2023 13% | Mar 2024 10% | Jun 2024 16% | Sep 2024 15% | Dec 2024 12% | Mar 2025 9.2% | Jun 2025 11% | Sep 2025 13% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- MTSI: Sep 2021 16% | Dec 2021 17% | Mar 2022 — | Jun 2022 20% | Sep 2022 21% | Dec 2022 21% | Mar 2023 21% | Jun 2023 12% | Sep 2023 10% | Dec 2023 7.0% | Mar 2024 8.5% | Jun 2024 10% | Sep 2024 14% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 16% | Jun 2026 18%
- LSCC: Sep 2021 19% | Dec 2021 21% | Mar 2022 21% | Jun 2022 25% | Sep 2022 29% | Dec 2022 28% | Mar 2023 — | Jun 2023 32% | Sep 2023 28% | Dec 2023 25% | Mar 2024 12% | Jun 2024 18% | Sep 2024 5.9% | Dec 2024 -10% | Mar 2025 5.8% | Jun 2025 3.8% | Sep 2025 -1.2% | Dec 2025 — | Mar 2026 0.7% | Jun 2026 15%
- SITM: Sep 2021 22% | Dec 2021 27% | Mar 2022 8.6% | Jun 2022 16% | Sep 2022 4.8% | Dec 2022 -9.4% | Mar 2023 -58% | Jun 2023 -117% | Sep 2023 -71% | Dec 2023 -65% | Mar 2024 -106% | Jun 2024 -74% | Sep 2024 -43% | Dec 2024 -34% | Mar 2025 -47% | Jun 2025 -35% | Sep 2025 -19% | Dec 2025 1.6% | Mar 2026 -11% | Jun 2026 —
- SMTC: Sep 2021 20% | Dec 2021 19% | Mar 2022 23% | Jun 2022 23% | Sep 2022 31% | Dec 2022 21% | Mar 2023 -33% | Jun 2023 -5.0% | Sep 2023 -126% | Dec 2023 -6.2% | Mar 2024 — | Jun 2024 1.5% | Sep 2024 3.6% | Dec 2024 7.5% | Mar 2025 8.5% | Jun 2025 14% | Sep 2025 -6.3% | Dec 2025 12% | Mar 2026 -6.7% | Jun 2026 8.9%
- SWKS: Sep 2021 30% | Dec 2021 25% | Mar 2022 — | Jun 2022 28% | Sep 2022 26% | Dec 2022 28% | Mar 2023 24% | Jun 2023 — | Sep 2023 22% | Dec 2023 22% | Mar 2024 18% | Jun 2024 14% | Sep 2024 5.8% | Dec 2024 17% | Mar 2025 10% | Jun 2025 12% | Sep 2025 — | Dec 2025 10% | Mar 2026 10% | Jun 2026 4.5%
- RMBS: Sep 2021 5.8% | Dec 2021 9.8% | Mar 2022 8.4% | Jun 2022 29% | Sep 2022 15% | Dec 2022 13% | Mar 2023 1.7% | Jun 2023 9.8% | Sep 2023 100% | Dec 2023 29% | Mar 2024 26% | Jun 2024 31% | Sep 2024 38% | Dec 2024 36% | Mar 2025 38% | Jun 2025 37% | Sep 2025 35% | Dec 2025 37% | Mar 2026 34% | Jun 2026 —
- ALGM: Sep 2021 20% | Dec 2021 19% | Mar 2022 15% | Jun 2022 6.8% | Sep 2022 25% | Dec 2022 26% | Mar 2023 23% | Jun 2023 25% | Sep 2023 27% | Dec 2023 14% | Mar 2024 6.6% | Jun 2024 -6.4% | Sep 2024 2.2% | Dec 2024 0.0% | Mar 2025 -6.8% | Jun 2025 -1.3% | Sep 2025 2.9% | Dec 2025 4.2% | Mar 2026 2.2% | Jun 2026 —
- QRVO: Sep 2021 27% | Dec 2021 29% | Mar 2022 27% | Jun 2022 23% | Sep 2022 9.8% | Dec 2022 23% | Mar 2023 — | Jun 2023 -30% | Sep 2023 -7.4% | Dec 2023 -3.9% | Mar 2024 3.2% | Jun 2024 0.5% | Sep 2024 0.9% | Dec 2024 5.8% | Mar 2025 3.2% | Jun 2025 3.7% | Sep 2025 15% | Dec 2025 19% | Mar 2026 3.9% | Jun 2026 —

### 20-quarter Margin change history
- NVDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −30.2 pp | Dec 2022 −27.5 pp | Mar 2023 −18.1 pp | Jun 2023 +7.3 pp | Sep 2023 +42.9 pp | Dec 2023 +47.4 pp | Mar 2024 +40.8 pp | Jun 2024 +35.1 pp | Sep 2024 +11.8 pp | Dec 2024 +4.8 pp | Mar 2025 −0.5 pp | Jun 2025 −15.8 pp | Sep 2025 −1.3 pp | Dec 2025 +0.9 pp | Mar 2026 +3.9 pp | Jun 2026 +16.5 pp
- AVGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.8 pp | Dec 2022 +9.8 pp | Mar 2023 +5.7 pp | Jun 2023 +4.0 pp | Sep 2023 −0.8 pp | Dec 2023 +1.0 pp | Mar 2024 −28.6 pp | Jun 2024 −22.2 pp | Sep 2024 −14.4 pp | Dec 2024 −12.7 pp | Mar 2025 +24.6 pp | Jun 2025 +15.1 pp | Sep 2025 +7.9 pp | Dec 2025 +8.8 pp | Mar 2026 +2.3 pp | Jun 2026 +9.8 pp
- MU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.8 pp | Dec 2022 −39.3 pp | Mar 2023 −95.1 pp | Jun 2023 −81.7 pp | Sep 2023 −59.6 pp | Dec 2023 −18.8 pp | Mar 2024 +65.7 pp | Jun 2024 +57.5 pp | Sep 2024 +56.3 pp | Dec 2024 +48.9 pp | Mar 2025 +18.7 pp | Jun 2025 +12.7 pp | Sep 2025 +12.7 pp | Dec 2025 +20.0 pp | Mar 2026 +45.6 pp | Jun 2026 +57.1 pp
- AMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.6 pp | Sep 2022 −23.2 pp | Dec 2022 −27.7 pp | Mar 2023 — | Jun 2023 −10.7 pp | Sep 2023 +0.8 pp | Dec 2023 +8.2 pp | Mar 2024 — | Jun 2024 +7.3 pp | Sep 2024 +11.0 pp | Dec 2024 +5.9 pp | Mar 2025 +10.1 pp | Jun 2025 −6.3 pp | Sep 2025 +3.1 pp | Dec 2025 +5.7 pp | Mar 2026 +3.6 pp | Jun 2026 —
- INTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.6 pp | Sep 2022 −31.8 pp | Dec 2022 −25.4 pp | Mar 2023 — | Jun 2023 −36.2 pp | Sep 2023 −3.2 pp | Dec 2023 +17.9 pp | Mar 2024 — | Jun 2024 −2.8 pp | Sep 2024 −60.4 pp | Dec 2024 −13.9 pp | Mar 2025 +6.0 pp | Jun 2025 −9.4 pp | Sep 2025 +73.2 pp | Dec 2025 +1.3 pp | Mar 2026 −20.7 pp | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +4.9 pp | Jun 2023 −26.1 pp | Sep 2023 −48.4 pp | Dec 2023 −17.4 pp | Mar 2024 +10.3 pp | Jun 2024 +3.0 pp | Sep 2024 +27.0 pp | Dec 2024 +1.5 pp | Mar 2025 +30.6 pp | Jun 2025 −8.6 pp | Sep 2025 +6.8 pp | Dec 2025 −2.9 pp | Mar 2026 −3.6 pp | Jun 2026 —
- TXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.9 pp | Sep 2022 +1.5 pp | Dec 2022 −5.2 pp | Mar 2023 −8.1 pp | Jun 2023 −8.7 pp | Sep 2023 −9.4 pp | Dec 2023 −9.0 pp | Mar 2024 −9.1 pp | Jun 2024 −10.8 pp | Sep 2024 −4.3 pp | Dec 2024 −3.2 pp | Mar 2025 −2.6 pp | Jun 2025 +2.4 pp | Sep 2025 −2.3 pp | Dec 2025 −1.1 pp | Mar 2026 +5.0 pp | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.0 pp | Dec 2022 +29.7 pp | Mar 2023 +21.2 pp | Jun 2023 +3.7 pp | Sep 2023 +1.5 pp | Dec 2023 −10.5 pp | Mar 2024 −11.5 pp | Jun 2024 −16.7 pp | Sep 2024 −9.0 pp | Dec 2024 −0.1 pp | Mar 2025 −3.0 pp | Jun 2025 +7.8 pp | Sep 2025 +7.2 pp | Dec 2025 +7.4 pp | Mar 2026 +11.2 pp | Jun 2026 +12.4 pp
- QCOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.7 pp | Sep 2022 +1.1 pp | Dec 2022 −10.1 pp | Mar 2023 −12.1 pp | Jun 2023 −19.3 pp | Sep 2023 −15.9 pp | Dec 2023 +3.5 pp | Mar 2024 +2.4 pp | Jun 2024 +2.0 pp | Sep 2024 +8.9 pp | Dec 2024 +1.0 pp | Mar 2025 +3.5 pp | Jun 2025 +3.0 pp | Sep 2025 +0.7 pp | Dec 2025 −3.0 pp | Mar 2026 −6.6 pp | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +27.4 pp | Dec 2022 +9.7 pp | Mar 2023 −1.0 pp | Jun 2023 −18.6 pp | Sep 2023 −17.9 pp | Dec 2023 −17.2 pp | Mar 2024 −3.9 pp | Jun 2024 +0.7 pp | Sep 2024 +7.4 pp | Dec 2024 −36.1 pp | Mar 2025 +15.2 pp | Jun 2025 +27.4 pp | Sep 2025 +22.4 pp | Dec 2025 +63.6 pp | Mar 2026 +5.3 pp | Jun 2026 −0.3 pp
- NXPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.4 pp | Dec 2022 +4.2 pp | Mar 2023 — | Jun 2023 −1.4 pp | Sep 2023 −0.1 pp | Dec 2023 −0.2 pp | Mar 2024 — | Jun 2024 +2.3 pp | Sep 2024 +2.1 pp | Dec 2024 −7.2 pp | Mar 2025 −1.9 pp | Jun 2025 −5.2 pp | Sep 2025 −2.4 pp | Dec 2025 +0.6 pp | Mar 2026 +21.8 pp | Jun 2026 —
- MPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.1 pp | Sep 2022 +6.9 pp | Dec 2022 +6.5 pp | Mar 2023 +2.1 pp | Jun 2023 −5.3 pp | Sep 2023 −2.2 pp | Dec 2023 −5.7 pp | Mar 2024 −6.7 pp | Jun 2024 −2.5 pp | Sep 2024 −2.0 pp | Dec 2024 +2.2 pp | Mar 2025 +5.6 pp | Jun 2025 +1.8 pp | Sep 2025 0.0 pp | Dec 2025 +0.3 pp | Mar 2026 +3.5 pp | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.9 pp | Dec 2022 +10.5 pp | Mar 2023 — | Jun 2023 +3.6 pp | Sep 2023 +0.3 pp | Dec 2023 −5.5 pp | Mar 2024 — | Jun 2024 −16.7 pp | Sep 2024 −14.8 pp | Dec 2024 −12.8 pp | Mar 2025 −15.8 pp | Jun 2025 −16.4 pp | Sep 2025 −6.1 pp | Dec 2025 −7.3 pp | Mar 2026 +2.2 pp | Jun 2026 —
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −79.2 pp | Jun 2023 −33.6 pp | Sep 2023 +21.0 pp | Dec 2023 +125.2 pp | Mar 2024 −20.0 pp | Jun 2024 +133.1 pp | Sep 2024 −2.5 pp | Dec 2024 −17.8 pp | Mar 2025 +134.2 pp | Jun 2025 +52.4 pp | Sep 2025 +31.9 pp | Dec 2025 +24.6 pp | Mar 2026 +13.0 pp | Jun 2026 —
- MCHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.2 pp | Sep 2022 +11.2 pp | Dec 2022 +8.1 pp | Mar 2023 +8.2 pp | Jun 2023 +3.8 pp | Sep 2023 +2.9 pp | Dec 2023 −7.4 pp | Mar 2024 −18.9 pp | Jun 2024 −21.8 pp | Sep 2024 −26.7 pp | Dec 2024 −27.0 pp | Mar 2025 −29.4 pp | Jun 2025 −14.7 pp | Sep 2025 −4.8 pp | Dec 2025 +9.8 pp | Mar 2026 +26.9 pp | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +107.9 pp | Dec 2022 +10.0 pp | Mar 2023 −3.9 pp | Jun 2023 −34.2 pp | Sep 2023 −40.5 pp | Dec 2023 −16.8 pp | Mar 2024 −5.8 pp | Jun 2024 +38.1 pp | Sep 2024 +16.8 pp | Dec 2024 +8.5 pp | Mar 2025 +30.5 pp | Jun 2025 +32.9 pp | Sep 2025 +51.4 pp | Dec 2025 +41.1 pp | Mar 2026 +17.4 pp | Jun 2026 +15.8 pp
- ON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.1 pp | Dec 2022 +10.6 pp | Mar 2023 — | Jun 2023 −1.1 pp | Sep 2023 +3.5 pp | Dec 2023 −3.2 pp | Mar 2024 −0.6 pp | Jun 2024 −9.8 pp | Sep 2024 −6.2 pp | Dec 2024 −6.6 pp | Mar 2025 — | Jun 2025 −62.1 pp | Sep 2025 −12.1 pp | Dec 2025 −6.7 pp | Mar 2026 — | Jun 2026 +36.2 pp
- GFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.3 pp | Sep 2022 +14.1 pp | Dec 2022 +9.0 pp | Mar 2023 +4.2 pp | Jun 2023 0.0 pp | Sep 2023 −3.1 pp | Dec 2023 +2.6 pp | Mar 2024 −6.3 pp | Jun 2024 −5.4 pp | Sep 2024 −3.5 pp | Dec 2024 −54.6 pp | Mar 2025 0.0 pp | Jun 2025 +2.1 pp | Sep 2025 +1.0 pp | Dec 2025 +52.2 pp | Mar 2026 +1.5 pp | Jun 2026 —
- TSEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.2 pp | Sep 2022 +7.1 pp | Dec 2022 +10.9 pp | Mar 2023 +10.1 pp | Jun 2023 −2.5 pp | Sep 2023 +82.6 pp | Dec 2023 −11.7 pp | Mar 2024 −14.7 pp | Jun 2024 +1.6 pp | Sep 2024 −86.1 pp | Dec 2024 −0.8 pp | Mar 2025 −1.2 pp | Jun 2025 −5.0 pp | Sep 2025 −2.2 pp | Dec 2025 +4.1 pp | Mar 2026 +6.4 pp | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.4 pp | Dec 2022 +4.5 pp | Mar 2023 — | Jun 2023 −8.0 pp | Sep 2023 −10.5 pp | Dec 2023 −14.4 pp | Mar 2024 −12.7 pp | Jun 2024 −1.3 pp | Sep 2024 +3.3 pp | Dec 2024 — | Mar 2025 −0.5 pp | Jun 2025 +4.4 pp | Sep 2025 +1.2 pp | Dec 2025 — | Mar 2026 +7.9 pp | Jun 2026 +2.8 pp
- LSCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.5 pp | Dec 2022 +7.8 pp | Mar 2023 — | Jun 2023 +7.0 pp | Sep 2023 −1.1 pp | Dec 2023 −3.0 pp | Mar 2024 — | Jun 2024 −13.9 pp | Sep 2024 −22.0 pp | Dec 2024 −35.7 pp | Mar 2025 −6.0 pp | Jun 2025 −14.4 pp | Sep 2025 −7.1 pp | Dec 2025 — | Mar 2026 −5.1 pp | Jun 2026 +11.5 pp
- SITM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.8 pp | Sep 2022 −17.5 pp | Dec 2022 −36.0 pp | Mar 2023 −66.4 pp | Jun 2023 −132.4 pp | Sep 2023 −75.7 pp | Dec 2023 −55.4 pp | Mar 2024 −48.3 pp | Jun 2024 +43.2 pp | Sep 2024 +27.8 pp | Dec 2024 +31.0 pp | Mar 2025 +59.5 pp | Jun 2025 +38.3 pp | Sep 2025 +23.9 pp | Dec 2025 +35.4 pp | Mar 2026 +35.7 pp | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.8 pp | Dec 2022 +1.8 pp | Mar 2023 −55.7 pp | Jun 2023 −28.3 pp | Sep 2023 −156.5 pp | Dec 2023 −27.2 pp | Mar 2024 — | Jun 2024 +6.5 pp | Sep 2024 +129.5 pp | Dec 2024 +13.7 pp | Mar 2025 — | Jun 2025 +12.8 pp | Sep 2025 −9.9 pp | Dec 2025 +4.1 pp | Mar 2026 −15.2 pp | Jun 2026 −5.4 pp
- SWKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 +2.6 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −4.9 pp | Dec 2023 −6.1 pp | Mar 2024 −5.6 pp | Jun 2024 — | Sep 2024 −15.7 pp | Dec 2024 −4.6 pp | Mar 2025 −7.9 pp | Jun 2025 −2.9 pp | Sep 2025 — | Dec 2025 −6.8 pp | Mar 2026 −0.2 pp | Jun 2026 −7.0 pp
- RMBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.8 pp | Sep 2022 +9.3 pp | Dec 2022 +3.4 pp | Mar 2023 −6.7 pp | Jun 2023 −19.6 pp | Sep 2023 +84.5 pp | Dec 2023 +15.5 pp | Mar 2024 +23.9 pp | Jun 2024 +20.7 pp | Sep 2024 −62.0 pp | Dec 2024 +7.2 pp | Mar 2025 +12.3 pp | Jun 2025 +6.1 pp | Sep 2025 −2.2 pp | Dec 2025 +1.3 pp | Mar 2026 −3.6 pp | Jun 2026 —
- ALGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.3 pp | Sep 2022 +5.3 pp | Dec 2022 +7.3 pp | Mar 2023 +8.3 pp | Jun 2023 +18.6 pp | Sep 2023 +1.3 pp | Dec 2023 −12.0 pp | Mar 2024 −16.8 pp | Jun 2024 −31.8 pp | Sep 2024 −24.3 pp | Dec 2024 −14.4 pp | Mar 2025 −13.4 pp | Jun 2025 +5.1 pp | Sep 2025 +0.7 pp | Dec 2025 +4.2 pp | Mar 2026 +9.0 pp | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.0 pp | Dec 2022 −6.3 pp | Mar 2023 — | Jun 2023 −53.1 pp | Sep 2023 −17.2 pp | Dec 2023 −26.5 pp | Mar 2024 — | Jun 2024 +30.4 pp | Sep 2024 +8.3 pp | Dec 2024 +9.7 pp | Mar 2025 0.0 pp | Jun 2025 +3.2 pp | Sep 2025 +14.0 pp | Dec 2025 +13.6 pp | Mar 2026 +0.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: NVIDIA Corporation leads with $159,613 million of TTM profit, 216.3% above Micron Technology, Inc.. Astera Labs, Inc. shows ≥100% on the scoring scale (551.2% uncapped) growth from a $267 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: NVIDIA Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: NVIDIA Corporation · $159,613 million | 216.3% versus #2 · Micron Technology, Inc. | 8/8 recent comparable periods | 23/27 companies · 502 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. NVIDIA Corporation (NVDA): ₹1.6 L Cr
2. Micron Technology, Inc. (MU): ₹50.5K Cr
3. Broadcom Inc. (AVGO): ₹29.3K Cr
4. QUALCOMM Incorporated (QCOM): ₹9.9K Cr
5. Texas Instruments Incorporated (TXN): ₹5.4K Cr

### Profit growth — fastest growers
1. Astera Labs, Inc. (ALAB): 100%
2. Advanced Micro Devices, Inc. (AMD): 100%
3. Broadcom Inc. (AVGO): 100%
4. Credo Technology Group Holding Ltd (CRDO): 100%
5. Micron Technology, Inc. (MU): 100%

### 20-quarter Net profit history
- NVDA: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹656 Cr | Dec 2022 ₹680 Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹9.2K Cr | Mar 2024 ₹12.3K Cr | Jun 2024 ₹14.9K Cr | Sep 2024 ₹16.6K Cr | Dec 2024 ₹19.3K Cr | Mar 2025 ₹22.1K Cr | Jun 2025 ₹18.8K Cr | Sep 2025 ₹26.4K Cr | Dec 2025 ₹31.9K Cr | Mar 2026 ₹43.0K Cr | Jun 2026 ₹58.3K Cr
- AVGO: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹8.5K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 ₹9.3K Cr
- MU: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹-184 Cr | Mar 2023 ₹-2.3K Cr | Jun 2023 ₹-1.9K Cr | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹792 Cr | Jun 2024 ₹338 Cr | Sep 2024 ₹887 Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹13.8K Cr | Jun 2026 ₹28.2K Cr
- AMD: Sep 2021 ₹921 Cr | Dec 2021 ₹974 Cr | Mar 2022 ₹783 Cr | Jun 2022 ₹443 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹18 Cr | Mar 2023 — | Jun 2023 ₹-140 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹661 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹258 Cr | Sep 2024 ₹764 Cr | Dec 2024 ₹470 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹760 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- INTC: Sep 2021 ₹6.8K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 — | Jun 2022 ₹8.1K Cr | Sep 2022 ₹-454 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 ₹-2.8K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹-437 Cr | Jun 2024 ₹-1.7K Cr | Sep 2024 ₹-17.0K Cr | Dec 2024 ₹-153 Cr | Mar 2025 ₹-887 Cr | Jun 2025 ₹-3.0K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹-333 Cr | Mar 2026 ₹-4.3K Cr | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-84 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹182 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹-110 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹252 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹223 Cr | Mar 2026 ₹313 Cr | Jun 2026 —
- TXN: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ADI: Sep 2021 ₹503 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹783 Cr | Sep 2022 ₹749 Cr | Dec 2022 ₹936 Cr | Mar 2023 ₹961 Cr | Jun 2023 ₹978 Cr | Sep 2023 ₹877 Cr | Dec 2023 ₹498 Cr | Mar 2024 ₹463 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹392 Cr | Dec 2024 ₹478 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹570 Cr | Sep 2025 ₹519 Cr | Dec 2025 ₹788 Cr | Mar 2026 ₹831 Cr | Jun 2026 ₹1.2K Cr
- QCOM: Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹-3.1K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 —
- MRVL: Sep 2021 ₹-276 Cr | Dec 2021 ₹-63 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹-166 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹-169 Cr | Sep 2023 ₹-208 Cr | Dec 2023 ₹-164 Cr | Mar 2024 ₹-393 Cr | Jun 2024 ₹-216 Cr | Sep 2024 ₹-193 Cr | Dec 2024 ₹-676 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹396 Cr | Jun 2026 ₹35 Cr
- NXPI: Sep 2021 ₹408 Cr | Dec 2021 ₹523 Cr | Mar 2022 — | Jun 2022 ₹654 Cr | Sep 2022 ₹686 Cr | Dec 2022 ₹754 Cr | Mar 2023 — | Jun 2023 ₹625 Cr | Sep 2023 ₹705 Cr | Dec 2023 ₹794 Cr | Mar 2024 ₹645 Cr | Jun 2024 ₹667 Cr | Sep 2024 ₹735 Cr | Dec 2024 ₹507 Cr | Mar 2025 ₹501 Cr | Jun 2025 ₹485 Cr | Sep 2025 ₹647 Cr | Dec 2025 ₹505 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- MPWR: Sep 2021 ₹69 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹193 Cr | Jun 2026 —
- STM: Sep 2021 ₹413 Cr | Dec 2021 ₹476 Cr | Mar 2022 — | Jun 2022 ₹746 Cr | Sep 2022 ₹869 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹514 Cr | Jun 2024 ₹354 Cr | Sep 2024 ₹361 Cr | Dec 2024 ₹336 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹-94 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-6 Cr | Jun 2022 ₹-27 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-20 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹-93 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- MCHP: Sep 2021 ₹242 Cr | Dec 2021 ₹353 Cr | Mar 2022 ₹438 Cr | Jun 2022 ₹507 Cr | Sep 2022 ₹546 Cr | Dec 2022 ₹580 Cr | Mar 2023 ₹604 Cr | Jun 2023 ₹666 Cr | Sep 2023 ₹667 Cr | Dec 2023 ₹419 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹-54 Cr | Mar 2025 ₹-155 Cr | Jun 2025 ₹-19 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- CRDO: Sep 2021 ₹-13 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹157 Cr | Jun 2026 ₹169 Cr
- ON: Sep 2021 ₹184 Cr | Dec 2021 ₹310 Cr | Mar 2022 — | Jun 2022 ₹531 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹604 Cr | Mar 2023 ₹462 Cr | Jun 2023 ₹577 Cr | Sep 2023 ₹583 Cr | Dec 2023 ₹563 Cr | Mar 2024 ₹454 Cr | Jun 2024 ₹338 Cr | Sep 2024 ₹403 Cr | Dec 2024 ₹380 Cr | Mar 2025 — | Jun 2025 ₹-485 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹255 Cr | Mar 2026 — | Jun 2026 ₹-33 Cr
- GFS: Sep 2021 ₹5 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹264 Cr | Sep 2022 ₹336 Cr | Dec 2022 ₹668 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹237 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹178 Cr | Dec 2024 ₹-729 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹249 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- TSEM: Sep 2021 ₹40 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹338 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- MTSI: Sep 2021 ₹15 Cr | Dec 2021 ₹17 Cr | Mar 2022 — | Jun 2022 ₹30 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹29 Cr | Dec 2024 — | Mar 2025 ₹-168 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹49 Cr | Jun 2026 ₹46 Cr
- LSCC: Sep 2021 ₹22 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹46 Cr | Mar 2023 — | Jun 2023 ₹56 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹-8 Cr | Jun 2026 ₹22 Cr
- SITM: Sep 2021 ₹14 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- SMTC: Sep 2021 ₹33 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹-51 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-382 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-170 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹27 Cr
- SWKS: Sep 2021 ₹338 Cr | Dec 2021 ₹326 Cr | Mar 2022 — | Jun 2022 ₹306 Cr | Sep 2022 ₹267 Cr | Dec 2022 ₹309 Cr | Mar 2023 ₹233 Cr | Jun 2023 — | Sep 2023 ₹196 Cr | Dec 2023 ₹231 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹105 Cr | Sep 2025 — | Dec 2025 ₹141 Cr | Mar 2026 ₹79 Cr | Jun 2026 ₹36 Cr
- RMBS: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-66 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- ALGM: Sep 2021 ₹33 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- QRVO: Sep 2021 ₹286 Cr | Dec 2021 ₹319 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹212 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹189 Cr | Mar 2023 — | Jun 2023 ₹-138 Cr | Sep 2023 ₹-44 Cr | Dec 2023 ₹-127 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹30 Cr | Jun 2026 —

### 20-quarter Profit growth history
- NVDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -72% | Dec 2022 -72% | Mar 2023 -53% | Jun 2023 26% | Sep 2023 843% | Dec 2023 1,259% | Mar 2024 769% | Jun 2024 628% | Sep 2024 168% | Dec 2024 109% | Mar 2025 80% | Jun 2025 26% | Sep 2025 59% | Dec 2025 65% | Mar 2026 94% | Jun 2026 211%
- AVGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 64% | Dec 2022 69% | Mar 2023 53% | Jun 2023 34% | Sep 2023 7.5% | Dec 2023 4.9% | Mar 2024 -66% | Jun 2024 -39% | Sep 2024 -143% | Dec 2024 19% | Mar 2025 332% | Jun 2025 134% | Sep 2025 — | Dec 2025 103% | Mar 2026 34% | Jun 2026 88%
- MU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -45% | Dec 2022 -108% | Mar 2023 -203% | Jun 2023 -172% | Sep 2023 -196% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 100% | Jun 2025 456% | Sep 2025 261% | Dec 2025 180% | Mar 2026 772% | Jun 2026 1,403%
- AMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 -93% | Dec 2022 -98% | Mar 2023 — | Jun 2023 -132% | Sep 2023 -66% | Dec 2023 3,572% | Mar 2024 — | Jun 2024 — | Sep 2024 3,538% | Dec 2024 -29% | Mar 2025 505% | Jun 2025 195% | Sep 2025 52% | Dec 2025 244% | Mar 2026 95% | Jun 2026 —
- INTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 -107% | Dec 2022 -78% | Mar 2023 — | Jun 2023 -134% | Sep 2023 — | Dec 2023 161% | Mar 2024 — | Jun 2024 — | Sep 2024 -1,253% | Dec 2024 -106% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -53% | Sep 2023 -196% | Dec 2023 -52% | Mar 2024 7,367% | Jun 2024 112% | Sep 2024 — | Dec 2024 190% | Mar 2025 -6.3% | Jun 2025 -42% | Sep 2025 122% | Dec 2025 -12% | Mar 2026 49% | Jun 2026 —
- TXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 18% | Dec 2022 -8.2% | Mar 2023 -22% | Jun 2023 -25% | Sep 2023 -26% | Dec 2023 -30% | Mar 2024 -35% | Jun 2024 -35% | Sep 2024 -20% | Dec 2024 -12% | Mar 2025 6.7% | Jun 2025 15% | Sep 2025 0.2% | Dec 2025 -3.5% | Mar 2026 31% | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 49% | Dec 2022 1,132% | Mar 2023 243% | Jun 2023 25% | Sep 2023 17% | Dec 2023 -47% | Mar 2024 -52% | Jun 2024 -69% | Sep 2024 -55% | Dec 2024 -4.0% | Mar 2025 -16% | Jun 2025 89% | Sep 2025 32% | Dec 2025 65% | Mar 2026 113% | Jun 2026 106%
- QCOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 4.5% | Dec 2022 -33% | Mar 2023 -42% | Jun 2023 -53% | Sep 2023 -44% | Dec 2023 24% | Mar 2024 34% | Jun 2024 22% | Sep 2024 79% | Dec 2024 13% | Mar 2025 24% | Jun 2025 26% | Sep 2025 -207% | Dec 2025 -5.5% | Mar 2026 162% | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -350% | Jun 2023 — | Sep 2023 -5,300% | Dec 2023 -1,362% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 98% | Jun 2026 -80%
- NXPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 68% | Dec 2022 44% | Mar 2023 — | Jun 2023 -4.4% | Sep 2023 2.8% | Dec 2023 5.3% | Mar 2024 — | Jun 2024 6.7% | Sep 2024 4.3% | Dec 2024 -36% | Mar 2025 -22% | Jun 2025 -27% | Sep 2025 -12% | Dec 2025 -0.4% | Mar 2026 127% | Jun 2026 —
- MPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 80% | Dec 2022 63% | Mar 2023 38% | Jun 2023 -13% | Sep 2023 -2.4% | Dec 2023 -18% | Mar 2024 -15% | Jun 2024 0.0% | Sep 2024 19% | Dec 2024 1,394% | Mar 2025 45% | Jun 2025 34% | Sep 2025 24% | Dec 2025 -88% | Mar 2026 43% | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 110% | Dec 2022 131% | Mar 2023 — | Jun 2023 40% | Sep 2023 15% | Dec 2023 -1.8% | Mar 2024 — | Jun 2024 -66% | Sep 2024 -64% | Dec 2024 -69% | Mar 2025 -89% | Jun 2025 -127% | Sep 2025 -34% | Dec 2025 -107% | Mar 2026 -27% | Jun 2026 —
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 79% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 80% | Mar 2026 150% | Jun 2026 —
- MCHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 126% | Dec 2022 64% | Mar 2023 38% | Jun 2023 31% | Sep 2023 22% | Dec 2023 -28% | Mar 2024 -74% | Jun 2024 -81% | Sep 2024 -88% | Dec 2024 -113% | Mar 2025 -200% | Jun 2025 -115% | Sep 2025 -46% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -100% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 441% | Jun 2026 357%
- ON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 148% | Dec 2022 95% | Mar 2023 — | Jun 2023 8.7% | Sep 2023 28% | Dec 2023 -6.8% | Mar 2024 -1.7% | Jun 2024 -41% | Sep 2024 -31% | Dec 2024 -33% | Mar 2025 — | Jun 2025 -243% | Sep 2025 -57% | Dec 2025 -33% | Mar 2026 — | Jun 2026 —
- GFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6,620% | Dec 2022 1,490% | Mar 2023 43% | Jun 2023 -10% | Sep 2023 -26% | Dec 2023 -58% | Mar 2024 -47% | Jun 2024 -35% | Sep 2024 -29% | Dec 2024 -362% | Mar 2025 57% | Jun 2025 47% | Sep 2025 40% | Dec 2025 — | Mar 2026 -51% | Jun 2026 —
- TSEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 87% | Sep 2022 68% | Dec 2022 65% | Mar 2023 45% | Jun 2023 -16% | Sep 2023 404% | Dec 2023 -40% | Mar 2024 -47% | Jun 2024 16% | Sep 2024 -84% | Dec 2024 1.9% | Mar 2025 -7.0% | Jun 2025 -19% | Sep 2025 -3.6% | Dec 2025 51% | Mar 2026 70% | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 113% | Dec 2022 76% | Mar 2023 — | Jun 2023 -60% | Sep 2023 -25% | Dec 2023 -57% | Mar 2024 -42% | Jun 2024 67% | Sep 2024 21% | Dec 2024 — | Mar 2025 -1,220% | Jun 2025 60% | Sep 2025 28% | Dec 2025 — | Mar 2026 — | Jun 2026 44%
- LSCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 105% | Dec 2022 70% | Mar 2023 — | Jun 2023 56% | Sep 2023 13% | Dec 2023 115% | Mar 2024 — | Jun 2024 -59% | Sep 2024 -86% | Dec 2024 -83% | Mar 2025 -67% | Jun 2025 -87% | Sep 2025 -57% | Dec 2025 — | Mar 2026 -260% | Jun 2026 633%
- SITM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 550% | Sep 2022 -57% | Dec 2022 -110% | Mar 2023 -367% | Jun 2023 -300% | Sep 2023 -400% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 58% | Dec 2022 -32% | Mar 2023 — | Jun 2023 -176% | Sep 2023 -835% | Dec 2023 -265% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 42%
- SWKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -21% | Dec 2022 -5.2% | Mar 2023 — | Jun 2023 — | Sep 2023 -27% | Dec 2023 -25% | Mar 2024 -21% | Jun 2024 — | Sep 2024 -69% | Dec 2024 -30% | Mar 2025 -62% | Jun 2025 -13% | Sep 2025 — | Dec 2025 -13% | Mar 2026 14% | Jun 2026 -66%
- RMBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 218% | Sep 2022 -75% | Dec 2022 167% | Mar 2023 — | Jun 2023 383% | Sep 2023 10,200% | Dec 2023 269% | Mar 2024 1,000% | Jun 2024 -79% | Sep 2024 -52% | Dec 2024 5.1% | Mar 2025 82% | Jun 2025 61% | Sep 2025 -2.0% | Dec 2025 3.2% | Mar 2026 0.0% | Jun 2026 —
- ALGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -64% | Sep 2022 55% | Dec 2022 97% | Mar 2023 135% | Jun 2023 510% | Sep 2023 29% | Dec 2023 -49% | Mar 2024 -111% | Jun 2024 -130% | Sep 2024 -152% | Dec 2024 -121% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -76% | Dec 2022 -41% | Mar 2023 — | Jun 2023 -165% | Sep 2023 -164% | Dec 2023 -167% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 933% | Jun 2025 — | Sep 2025 — | Dec 2025 300% | Mar 2026 -3.2% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Micron Technology, Inc. reports $7,826 million of CAPEX; Tower Semiconductor Ltd. has the highest covered intensity at 37.7%. Coverage is only 27 of 27 companies and 491 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Micron Technology, Inc. · $7,826 million | 115.2% versus #2 · Intel Corporation | 8/8 recent comparable periods | 27/27 companies · 491 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Micron Technology, Inc. (MU): ₹7.8K Cr
2. Intel Corporation (INTC): ₹3.6K Cr
3. NVIDIA Corporation (NVDA): ₹1.8K Cr
4. Texas Instruments Incorporated (TXN): ₹676 Cr
5. QUALCOMM Incorporated (QCOM): ₹533 Cr

### CAPEX intensity — highest reinvestment intensity
1. Tower Semiconductor Ltd. (TSEM): 38%
2. Intel Corporation (INTC): 27%
3. GLOBALFOUNDRIES Inc. (GFS): 19%
4. Micron Technology, Inc. (MU): 19%
5. STMicroelectronics N.V. (STM): 18%

### 20-quarter CAPEX history
- NVDA: Sep 2021 ₹183 Cr | Dec 2021 ₹222 Cr | Mar 2022 ₹273 Cr | Jun 2022 ₹361 Cr | Sep 2022 ₹433 Cr | Dec 2022 ₹530 Cr | Mar 2023 ₹509 Cr | Jun 2023 ₹248 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹369 Cr | Sep 2024 ₹977 Cr | Dec 2024 ₹813 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.8K Cr
- AVGO: Sep 2021 ₹115 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹237 Cr | Mar 2026 ₹250 Cr | Jun 2026 ₹231 Cr
- MU: Sep 2021 ₹2.0K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 ₹7.8K Cr
- AMD: Sep 2021 ₹85 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹124 Cr | Mar 2023 — | Jun 2023 ₹158 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹142 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹212 Cr | Jun 2025 ₹282 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹389 Cr | Jun 2026 —
- INTC: Sep 2021 ₹4.4K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 — | Jun 2022 ₹4.6K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 — | Jun 2023 ₹7.4K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹12 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- TXN: Sep 2021 ₹486 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹443 Cr | Jun 2022 ₹597 Cr | Sep 2022 ₹790 Cr | Dec 2022 ₹967 Cr | Mar 2023 ₹982 Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹925 Cr | Mar 2026 ₹676 Cr | Jun 2026 —
- ADI: Sep 2021 ₹86 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹305 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹284 Cr | Sep 2023 ₹325 Cr | Dec 2023 ₹476 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹215 Cr | Mar 2026 ₹109 Cr | Jun 2026 ₹138 Cr
- QCOM: Sep 2021 ₹430 Cr | Dec 2021 ₹583 Cr | Mar 2022 ₹491 Cr | Jun 2022 ₹554 Cr | Sep 2022 ₹634 Cr | Dec 2022 ₹398 Cr | Mar 2023 ₹453 Cr | Jun 2023 ₹306 Cr | Sep 2023 ₹293 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹387 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹277 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹407 Cr | Dec 2025 ₹549 Cr | Mar 2026 ₹533 Cr | Jun 2026 —
- MRVL: Sep 2021 ₹32 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹114 Cr | Jun 2026 ₹156 Cr
- NXPI: Sep 2021 ₹150 Cr | Dec 2021 ₹215 Cr | Mar 2022 — | Jun 2022 ₹285 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹282 Cr | Mar 2023 — | Jun 2023 ₹251 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹200 Cr | Mar 2024 ₹226 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- MPWR: Sep 2021 ₹19 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- STM: Sep 2021 ₹438 Cr | Dec 2021 ₹438 Cr | Mar 2022 — | Jun 2022 ₹840 Cr | Sep 2022 ₹809 Cr | Dec 2022 ₹955 Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹798 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹546 Cr | Sep 2024 ₹669 Cr | Dec 2024 ₹501 Cr | Mar 2025 ₹587 Cr | Jun 2025 ₹481 Cr | Sep 2025 ₹417 Cr | Dec 2025 ₹518 Cr | Mar 2026 ₹549 Cr | Jun 2026 ₹419 Cr
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- MCHP: Sep 2021 ₹79 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- CRDO: Sep 2021 ₹1 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹5 Cr
- ON: Sep 2021 ₹105 Cr | Dec 2021 ₹112 Cr | Mar 2022 — | Jun 2022 ₹174 Cr | Sep 2022 ₹218 Cr | Dec 2022 ₹373 Cr | Mar 2023 ₹338 Cr | Jun 2023 ₹431 Cr | Sep 2023 ₹433 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹234 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹157 Cr | Mar 2025 — | Jun 2025 ₹148 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹46 Cr | Mar 2026 — | Jun 2026 ₹22 Cr
- GFS: Sep 2021 ₹392 Cr | Dec 2021 ₹626 Cr | Mar 2022 ₹612 Cr | Jun 2022 ₹796 Cr | Sep 2022 ₹601 Cr | Dec 2022 ₹991 Cr | Mar 2023 ₹805 Cr | Jun 2023 ₹400 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹228 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹166 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹312 Cr | Jun 2026 —
- TSEM: Sep 2021 ₹88 Cr | Dec 2021 — | Mar 2022 ₹81 Cr | Jun 2022 ₹49 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹105 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹101 Cr | Dec 2023 — | Mar 2024 ₹98 Cr | Jun 2024 ₹113 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹111 Cr | Sep 2025 — | Dec 2025 ₹111 Cr | Mar 2026 ₹156 Cr | Jun 2026 —
- MTSI: Sep 2021 ₹6 Cr | Dec 2021 ₹5 Cr | Mar 2022 — | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹13 Cr
- LSCC: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹8 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹13 Cr | Dec 2025 — | Mar 2026 ₹14 Cr | Jun 2026 ₹11 Cr
- SITM: Sep 2021 ₹9 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- SMTC: Sep 2021 ₹7 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹8 Cr
- SWKS: Sep 2021 ₹115 Cr | Dec 2021 ₹263 Cr | Mar 2022 — | Jun 2022 ₹127 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹45 Cr | Jun 2023 — | Sep 2023 ₹31 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹62 Cr | Sep 2025 — | Dec 2025 ₹56 Cr | Mar 2026 ₹57 Cr | Jun 2026 ₹82 Cr
- RMBS: Sep 2021 ₹2 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- ALGM: Sep 2021 ₹18 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- QRVO: Sep 2021 ₹65 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹47 Cr | Mar 2023 — | Jun 2023 ₹34 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹21 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- NVDA: Sep 2021 2.8% | Dec 2021 3.1% | Mar 2022 3.6% | Jun 2022 4.4% | Sep 2022 6.5% | Dec 2022 8.9% | Mar 2023 8.4% | Jun 2023 3.4% | Sep 2023 2.1% | Dec 2023 1.5% | Mar 2024 1.1% | Jun 2024 1.4% | Sep 2024 3.3% | Dec 2024 2.3% | Mar 2025 2.7% | Jun 2025 2.8% | Sep 2025 4.1% | Dec 2025 2.9% | Mar 2026 1.9% | Jun 2026 2.2%
- AVGO: Sep 2021 1.7% | Dec 2021 1.2% | Mar 2022 1.3% | Jun 2022 1.0% | Sep 2022 1.4% | Dec 2022 1.4% | Mar 2023 1.2% | Jun 2023 1.4% | Sep 2023 1.4% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 1.1% | Sep 2024 1.3% | Dec 2024 0.9% | Mar 2025 0.7% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 1.0%
- MU: Sep 2021 24% | Dec 2021 43% | Mar 2022 34% | Jun 2022 30% | Sep 2022 54% | Dec 2022 60% | Mar 2023 60% | Jun 2023 42% | Sep 2023 36% | Dec 2023 38% | Mar 2024 24% | Jun 2024 31% | Sep 2024 40% | Dec 2024 37% | Mar 2025 50% | Jun 2025 32% | Sep 2025 50% | Dec 2025 40% | Mar 2026 27% | Jun 2026 19%
- AMD: Sep 2021 2.0% | Dec 2021 1.8% | Mar 2022 1.2% | Jun 2022 2.0% | Sep 2022 2.2% | Dec 2022 2.2% | Mar 2023 — | Jun 2023 3.0% | Sep 2023 2.3% | Dec 2023 2.3% | Mar 2024 2.6% | Jun 2024 2.6% | Sep 2024 1.9% | Dec 2024 2.7% | Mar 2025 2.9% | Jun 2025 3.7% | Sep 2025 2.8% | Dec 2025 2.2% | Mar 2026 3.8% | Jun 2026 —
- INTC: Sep 2021 23% | Dec 2021 37% | Mar 2022 — | Jun 2022 25% | Sep 2022 47% | Dec 2022 48% | Mar 2023 — | Jun 2023 63% | Sep 2023 46% | Dec 2023 44% | Mar 2024 47% | Jun 2024 44% | Sep 2024 49% | Dec 2024 41% | Mar 2025 41% | Jun 2025 28% | Sep 2025 18% | Dec 2025 26% | Mar 2026 27% | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.7% | Sep 2022 4.1% | Dec 2022 1.4% | Mar 2023 2.5% | Jun 2023 3.9% | Sep 2023 4.2% | Dec 2023 2.5% | Mar 2024 1.2% | Jun 2024 3.1% | Sep 2024 6.3% | Dec 2024 6.4% | Mar 2025 6.0% | Jun 2025 15% | Sep 2025 12% | Dec 2025 14% | Mar 2026 5.0% | Jun 2026 —
- TXN: Sep 2021 11% | Dec 2021 27% | Mar 2022 9.0% | Jun 2022 12% | Sep 2022 15% | Dec 2022 21% | Mar 2023 22% | Jun 2023 32% | Sep 2023 33% | Dec 2023 28% | Mar 2024 34% | Jun 2024 28% | Sep 2024 32% | Dec 2024 30% | Mar 2025 28% | Jun 2025 29% | Sep 2025 25% | Dec 2025 21% | Mar 2026 14% | Jun 2026 —
- ADI: Sep 2021 4.9% | Dec 2021 5.6% | Mar 2022 4.1% | Jun 2022 4.0% | Sep 2022 5.3% | Dec 2022 9.4% | Mar 2023 5.4% | Jun 2023 8.7% | Sep 2023 11% | Dec 2023 18% | Mar 2024 8.9% | Jun 2024 8.7% | Sep 2024 6.7% | Dec 2024 6.8% | Mar 2025 6.1% | Jun 2025 3.4% | Sep 2025 2.7% | Dec 2025 7.0% | Mar 2026 3.4% | Jun 2026 3.8%
- QCOM: Sep 2021 4.6% | Dec 2021 5.4% | Mar 2022 4.4% | Jun 2022 5.1% | Sep 2022 5.6% | Dec 2022 4.2% | Mar 2023 4.9% | Jun 2023 3.6% | Sep 2023 3.4% | Dec 2023 2.2% | Mar 2024 2.0% | Jun 2024 4.1% | Sep 2024 2.5% | Dec 2024 2.4% | Mar 2025 1.9% | Jun 2025 2.8% | Sep 2025 3.6% | Dec 2025 4.5% | Mar 2026 5.0% | Jun 2026 —
- MRVL: Sep 2021 3.0% | Dec 2021 6.4% | Mar 2022 2.9% | Jun 2022 2.6% | Sep 2022 4.8% | Dec 2022 2.8% | Mar 2023 3.8% | Jun 2023 7.6% | Sep 2023 8.3% | Dec 2023 3.8% | Mar 2024 5.0% | Jun 2024 7.9% | Sep 2024 3.8% | Dec 2024 4.9% | Mar 2025 3.9% | Jun 2025 6.3% | Sep 2025 2.4% | Dec 2025 3.6% | Mar 2026 5.1% | Jun 2026 6.5%
- NXPI: Sep 2021 5.8% | Dec 2021 7.5% | Mar 2022 — | Jun 2022 9.1% | Sep 2022 8.1% | Dec 2022 8.2% | Mar 2023 — | Jun 2023 8.0% | Sep 2023 6.1% | Dec 2023 5.8% | Mar 2024 7.2% | Jun 2024 5.9% | Sep 2024 5.7% | Dec 2024 4.2% | Mar 2025 4.9% | Jun 2025 2.8% | Sep 2025 2.4% | Dec 2025 2.9% | Mar 2026 2.5% | Jun 2026 —
- MPWR: Sep 2021 5.9% | Dec 2021 5.3% | Mar 2022 7.1% | Jun 2022 2.6% | Sep 2022 1.4% | Dec 2022 2.8% | Mar 2023 2.0% | Jun 2023 1.8% | Sep 2023 5.7% | Dec 2023 3.1% | Mar 2024 3.5% | Jun 2024 6.3% | Sep 2024 5.5% | Dec 2024 11% | Mar 2025 6.3% | Jun 2025 7.2% | Sep 2025 5.8% | Dec 2025 5.5% | Mar 2026 8.8% | Jun 2026 —
- STM: Sep 2021 15% | Dec 2021 14% | Mar 2022 — | Jun 2022 24% | Sep 2022 21% | Dec 2022 22% | Mar 2023 — | Jun 2023 26% | Sep 2023 25% | Dec 2023 19% | Mar 2024 33% | Jun 2024 17% | Sep 2024 21% | Dec 2024 15% | Mar 2025 23% | Jun 2025 17% | Sep 2025 13% | Dec 2025 16% | Mar 2026 18% | Jun 2026 —
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 9.1% | Sep 2023 2.7% | Dec 2023 2.0% | Mar 2024 4.6% | Jun 2024 1.3% | Sep 2024 15% | Dec 2024 11% | Mar 2025 3.1% | Jun 2025 1.0% | Sep 2025 5.2% | Dec 2025 7.0% | Mar 2026 2.6% | Jun 2026 —
- MCHP: Sep 2021 4.8% | Dec 2021 5.2% | Mar 2022 6.2% | Jun 2022 6.2% | Sep 2022 5.3% | Dec 2022 6.5% | Mar 2023 5.1% | Jun 2023 4.8% | Sep 2023 3.3% | Dec 2023 3.4% | Mar 2024 3.0% | Jun 2024 5.9% | Sep 2024 1.8% | Dec 2024 1.8% | Mar 2025 1.4% | Jun 2025 1.7% | Sep 2025 3.2% | Dec 2025 1.9% | Mar 2026 1.1% | Jun 2026 —
- CRDO: Sep 2021 9.1% | Dec 2021 15% | Mar 2022 9.4% | Jun 2022 26% | Sep 2022 11% | Dec 2022 12% | Mar 2023 13% | Jun 2023 13% | Sep 2023 14% | Dec 2023 4.5% | Mar 2024 9.4% | Jun 2024 4.9% | Sep 2024 10% | Dec 2024 31% | Mar 2025 3.7% | Jun 2025 2.4% | Sep 2025 1.3% | Dec 2025 8.6% | Mar 2026 6.6% | Jun 2026 1.1%
- ON: Sep 2021 6.3% | Dec 2021 6.4% | Mar 2022 — | Jun 2022 8.9% | Sep 2022 11% | Dec 2022 18% | Mar 2023 17% | Jun 2023 21% | Sep 2023 20% | Dec 2023 18% | Mar 2024 13% | Jun 2024 8.1% | Sep 2024 9.2% | Dec 2024 9.1% | Mar 2025 — | Jun 2025 10% | Sep 2025 5.3% | Dec 2025 3.0% | Mar 2026 — | Jun 2026 1.5%
- GFS: Sep 2021 23% | Dec 2021 34% | Mar 2022 32% | Jun 2022 40% | Sep 2022 29% | Dec 2022 47% | Mar 2023 44% | Jun 2023 22% | Sep 2023 17% | Dec 2023 12% | Mar 2024 15% | Jun 2024 6.2% | Sep 2024 9.3% | Dec 2024 7.4% | Mar 2025 11% | Jun 2025 9.4% | Sep 2025 11% | Dec 2025 11% | Mar 2026 19% | Jun 2026 —
- TSEM: Sep 2021 23% | Dec 2021 — | Mar 2022 19% | Jun 2022 12% | Sep 2022 — | Dec 2022 — | Mar 2023 30% | Jun 2023 25% | Sep 2023 28% | Dec 2023 — | Mar 2024 30% | Jun 2024 32% | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 30% | Sep 2025 — | Dec 2025 25% | Mar 2026 38% | Jun 2026 —
- MTSI: Sep 2021 3.9% | Dec 2021 3.2% | Mar 2022 — | Jun 2022 4.2% | Sep 2022 4.1% | Dec 2022 5.6% | Mar 2023 3.6% | Jun 2023 2.0% | Sep 2023 4.0% | Dec 2023 3.2% | Mar 2024 2.8% | Jun 2024 3.7% | Sep 2024 2.5% | Dec 2024 — | Mar 2025 2.3% | Jun 2025 3.4% | Sep 2025 3.6% | Dec 2025 7.7% | Mar 2026 4.8% | Jun 2026 4.5%
- LSCC: Sep 2021 2.4% | Dec 2021 2.3% | Mar 2022 2.1% | Jun 2022 2.6% | Sep 2022 2.5% | Dec 2022 2.3% | Mar 2023 — | Jun 2023 4.3% | Sep 2023 2.1% | Dec 2023 2.3% | Mar 2024 2.1% | Jun 2024 5.6% | Sep 2024 3.9% | Dec 2024 5.1% | Mar 2025 7.5% | Jun 2025 5.6% | Sep 2025 9.8% | Dec 2025 — | Mar 2026 9.6% | Jun 2026 6.4%
- SITM: Sep 2021 14% | Dec 2021 15% | Mar 2022 10% | Jun 2022 13% | Sep 2022 11% | Dec 2022 12% | Mar 2023 5.3% | Jun 2023 7.1% | Sep 2023 5.6% | Dec 2023 7.1% | Mar 2024 9.1% | Jun 2024 6.8% | Sep 2024 26% | Dec 2024 24% | Mar 2025 27% | Jun 2025 26% | Sep 2025 6.0% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- SMTC: Sep 2021 3.8% | Dec 2021 2.6% | Mar 2022 4.2% | Jun 2022 4.0% | Sep 2022 3.3% | Dec 2022 3.9% | Mar 2023 3.6% | Jun 2023 5.9% | Sep 2023 2.9% | Dec 2023 3.5% | Mar 2024 — | Jun 2024 0.5% | Sep 2024 1.4% | Dec 2024 0.0% | Mar 2025 1.2% | Jun 2025 0.8% | Sep 2025 1.2% | Dec 2025 1.1% | Mar 2026 0.7% | Jun 2026 2.7%
- SWKS: Sep 2021 10% | Dec 2021 20% | Mar 2022 — | Jun 2022 9.5% | Sep 2022 10% | Dec 2022 4.8% | Mar 2023 3.9% | Jun 2023 — | Sep 2023 2.9% | Dec 2023 1.8% | Mar 2024 2.7% | Jun 2024 2.6% | Sep 2024 8.1% | Dec 2024 3.6% | Mar 2025 4.1% | Jun 2025 6.4% | Sep 2025 — | Dec 2025 5.1% | Mar 2026 5.5% | Jun 2026 8.7%
- RMBS: Sep 2021 2.5% | Dec 2021 6.5% | Mar 2022 2.0% | Jun 2022 4.1% | Sep 2022 5.4% | Dec 2022 4.1% | Mar 2023 7.0% | Jun 2023 5.8% | Sep 2023 7.6% | Dec 2023 0.8% | Mar 2024 2.5% | Jun 2024 8.3% | Sep 2024 6.8% | Dec 2024 3.7% | Mar 2025 4.8% | Jun 2025 4.1% | Sep 2025 3.4% | Dec 2025 3.7% | Mar 2026 6.7% | Jun 2026 —
- ALGM: Sep 2021 9.3% | Dec 2021 12% | Mar 2022 7.0% | Jun 2022 6.4% | Sep 2022 8.8% | Dec 2022 5.6% | Mar 2023 11% | Jun 2023 16% | Sep 2023 11% | Dec 2023 13% | Mar 2024 5.8% | Jun 2024 6.6% | Sep 2024 5.3% | Dec 2024 7.9% | Mar 2025 2.6% | Jun 2025 5.4% | Sep 2025 2.8% | Dec 2025 1.7% | Mar 2026 7.0% | Jun 2026 —
- QRVO: Sep 2021 5.9% | Dec 2021 3.7% | Mar 2022 4.5% | Jun 2022 4.3% | Sep 2022 4.2% | Dec 2022 4.1% | Mar 2023 — | Jun 2023 5.4% | Sep 2023 6.0% | Dec 2023 2.4% | Mar 2024 3.5% | Jun 2024 4.3% | Sep 2024 3.2% | Dec 2024 4.1% | Mar 2025 3.3% | Jun 2025 4.6% | Sep 2025 4.0% | Dec 2025 2.8% | Mar 2026 2.6% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: NVIDIA Corporation has the clearest covered balance-sheet capacity with $68,224 million net cash and gross debt of $12,348 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Monolithic Power Systems, Inc. · $0 million | null versus #2 · SiTime Corporation | 8/8 recent comparable periods | 26/27 companies · 487 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Monolithic Power Systems, Inc. (MPWR): ₹0 Cr
2. SiTime Corporation (SITM): ₹0 Cr
3. Credo Technology Group Holding Ltd (CRDO): ₹21 Cr
4. Rambus Inc. (RMBS): ₹23 Cr
5. Lattice Semiconductor Corporation (LSCC): ₹34 Cr

### Net debt — lowest net debt
1. NVIDIA Corporation (NVDA): ₹-68.2K Cr
2. Micron Technology, Inc. (MU): ₹-19.6K Cr
3. Advanced Micro Devices, Inc. (AMD): ₹-8.5K Cr
4. Arm Holdings plc (ARM): ₹-3.2K Cr
5. STMicroelectronics N.V. (STM): ₹-2.0K Cr

### 20-quarter Gross debt history
- NVDA: Sep 2021 ₹12.7K Cr | Dec 2021 ₹11.7K Cr | Mar 2022 ₹11.7K Cr | Jun 2022 ₹11.7K Cr | Sep 2022 ₹11.7K Cr | Dec 2022 ₹11.7K Cr | Mar 2023 ₹11.9K Cr | Jun 2023 ₹11.9K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹10.8K Cr | Mar 2024 ₹10.8K Cr | Jun 2024 ₹11.0K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹10.0K Cr | Mar 2025 ₹10.0K Cr | Jun 2025 ₹10.0K Cr | Sep 2025 ₹10.3K Cr | Dec 2025 ₹10.5K Cr | Mar 2026 ₹11.0K Cr | Jun 2026 ₹12.3K Cr
- AVGO: Sep 2021 ₹40.5K Cr | Dec 2021 ₹39.7K Cr | Mar 2022 ₹39.5K Cr | Jun 2022 ₹39.5K Cr | Sep 2022 ₹39.5K Cr | Dec 2022 ₹39.5K Cr | Mar 2023 ₹39.3K Cr | Jun 2023 ₹39.3K Cr | Sep 2023 ₹39.3K Cr | Dec 2023 ₹39.2K Cr | Mar 2024 ₹75.9K Cr | Jun 2024 ₹74.0K Cr | Sep 2024 ₹70.0K Cr | Dec 2024 ₹67.6K Cr | Mar 2025 ₹66.6K Cr | Jun 2025 ₹67.3K Cr | Sep 2025 ₹64.2K Cr | Dec 2025 ₹65.1K Cr | Mar 2026 ₹66.1K Cr | Jun 2026 ₹64.9K Cr
- MU: Sep 2021 ₹7.3K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹7.6K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹10.9K Cr | Mar 2023 ₹12.9K Cr | Jun 2023 ₹13.8K Cr | Sep 2023 ₹13.9K Cr | Dec 2023 ₹14.1K Cr | Mar 2024 ₹14.3K Cr | Jun 2024 ₹13.9K Cr | Sep 2024 ₹14.0K Cr | Dec 2024 ₹14.4K Cr | Mar 2025 ₹15.0K Cr | Jun 2025 ₹16.1K Cr | Sep 2025 ₹15.3K Cr | Dec 2025 ₹12.4K Cr | Mar 2026 ₹10.8K Cr | Jun 2026 ₹6.4K Cr
- AMD: Sep 2021 ₹582 Cr | Dec 2021 ₹661 Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 — | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- INTC: Sep 2021 ₹40.3K Cr | Dec 2021 ₹38.1K Cr | Mar 2022 — | Jun 2022 ₹37.2K Cr | Sep 2022 ₹35.4K Cr | Dec 2022 ₹39.5K Cr | Mar 2023 — | Jun 2023 ₹50.3K Cr | Sep 2023 ₹49.0K Cr | Dec 2023 ₹49.3K Cr | Mar 2024 ₹52.5K Cr | Jun 2024 ₹53.0K Cr | Sep 2024 ₹50.2K Cr | Dec 2024 ₹50.0K Cr | Mar 2025 ₹50.2K Cr | Jun 2025 ₹50.8K Cr | Sep 2025 ₹46.6K Cr | Dec 2025 ₹46.6K Cr | Mar 2026 ₹45.0K Cr | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 ₹261 Cr | Mar 2022 ₹261 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹223 Cr | Sep 2023 ₹214 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹228 Cr | Jun 2024 ₹249 Cr | Sep 2024 ₹258 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹375 Cr | Sep 2025 ₹410 Cr | Dec 2025 ₹437 Cr | Mar 2026 ₹432 Cr | Jun 2026 —
- TXN: Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.9K Cr | Dec 2022 ₹8.7K Cr | Mar 2023 ₹10.1K Cr | Jun 2023 ₹11.2K Cr | Sep 2023 ₹11.2K Cr | Dec 2023 ₹11.2K Cr | Mar 2024 ₹14.2K Cr | Jun 2024 ₹13.9K Cr | Sep 2024 ₹13.9K Cr | Dec 2024 ₹13.6K Cr | Mar 2025 ₹12.8K Cr | Jun 2025 ₹14.0K Cr | Sep 2025 ₹14.0K Cr | Dec 2025 ₹14.0K Cr | Mar 2026 ₹14.1K Cr | Jun 2026 —
- ADI: Sep 2021 ₹5.2K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹6.9K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹8.1K Cr | Sep 2024 ₹8.1K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹8.7K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹8.7K Cr | Jun 2026 ₹8.7K Cr
- QCOM: Sep 2021 ₹15.7K Cr | Dec 2021 ₹15.8K Cr | Mar 2022 ₹15.7K Cr | Jun 2022 ₹15.5K Cr | Sep 2022 ₹15.5K Cr | Dec 2022 ₹16.9K Cr | Mar 2023 ₹16.0K Cr | Jun 2023 ₹15.4K Cr | Sep 2023 ₹15.4K Cr | Dec 2023 ₹15.5K Cr | Mar 2024 ₹15.5K Cr | Jun 2024 ₹14.6K Cr | Sep 2024 ₹14.6K Cr | Dec 2024 ₹14.6K Cr | Mar 2025 ₹14.6K Cr | Jun 2025 ₹14.8K Cr | Sep 2025 ₹14.8K Cr | Dec 2025 ₹14.8K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 —
- MRVL: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 ₹5.0K Cr
- NXPI: Sep 2021 ₹9.6K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 — | Jun 2022 ₹10.6K Cr | Sep 2022 ₹11.2K Cr | Dec 2022 ₹11.2K Cr | Mar 2023 — | Jun 2023 ₹11.2K Cr | Sep 2023 ₹11.2K Cr | Dec 2023 ₹11.2K Cr | Mar 2024 ₹10.2K Cr | Jun 2024 ₹10.2K Cr | Sep 2024 ₹10.2K Cr | Dec 2024 ₹10.9K Cr | Mar 2025 ₹11.7K Cr | Jun 2025 ₹11.5K Cr | Sep 2025 ₹12.2K Cr | Dec 2025 ₹12.2K Cr | Mar 2026 ₹11.7K Cr | Jun 2026 —
- MPWR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- STM: Sep 2021 ₹3.2K Cr | Dec 2021 ₹205 Cr | Mar 2022 — | Jun 2022 ₹140 Cr | Sep 2022 ₹133 Cr | Dec 2022 ₹155 Cr | Mar 2023 — | Jun 2023 ₹176 Cr | Sep 2023 ₹894 Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹238 Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹988 Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹256 Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹4.0K Cr
- MCHP: Sep 2021 ₹8.2K Cr | Dec 2021 ₹7.9K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹6.6K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- CRDO: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹21 Cr
- ON: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 — | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 — | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 — | Jun 2026 ₹3.0K Cr
- GFS: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- TSEM: Sep 2021 ₹318 Cr | Dec 2021 ₹315 Cr | Mar 2022 ₹269 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹244 Cr | Jun 2023 ₹220 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹209 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹156 Cr | Jun 2026 —
- MTSI: Sep 2021 ₹524 Cr | Dec 2021 ₹530 Cr | Mar 2022 — | Jun 2022 ₹603 Cr | Sep 2022 ₹603 Cr | Dec 2022 ₹604 Cr | Mar 2023 ₹608 Cr | Jun 2023 ₹614 Cr | Sep 2023 ₹489 Cr | Dec 2023 ₹489 Cr | Mar 2024 ₹489 Cr | Jun 2024 ₹489 Cr | Sep 2024 ₹489 Cr | Dec 2024 — | Mar 2025 ₹540 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹569 Cr | Dec 2025 ₹569 Cr | Mar 2026 ₹568 Cr | Jun 2026 ₹408 Cr
- LSCC: Sep 2021 ₹189 Cr | Dec 2021 ₹183 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹171 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹163 Cr | Mar 2023 — | Jun 2023 ₹116 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹36 Cr | Jun 2026 ₹34 Cr
- SITM: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- SMTC: Sep 2021 ₹175 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹172 Cr | Jun 2022 ₹182 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹455 Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹543 Cr | Sep 2025 ₹519 Cr | Dec 2025 ₹491 Cr | Mar 2026 ₹491 Cr | Jun 2026 ₹492 Cr
- SWKS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 — | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 — | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 — | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- RMBS: Sep 2021 ₹199 Cr | Dec 2021 ₹199 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- ALGM: Sep 2021 ₹42 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹275 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹425 Cr | Dec 2024 ₹398 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹335 Cr | Sep 2025 ₹309 Cr | Dec 2025 ₹308 Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- QRVO: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 — | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —

### 20-quarter Net debt history
- NVDA: Sep 2021 ₹-7.0K Cr | Dec 2021 ₹-7.6K Cr | Mar 2022 ₹-9.5K Cr | Jun 2022 ₹-8.6K Cr | Sep 2022 ₹-5.3K Cr | Dec 2022 ₹-1.4K Cr | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-3.4K Cr | Sep 2023 ₹-5.3K Cr | Dec 2023 ₹-7.5K Cr | Mar 2024 ₹-15.2K Cr | Jun 2024 ₹-20.4K Cr | Sep 2024 ₹-25.0K Cr | Dec 2024 ₹-28.5K Cr | Mar 2025 ₹-33.2K Cr | Jun 2025 ₹-43.7K Cr | Sep 2025 ₹-46.5K Cr | Dec 2025 ₹-50.1K Cr | Mar 2026 ₹-51.5K Cr | Jun 2026 ₹-68.2K Cr
- AVGO: Sep 2021 ₹29.4K Cr | Dec 2021 ₹27.6K Cr | Mar 2022 ₹29.3K Cr | Jun 2022 ₹30.5K Cr | Sep 2022 ₹29.5K Cr | Dec 2022 ₹27.1K Cr | Mar 2023 ₹26.6K Cr | Jun 2023 ₹27.8K Cr | Sep 2023 ₹27.3K Cr | Dec 2023 ₹25.0K Cr | Mar 2024 ₹64.0K Cr | Jun 2024 ₹64.2K Cr | Sep 2024 ₹60.0K Cr | Dec 2024 ₹58.2K Cr | Mar 2025 ₹57.3K Cr | Jun 2025 ₹57.8K Cr | Sep 2025 ₹53.5K Cr | Dec 2025 ₹49.0K Cr | Mar 2026 ₹51.9K Cr | Jun 2026 ₹45.3K Cr
- MU: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-2.0K Cr | Mar 2022 ₹-2.5K Cr | Jun 2022 ₹-2.6K Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹309 Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹-3.8K Cr | Jun 2026 ₹-19.6K Cr
- AMD: Sep 2021 ₹-3.0K Cr | Dec 2021 ₹-2.9K Cr | Mar 2022 ₹-4.4K Cr | Jun 2022 ₹-2.8K Cr | Sep 2022 ₹-2.7K Cr | Dec 2022 ₹-3.0K Cr | Mar 2023 — | Jun 2023 ₹-3.1K Cr | Sep 2023 ₹-3.4K Cr | Dec 2023 ₹-2.8K Cr | Mar 2024 ₹-3.0K Cr | Jun 2024 ₹-3.1K Cr | Sep 2024 ₹-2.3K Cr | Dec 2024 ₹-2.9K Cr | Mar 2025 ₹-2.6K Cr | Jun 2025 ₹-2.0K Cr | Sep 2025 ₹-3.4K Cr | Dec 2025 ₹-6.7K Cr | Mar 2026 ₹-8.5K Cr | Jun 2026 —
- INTC: Sep 2021 ₹5.7K Cr | Dec 2021 ₹8.8K Cr | Mar 2022 — | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹8.4K Cr | Dec 2022 ₹17.0K Cr | Mar 2023 — | Jun 2023 ₹22.7K Cr | Sep 2023 ₹24.8K Cr | Dec 2023 ₹24.2K Cr | Mar 2024 ₹31.1K Cr | Jun 2024 ₹23.8K Cr | Sep 2024 ₹26.2K Cr | Dec 2024 ₹27.9K Cr | Mar 2025 ₹29.1K Cr | Jun 2025 ₹29.6K Cr | Sep 2025 ₹15.6K Cr | Dec 2025 ₹9.2K Cr | Mar 2026 ₹12.2K Cr | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-2.0K Cr | Jun 2023 ₹-1.8K Cr | Sep 2023 ₹-2.0K Cr | Dec 2023 ₹-2.2K Cr | Mar 2024 ₹-1.7K Cr | Jun 2024 ₹-2.2K Cr | Sep 2024 ₹-2.1K Cr | Dec 2024 ₹-2.4K Cr | Mar 2025 ₹-2.5K Cr | Jun 2025 ₹-2.5K Cr | Sep 2025 ₹-2.8K Cr | Dec 2025 ₹-3.1K Cr | Mar 2026 ₹-3.2K Cr | Jun 2026 —
- TXN: Sep 2021 ₹-2.0K Cr | Dec 2021 ₹-2.0K Cr | Mar 2022 ₹-2.1K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-1.2K Cr | Dec 2022 ₹-332 Cr | Mar 2023 ₹581 Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹8.7K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹9.2K Cr | Mar 2026 ₹8.9K Cr | Jun 2026 —
- ADI: Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 ₹5.2K Cr
- QCOM: Sep 2021 ₹3.3K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹8.7K Cr | Sep 2022 ₹9.1K Cr | Dec 2022 ₹8.6K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹272 Cr | Mar 2025 ₹777 Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- MRVL: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.1K Cr
- NXPI: Sep 2021 ₹6.7K Cr | Dec 2021 ₹7.3K Cr | Mar 2022 — | Jun 2022 ₹7.9K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 — | Jun 2023 ₹7.2K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹6.9K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹8.3K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹8.0K Cr | Jun 2026 —
- MPWR: Sep 2021 ₹-742 Cr | Dec 2021 ₹-725 Cr | Mar 2022 ₹-774 Cr | Jun 2022 ₹-812 Cr | Sep 2022 ₹-736 Cr | Dec 2022 ₹-738 Cr | Mar 2023 ₹-918 Cr | Jun 2023 ₹-940 Cr | Sep 2023 ₹-1.0K Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-863 Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-1.1K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- STM: Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-3.3K Cr | Mar 2022 — | Jun 2022 ₹-3.3K Cr | Sep 2022 ₹-3.1K Cr | Dec 2022 ₹-3.9K Cr | Mar 2023 — | Jun 2023 ₹-4.3K Cr | Sep 2023 ₹-2.3K Cr | Dec 2023 ₹-2.8K Cr | Mar 2024 ₹-6.0K Cr | Jun 2024 ₹-2.4K Cr | Sep 2024 ₹-5.3K Cr | Dec 2024 ₹-2.0K Cr | Mar 2025 ₹-5.0K Cr | Jun 2025 ₹-1.5K Cr | Sep 2025 ₹-4.5K Cr | Dec 2025 ₹-2.8K Cr | Mar 2026 ₹-2.0K Cr | Jun 2026 ₹-2.0K Cr
- MCHP: Sep 2021 ₹7.9K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹7.4K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹6.3K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- CRDO: Sep 2021 ₹-98 Cr | Dec 2021 ₹-69 Cr | Mar 2022 ₹-239 Cr | Jun 2022 ₹-244 Cr | Sep 2022 ₹-230 Cr | Dec 2022 ₹-227 Cr | Mar 2023 ₹-219 Cr | Jun 2023 ₹-205 Cr | Sep 2023 ₹-226 Cr | Dec 2023 ₹-229 Cr | Mar 2024 ₹-397 Cr | Jun 2024 ₹-399 Cr | Sep 2024 ₹-385 Cr | Dec 2024 ₹-370 Cr | Mar 2025 ₹-366 Cr | Jun 2025 ₹-418 Cr | Sep 2025 ₹-468 Cr | Dec 2025 ₹-801 Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 ₹-1.4K Cr
- ON: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 — | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹312 Cr | Mar 2023 ₹798 Cr | Jun 2023 ₹861 Cr | Sep 2023 ₹802 Cr | Dec 2023 ₹877 Cr | Mar 2024 ₹747 Cr | Jun 2024 ₹682 Cr | Sep 2024 ₹596 Cr | Dec 2024 ₹276 Cr | Mar 2025 — | Jun 2025 ₹357 Cr | Sep 2025 ₹548 Cr | Dec 2025 ₹504 Cr | Mar 2026 — | Jun 2026 ₹603 Cr
- GFS: Sep 2021 ₹1.5K Cr | Dec 2021 ₹-500 Cr | Mar 2022 ₹-704 Cr | Jun 2022 ₹-415 Cr | Sep 2022 ₹-507 Cr | Dec 2022 ₹-118 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-175 Cr | Dec 2023 ₹-666 Cr | Mar 2024 ₹-257 Cr | Jun 2024 ₹-614 Cr | Sep 2024 ₹-624 Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹-1.6K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 —
- TSEM: Sep 2021 ₹-400 Cr | Dec 2021 ₹-450 Cr | Mar 2022 ₹-522 Cr | Jun 2022 ₹-576 Cr | Sep 2022 ₹-638 Cr | Dec 2022 ₹-734 Cr | Mar 2023 ₹-702 Cr | Jun 2023 ₹-694 Cr | Sep 2023 ₹-1.0K Cr | Dec 2023 ₹-1.0K Cr | Mar 2024 ₹-1.0K Cr | Jun 2024 ₹-1.0K Cr | Sep 2024 ₹-1.0K Cr | Dec 2024 ₹-1.0K Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-1.0K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-990 Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 —
- MTSI: Sep 2021 ₹215 Cr | Dec 2021 ₹185 Cr | Mar 2022 — | Jun 2022 ₹100 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹-93 Cr | Dec 2024 — | Mar 2025 ₹-117 Cr | Jun 2025 ₹-142 Cr | Sep 2025 ₹-166 Cr | Dec 2025 ₹-217 Cr | Mar 2026 ₹-200 Cr | Jun 2026 ₹-257 Cr
- LSCC: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹44 Cr | Mar 2023 — | Jun 2023 ₹4 Cr | Sep 2023 ₹-49 Cr | Dec 2023 ₹-117 Cr | Mar 2024 ₹-94 Cr | Jun 2024 ₹-97 Cr | Sep 2024 ₹-113 Cr | Dec 2024 ₹-127 Cr | Mar 2025 ₹-112 Cr | Jun 2025 ₹-91 Cr | Sep 2025 ₹-103 Cr | Dec 2025 — | Mar 2026 ₹-98 Cr | Jun 2026 ₹-106 Cr
- SITM: Sep 2021 ₹-261 Cr | Dec 2021 ₹-553 Cr | Mar 2022 ₹-562 Cr | Jun 2022 ₹-571 Cr | Sep 2022 ₹-555 Cr | Dec 2022 ₹-564 Cr | Mar 2023 ₹-569 Cr | Jun 2023 ₹-568 Cr | Sep 2023 ₹-562 Cr | Dec 2023 ₹-528 Cr | Mar 2024 ₹-517 Cr | Jun 2024 ₹-453 Cr | Sep 2024 ₹-435 Cr | Dec 2024 ₹-419 Cr | Mar 2025 ₹-399 Cr | Jun 2025 ₹-797 Cr | Sep 2025 ₹-810 Cr | Dec 2025 ₹-808 Cr | Mar 2026 ₹-789 Cr | Jun 2026 —
- SMTC: Sep 2021 ₹-88 Cr | Dec 2021 ₹-101 Cr | Mar 2022 ₹-108 Cr | Jun 2022 ₹-93 Cr | Sep 2022 ₹-190 Cr | Dec 2022 ₹-163 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹387 Cr | Sep 2025 ₹350 Cr | Dec 2025 ₹326 Cr | Mar 2026 ₹296 Cr | Jun 2026 ₹329 Cr
- SWKS: Sep 2021 ₹-1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 — | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 ₹948 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-88 Cr | Sep 2024 ₹-383 Cr | Dec 2024 ₹-565 Cr | Mar 2025 ₹-322 Cr | Jun 2025 ₹-146 Cr | Sep 2025 — | Dec 2025 ₹-208 Cr | Mar 2026 ₹-404 Cr | Jun 2026 ₹-269 Cr
- RMBS: Sep 2021 ₹-221 Cr | Dec 2021 ₹-287 Cr | Mar 2022 ₹-236 Cr | Jun 2022 ₹-266 Cr | Sep 2022 ₹-219 Cr | Dec 2022 ₹-269 Cr | Mar 2023 ₹-260 Cr | Jun 2023 ₹-302 Cr | Sep 2023 ₹-346 Cr | Dec 2023 ₹-395 Cr | Mar 2024 ₹-360 Cr | Jun 2024 ₹-402 Cr | Sep 2024 ₹-403 Cr | Dec 2024 ₹-452 Cr | Mar 2025 ₹-485 Cr | Jun 2025 ₹-567 Cr | Sep 2025 ₹-647 Cr | Dec 2025 ₹-737 Cr | Mar 2026 ₹-763 Cr | Jun 2026 —
- ALGM: Sep 2021 ₹-207 Cr | Dec 2021 ₹-218 Cr | Mar 2022 ₹-241 Cr | Jun 2022 ₹-246 Cr | Sep 2022 ₹-255 Cr | Dec 2022 ₹-294 Cr | Mar 2023 ₹-309 Cr | Jun 2023 ₹-307 Cr | Sep 2023 ₹-324 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹260 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹137 Cr | Jun 2026 —
- QRVO: Sep 2021 ₹547 Cr | Dec 2021 ₹593 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹958 Cr | Mar 2024 ₹959 Cr | Jun 2024 ₹879 Cr | Sep 2024 ₹865 Cr | Dec 2024 ₹780 Cr | Mar 2025 ₹528 Cr | Jun 2025 ₹384 Cr | Sep 2025 ₹446 Cr | Dec 2025 ₹230 Cr | Mar 2026 ₹330 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Micron Technology, Inc. leads ROCE at 36.4%, 2.3 percentage points above NVIDIA Corporation. Micron Technology, Inc. has the strongest latest improvement at +33 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Micron Technology, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Micron Technology, Inc. · 36.4% | 6.7% versus #2 · NVIDIA Corporation | 8/8 recent comparable periods | 27/27 companies · 486 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Micron Technology, Inc. (MU): 36%
2. NVIDIA Corporation (NVDA): 34%
3. Credo Technology Group Holding Ltd (CRDO): 11%
4. Broadcom Inc. (AVGO): 7.1%
5. NXP Semiconductors N.V. (NXPI): 6.7%

### ROCE change — fastest improvers
1. Micron Technology, Inc. (MU): +33.0 pp
2. NVIDIA Corporation (NVDA): +7.1 pp
3. Credo Technology Group Holding Ltd (CRDO): +5.7 pp
4. ON Semiconductor Corporation (ON): +4.4 pp
5. Astera Labs, Inc. (ALAB): +3.6 pp

### 20-quarter ROCE history
- NVDA: Sep 2021 — | Dec 2021 8.9% | Mar 2022 9.2% | Jun 2022 5.6% | Sep 2022 1.4% | Dec 2022 1.7% | Mar 2023 3.4% | Jun 2023 5.6% | Sep 2023 18% | Dec 2023 27% | Mar 2024 30% | Jun 2024 34% | Sep 2024 34% | Dec 2024 35% | Mar 2025 32% | Jun 2025 27% | Sep 2025 30% | Dec 2025 34% | Mar 2026 33% | Jun 2026 34%
- AVGO: Sep 2021 — | Dec 2021 3.7% | Mar 2022 4.5% | Jun 2022 5.1% | Sep 2022 5.6% | Dec 2022 5.9% | Mar 2023 6.2% | Jun 2023 6.2% | Sep 2023 6.0% | Dec 2023 6.4% | Mar 2024 1.9% | Jun 2024 2.7% | Sep 2024 3.6% | Dec 2024 4.3% | Mar 2025 4.1% | Jun 2025 3.9% | Sep 2025 4.0% | Dec 2025 5.0% | Mar 2026 5.8% | Jun 2026 7.1%
- MU: Sep 2021 — | Dec 2021 5.1% | Mar 2022 4.8% | Jun 2022 5.5% | Sep 2022 2.7% | Dec 2022 -0.4% | Mar 2023 -3.9% | Jun 2023 -3.0% | Sep 2023 -2.5% | Dec 2023 -1.9% | Mar 2024 0.3% | Jun 2024 1.2% | Sep 2024 2.5% | Dec 2024 3.6% | Mar 2025 2.8% | Jun 2025 3.4% | Sep 2025 5.6% | Dec 2025 9.0% | Mar 2026 21% | Jun 2026 36%
- AMD: Sep 2021 16% | Dec 2021 16% | Mar 2022 2.8% | Jun 2022 1.5% | Sep 2022 -0.2% | Dec 2022 -0.4% | Mar 2023 — | Jun 2023 -0.2% | Sep 2023 0.0% | Dec 2023 0.6% | Mar 2024 0.1% | Jun 2024 0.4% | Sep 2024 1.2% | Dec 2024 1.4% | Mar 2025 1.3% | Jun 2025 -0.2% | Sep 2025 2.0% | Dec 2025 2.7% | Mar 2026 2.2% | Jun 2026 —
- INTC: Sep 2021 4.0% | Dec 2021 3.7% | Mar 2022 — | Jun 2022 3.2% | Sep 2022 -0.5% | Dec 2022 -0.1% | Mar 2023 — | Jun 2023 -1.0% | Sep 2023 -0.7% | Dec 2023 1.6% | Mar 2024 -0.7% | Jun 2024 -1.2% | Sep 2024 -5.7% | Dec 2024 0.3% | Mar 2025 -0.2% | Jun 2025 -1.9% | Sep 2025 0.4% | Dec 2025 0.3% | Mar 2026 0.0% | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 0.0% | Mar 2022 -3.3% | Jun 2022 4.7% | Sep 2022 2.9% | Dec 2022 4.2% | Mar 2023 -0.9% | Jun 2023 1.9% | Sep 2023 -2.5% | Dec 2023 2.1% | Mar 2024 0.4% | Jun 2024 2.9% | Sep 2024 1.0% | Dec 2024 2.5% | Mar 2025 5.7% | Jun 2025 1.5% | Sep 2025 2.0% | Dec 2025 2.2% | Mar 2026 5.0% | Jun 2026 —
- TXN: Sep 2021 13% | Dec 2021 13% | Mar 2022 13% | Jun 2022 13% | Sep 2022 12% | Dec 2022 9.4% | Mar 2023 7.9% | Jun 2023 7.8% | Sep 2023 7.2% | Dec 2023 5.8% | Mar 2024 4.5% | Jun 2024 4.2% | Sep 2024 5.1% | Dec 2024 4.5% | Mar 2025 4.2% | Jun 2025 4.9% | Sep 2025 5.2% | Dec 2025 4.7% | Mar 2026 5.8% | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 0.3% | Mar 2022 1.1% | Jun 2022 2.7% | Sep 2022 2.7% | Dec 2022 2.3% | Mar 2023 2.3% | Jun 2023 2.4% | Sep 2023 2.0% | Dec 2023 1.4% | Mar 2024 1.3% | Jun 2024 0.8% | Sep 2024 1.1% | Dec 2024 1.3% | Mar 2025 1.1% | Jun 2025 1.5% | Sep 2025 1.8% | Dec 2025 2.1% | Mar 2026 2.2% | Jun 2026 3.1%
- QCOM: Sep 2021 10% | Dec 2021 13% | Mar 2022 13% | Jun 2022 14% | Sep 2022 11% | Dec 2022 7.0% | Mar 2023 5.9% | Jun 2023 4.8% | Sep 2023 3.6% | Dec 2023 7.1% | Mar 2024 5.5% | Jun 2024 5.3% | Sep 2024 6.0% | Dec 2024 8.0% | Mar 2025 6.9% | Jun 2025 6.1% | Sep 2025 6.8% | Dec 2025 7.6% | Mar 2026 5.0% | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 -0.2% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 0.2% | Dec 2022 0.5% | Mar 2023 0.1% | Jun 2023 -0.9% | Sep 2023 -1.1% | Dec 2023 -0.7% | Mar 2024 -0.2% | Jun 2024 -0.8% | Sep 2024 -0.5% | Dec 2024 -3.7% | Mar 2025 1.3% | Jun 2025 1.5% | Sep 2025 1.6% | Dec 2025 1.9% | Mar 2026 2.2% | Jun 2026 1.6%
- NXPI: Sep 2021 — | Dec 2021 4.1% | Mar 2022 — | Jun 2022 4.9% | Sep 2022 5.0% | Dec 2022 5.5% | Mar 2023 — | Jun 2023 4.3% | Sep 2023 4.8% | Dec 2023 5.0% | Mar 2024 4.3% | Jun 2024 4.5% | Sep 2024 4.9% | Dec 2024 2.7% | Mar 2025 3.5% | Jun 2025 3.4% | Sep 2025 4.1% | Dec 2025 2.8% | Mar 2026 6.7% | Jun 2026 —
- MPWR: Sep 2021 6.8% | Dec 2021 6.5% | Mar 2022 7.5% | Jun 2022 10% | Sep 2022 10% | Dec 2022 8.7% | Mar 2023 7.4% | Jun 2023 6.4% | Sep 2023 7.3% | Dec 2023 5.5% | Mar 2024 4.6% | Jun 2024 5.4% | Sep 2024 7.1% | Dec 2024 6.0% | Mar 2025 5.9% | Jun 2025 5.5% | Sep 2025 6.2% | Dec 2025 5.7% | Mar 2026 6.5% | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 5.3% | Mar 2022 — | Jun 2022 7.0% | Sep 2022 7.6% | Dec 2022 9.6% | Mar 2023 — | Jun 2023 7.9% | Sep 2023 7.1% | Dec 2023 5.7% | Mar 2024 2.9% | Jun 2024 1.9% | Sep 2024 1.9% | Dec 2024 1.8% | Mar 2025 0.0% | Jun 2025 -0.6% | Sep 2025 0.8% | Dec 2025 0.6% | Mar 2026 0.3% | Jun 2026 0.8%
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -3.8% | Dec 2022 -14% | Mar 2023 — | Jun 2023 — | Sep 2023 -1.2% | Dec 2023 5.6% | Mar 2024 -20% | Jun 2024 -5.7% | Sep 2024 -1.7% | Dec 2024 0.0% | Mar 2025 1.2% | Jun 2025 3.9% | Sep 2025 5.0% | Dec 2025 5.7% | Mar 2026 4.8% | Jun 2026 —
- MCHP: Sep 2021 2.8% | Dec 2021 3.6% | Mar 2022 3.8% | Jun 2022 4.7% | Sep 2022 5.3% | Dec 2022 5.5% | Mar 2023 6.0% | Jun 2023 6.5% | Sep 2023 6.6% | Dec 2023 3.9% | Mar 2024 1.9% | Jun 2024 1.6% | Sep 2024 1.1% | Dec 2024 0.2% | Mar 2025 -0.7% | Jun 2025 0.2% | Sep 2025 0.7% | Dec 2025 1.1% | Mar 2026 1.6% | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 -5.1% | Mar 2022 -0.2% | Jun 2022 -2.6% | Sep 2022 -0.1% | Dec 2022 -0.7% | Mar 2023 -0.8% | Jun 2023 -4.6% | Sep 2023 -4.0% | Dec 2023 -2.4% | Mar 2024 -1.3% | Jun 2024 -1.7% | Sep 2024 -3.1% | Dec 2024 -1.8% | Mar 2025 4.4% | Jun 2025 5.4% | Sep 2025 8.9% | Dec 2025 8.3% | Mar 2026 12% | Jun 2026 11%
- ON: Sep 2021 — | Dec 2021 5.3% | Mar 2022 — | Jun 2022 8.3% | Sep 2022 7.2% | Dec 2022 7.8% | Mar 2023 6.2% | Jun 2023 7.0% | Sep 2023 6.8% | Dec 2023 5.8% | Mar 2024 5.0% | Jun 2024 3.6% | Sep 2024 3.9% | Dec 2024 3.4% | Mar 2025 — | Jun 2025 -4.9% | Sep 2025 1.7% | Dec 2025 2.2% | Mar 2026 — | Jun 2026 -0.5%
- GFS: Sep 2021 0.5% | Dec 2021 0.8% | Mar 2022 2.0% | Jun 2022 2.6% | Sep 2022 3.0% | Dec 2022 2.2% | Mar 2023 2.1% | Jun 2023 2.0% | Sep 2023 1.8% | Dec 2023 2.1% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.2% | Dec 2024 -4.9% | Mar 2025 1.0% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 1.8% | Mar 2026 1.3% | Jun 2026 —
- TSEM: Sep 2021 2.5% | Dec 2021 3.0% | Mar 2022 6.5% | Jun 2022 3.7% | Sep 2022 4.1% | Dec 2022 4.8% | Mar 2023 4.3% | Jun 2023 2.4% | Sep 2023 16% | Dec 2023 1.9% | Mar 2024 1.4% | Jun 2024 2.2% | Sep 2024 2.1% | Dec 2024 1.7% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.8% | Dec 2025 2.4% | Mar 2026 2.1% | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 2.5% | Mar 2022 — | Jun 2022 3.0% | Sep 2022 3.2% | Dec 2022 2.9% | Mar 2023 2.6% | Jun 2023 1.3% | Sep 2023 1.1% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 1.8% | Dec 2024 — | Mar 2025 1.1% | Jun 2025 2.2% | Sep 2025 2.3% | Dec 2025 2.3% | Mar 2026 2.6% | Jun 2026 2.9%
- LSCC: Sep 2021 — | Dec 2021 4.5% | Mar 2022 4.9% | Jun 2022 6.1% | Sep 2022 7.6% | Dec 2022 7.8% | Mar 2023 — | Jun 2023 9.2% | Sep 2023 8.2% | Dec 2023 6.1% | Mar 2024 2.4% | Jun 2024 3.2% | Sep 2024 1.0% | Dec 2024 -1.6% | Mar 2025 0.9% | Jun 2025 0.6% | Sep 2025 -0.2% | Dec 2025 — | Mar 2026 0.1% | Jun 2026 3.4%
- SITM: Sep 2021 6.3% | Dec 2021 5.3% | Mar 2022 1.3% | Jun 2022 2.5% | Sep 2022 0.7% | Dec 2022 -0.8% | Mar 2023 -3.2% | Jun 2023 -4.6% | Sep 2023 -3.5% | Dec 2023 -3.6% | Mar 2024 -4.5% | Jun 2024 -4.3% | Sep 2024 -3.3% | Dec 2024 -2.9% | Mar 2025 -3.5% | Jun 2025 -2.5% | Sep 2025 -1.6% | Dec 2025 0.2% | Mar 2026 -1.2% | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 3.9% | Mar 2022 4.4% | Jun 2022 4.8% | Sep 2022 6.3% | Dec 2022 3.2% | Mar 2023 -3.5% | Jun 2023 -0.7% | Sep 2023 -21% | Dec 2023 -0.8% | Mar 2024 -37% | Jun 2024 0.2% | Sep 2024 0.5% | Dec 2024 1.2% | Mar 2025 1.9% | Jun 2025 3.1% | Sep 2025 -1.4% | Dec 2025 2.7% | Mar 2026 -1.6% | Jun 2026 2.2%
- SWKS: Sep 2021 — | Dec 2021 5.2% | Mar 2022 — | Jun 2022 5.6% | Sep 2022 4.5% | Dec 2022 4.7% | Mar 2023 3.5% | Jun 2023 — | Sep 2023 3.1% | Dec 2023 3.4% | Mar 2024 2.5% | Jun 2024 1.7% | Sep 2024 0.8% | Dec 2024 2.4% | Mar 2025 1.3% | Jun 2025 1.6% | Sep 2025 — | Dec 2025 1.6% | Mar 2026 1.4% | Jun 2026 0.6%
- RMBS: Sep 2021 0.4% | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 3.5% | Sep 2022 1.7% | Dec 2022 1.7% | Mar 2023 0.2% | Jun 2023 1.2% | Sep 2023 11% | Dec 2023 3.4% | Mar 2024 3.0% | Jun 2024 3.7% | Sep 2024 4.8% | Dec 2024 4.8% | Mar 2025 5.2% | Jun 2025 4.9% | Sep 2025 5.0% | Dec 2025 5.3% | Mar 2026 4.5% | Jun 2026 —
- ALGM: Sep 2021 5.6% | Dec 2021 5.2% | Mar 2022 4.3% | Jun 2022 2.0% | Sep 2022 7.6% | Dec 2022 7.7% | Mar 2023 7.0% | Jun 2023 7.5% | Sep 2023 7.2% | Dec 2023 3.1% | Mar 2024 1.3% | Jun 2024 -0.9% | Sep 2024 0.3% | Dec 2024 0.0% | Mar 2025 -1.0% | Jun 2025 -0.2% | Sep 2025 0.5% | Dec 2025 0.7% | Mar 2026 0.4% | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 5.6% | Mar 2022 4.4% | Jun 2022 4.0% | Sep 2022 1.5% | Dec 2022 3.9% | Mar 2023 — | Jun 2023 -2.9% | Sep 2023 -0.8% | Dec 2023 -0.7% | Mar 2024 0.5% | Jun 2024 0.1% | Sep 2024 0.2% | Dec 2024 1.0% | Mar 2025 0.5% | Jun 2025 0.6% | Sep 2025 3.0% | Dec 2025 3.6% | Mar 2026 0.6% | Jun 2026 —

### 20-quarter ROCE change history
- NVDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −7.2 pp | Mar 2023 −5.8 pp | Jun 2023 0.0 pp | Sep 2023 +16.7 pp | Dec 2023 +24.8 pp | Mar 2024 +26.9 pp | Jun 2024 +28.5 pp | Sep 2024 +15.6 pp | Dec 2024 +8.6 pp | Mar 2025 +2.0 pp | Jun 2025 −7.1 pp | Sep 2025 −3.4 pp | Dec 2025 −1.5 pp | Mar 2026 +0.7 pp | Jun 2026 +7.1 pp
- AVGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.2 pp | Mar 2023 +1.7 pp | Jun 2023 +1.1 pp | Sep 2023 +0.4 pp | Dec 2023 +0.5 pp | Mar 2024 −4.3 pp | Jun 2024 −3.5 pp | Sep 2024 −2.4 pp | Dec 2024 −2.1 pp | Mar 2025 +2.2 pp | Jun 2025 +1.2 pp | Sep 2025 +0.4 pp | Dec 2025 +0.7 pp | Mar 2026 +1.7 pp | Jun 2026 +3.2 pp
- MU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.5 pp | Mar 2023 −8.7 pp | Jun 2023 −8.5 pp | Sep 2023 −5.2 pp | Dec 2023 −1.5 pp | Mar 2024 +4.2 pp | Jun 2024 +4.2 pp | Sep 2024 +5.0 pp | Dec 2024 +5.5 pp | Mar 2025 +2.5 pp | Jun 2025 +2.2 pp | Sep 2025 +3.1 pp | Dec 2025 +5.4 pp | Mar 2026 +18.4 pp | Jun 2026 +33.0 pp
- AMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −15.7 pp | Dec 2022 −16.8 pp | Mar 2023 — | Jun 2023 −1.7 pp | Sep 2023 +0.2 pp | Dec 2023 +1.0 pp | Mar 2024 — | Jun 2024 +0.6 pp | Sep 2024 +1.2 pp | Dec 2024 +0.8 pp | Mar 2025 +1.2 pp | Jun 2025 −0.6 pp | Sep 2025 +0.8 pp | Dec 2025 +1.3 pp | Mar 2026 +0.9 pp | Jun 2026 —
- INTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 −3.8 pp | Mar 2023 — | Jun 2023 −4.2 pp | Sep 2023 −0.2 pp | Dec 2023 +1.7 pp | Mar 2024 — | Jun 2024 −0.2 pp | Sep 2024 −5.0 pp | Dec 2024 −1.3 pp | Mar 2025 +0.5 pp | Jun 2025 −0.7 pp | Sep 2025 +6.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +4.2 pp | Mar 2023 +2.4 pp | Jun 2023 −2.8 pp | Sep 2023 −5.4 pp | Dec 2023 −2.1 pp | Mar 2024 +1.3 pp | Jun 2024 +1.0 pp | Sep 2024 +3.5 pp | Dec 2024 +0.4 pp | Mar 2025 +5.3 pp | Jun 2025 −1.4 pp | Sep 2025 +1.0 pp | Dec 2025 −0.3 pp | Mar 2026 −0.7 pp | Jun 2026 —
- TXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −3.4 pp | Mar 2023 −4.7 pp | Jun 2023 −5.6 pp | Sep 2023 −4.9 pp | Dec 2023 −3.6 pp | Mar 2024 −3.4 pp | Jun 2024 −3.6 pp | Sep 2024 −2.1 pp | Dec 2024 −1.3 pp | Mar 2025 −0.3 pp | Jun 2025 +0.7 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +1.6 pp | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.0 pp | Mar 2023 +1.2 pp | Jun 2023 −0.3 pp | Sep 2023 −0.7 pp | Dec 2023 −0.9 pp | Mar 2024 −1.0 pp | Jun 2024 −1.6 pp | Sep 2024 −0.9 pp | Dec 2024 −0.1 pp | Mar 2025 −0.2 pp | Jun 2025 +0.7 pp | Sep 2025 +0.7 pp | Dec 2025 +0.8 pp | Mar 2026 +1.1 pp | Jun 2026 +1.6 pp
- QCOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −6.1 pp | Mar 2023 −7.2 pp | Jun 2023 −9.5 pp | Sep 2023 −7.4 pp | Dec 2023 +0.1 pp | Mar 2024 −0.4 pp | Jun 2024 +0.5 pp | Sep 2024 +2.4 pp | Dec 2024 +0.9 pp | Mar 2025 +1.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.8 pp | Dec 2025 −0.4 pp | Mar 2026 −1.9 pp | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.7 pp | Mar 2023 −0.1 pp | Jun 2023 −1.2 pp | Sep 2023 −1.3 pp | Dec 2023 −1.2 pp | Mar 2024 −0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.6 pp | Dec 2024 −3.0 pp | Mar 2025 +1.5 pp | Jun 2025 +2.3 pp | Sep 2025 +2.1 pp | Dec 2025 +5.6 pp | Mar 2026 +0.9 pp | Jun 2026 +0.1 pp
- NXPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.4 pp | Mar 2023 — | Jun 2023 −0.6 pp | Sep 2023 −0.2 pp | Dec 2023 −0.5 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 −2.3 pp | Mar 2025 −0.8 pp | Jun 2025 −1.1 pp | Sep 2025 −0.8 pp | Dec 2025 +0.1 pp | Mar 2026 +3.2 pp | Jun 2026 —
- MPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 +2.2 pp | Mar 2023 −0.1 pp | Jun 2023 −4.0 pp | Sep 2023 −3.1 pp | Dec 2023 −3.2 pp | Mar 2024 −2.8 pp | Jun 2024 −1.0 pp | Sep 2024 −0.2 pp | Dec 2024 +0.5 pp | Mar 2025 +1.3 pp | Jun 2025 +0.1 pp | Sep 2025 −0.9 pp | Dec 2025 −0.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +4.3 pp | Mar 2023 — | Jun 2023 +0.9 pp | Sep 2023 −0.5 pp | Dec 2023 −3.9 pp | Mar 2024 — | Jun 2024 −6.0 pp | Sep 2024 −5.2 pp | Dec 2024 −3.9 pp | Mar 2025 −2.9 pp | Jun 2025 −2.5 pp | Sep 2025 −1.1 pp | Dec 2025 −1.2 pp | Mar 2026 +0.3 pp | Jun 2026 +1.4 pp
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 +19.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 −5.6 pp | Mar 2025 +21.5 pp | Jun 2025 +9.6 pp | Sep 2025 +6.7 pp | Dec 2025 +5.7 pp | Mar 2026 +3.6 pp | Jun 2026 —
- MCHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +1.9 pp | Mar 2023 +2.2 pp | Jun 2023 +1.8 pp | Sep 2023 +1.3 pp | Dec 2023 −1.6 pp | Mar 2024 −4.1 pp | Jun 2024 −4.9 pp | Sep 2024 −5.5 pp | Dec 2024 −3.7 pp | Mar 2025 −2.6 pp | Jun 2025 −1.4 pp | Sep 2025 −0.4 pp | Dec 2025 +0.9 pp | Mar 2026 +2.3 pp | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +4.4 pp | Mar 2023 −0.6 pp | Jun 2023 −2.0 pp | Sep 2023 −3.9 pp | Dec 2023 −1.7 pp | Mar 2024 −0.5 pp | Jun 2024 +2.9 pp | Sep 2024 +0.9 pp | Dec 2024 +0.6 pp | Mar 2025 +5.7 pp | Jun 2025 +7.1 pp | Sep 2025 +12.0 pp | Dec 2025 +10.1 pp | Mar 2026 +7.5 pp | Jun 2026 +5.7 pp
- ON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.5 pp | Mar 2023 — | Jun 2023 −1.3 pp | Sep 2023 −0.4 pp | Dec 2023 −2.0 pp | Mar 2024 −1.2 pp | Jun 2024 −3.4 pp | Sep 2024 −2.9 pp | Dec 2024 −2.4 pp | Mar 2025 — | Jun 2025 −8.5 pp | Sep 2025 −2.2 pp | Dec 2025 −1.2 pp | Mar 2026 — | Jun 2026 +4.4 pp
- GFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +1.4 pp | Mar 2023 +0.1 pp | Jun 2023 −0.6 pp | Sep 2023 −1.2 pp | Dec 2023 −0.1 pp | Mar 2024 −1.1 pp | Jun 2024 −1.0 pp | Sep 2024 −0.6 pp | Dec 2024 −7.0 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.1 pp | Dec 2025 +6.7 pp | Mar 2026 +0.3 pp | Jun 2026 —
- TSEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +1.8 pp | Mar 2023 −2.2 pp | Jun 2023 −1.3 pp | Sep 2023 +11.7 pp | Dec 2023 −2.9 pp | Mar 2024 −2.9 pp | Jun 2024 −0.2 pp | Sep 2024 −13.7 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −0.8 pp | Sep 2025 −0.3 pp | Dec 2025 +0.7 pp | Mar 2026 +0.9 pp | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 — | Jun 2023 −1.7 pp | Sep 2023 −2.1 pp | Dec 2023 −2.2 pp | Mar 2024 −1.6 pp | Jun 2024 0.0 pp | Sep 2024 +0.7 pp | Dec 2024 — | Mar 2025 +0.1 pp | Jun 2025 +0.9 pp | Sep 2025 +0.5 pp | Dec 2025 — | Mar 2026 +1.5 pp | Jun 2026 +0.7 pp
- LSCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.3 pp | Mar 2023 — | Jun 2023 +3.1 pp | Sep 2023 +0.6 pp | Dec 2023 −1.7 pp | Mar 2024 — | Jun 2024 −6.0 pp | Sep 2024 −7.2 pp | Dec 2024 −7.7 pp | Mar 2025 −1.5 pp | Jun 2025 −2.6 pp | Sep 2025 −1.2 pp | Dec 2025 — | Mar 2026 −0.8 pp | Jun 2026 +2.8 pp
- SITM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 −6.1 pp | Mar 2023 −4.5 pp | Jun 2023 −7.1 pp | Sep 2023 −4.2 pp | Dec 2023 −2.8 pp | Mar 2024 −1.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.7 pp | Mar 2025 +1.0 pp | Jun 2025 +1.8 pp | Sep 2025 +1.7 pp | Dec 2025 +3.1 pp | Mar 2026 +2.3 pp | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.7 pp | Mar 2023 −7.9 pp | Jun 2023 −5.5 pp | Sep 2023 −27.3 pp | Dec 2023 −4.0 pp | Mar 2024 −33.7 pp | Jun 2024 +0.9 pp | Sep 2024 +21.5 pp | Dec 2024 +2.0 pp | Mar 2025 +39.1 pp | Jun 2025 +2.9 pp | Sep 2025 −1.9 pp | Dec 2025 +1.5 pp | Mar 2026 −3.5 pp | Jun 2026 −0.9 pp
- SWKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 −1.3 pp | Mar 2024 −1.0 pp | Jun 2024 — | Sep 2024 −2.3 pp | Dec 2024 −1.0 pp | Mar 2025 −1.2 pp | Jun 2025 −0.1 pp | Sep 2025 — | Dec 2025 −0.8 pp | Mar 2026 +0.1 pp | Jun 2026 −1.0 pp
- RMBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.9 pp | Mar 2023 −0.6 pp | Jun 2023 −2.3 pp | Sep 2023 +9.0 pp | Dec 2023 +1.7 pp | Mar 2024 +2.8 pp | Jun 2024 +2.5 pp | Sep 2024 −5.9 pp | Dec 2024 +1.4 pp | Mar 2025 +2.2 pp | Jun 2025 +1.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.5 pp | Mar 2026 −0.7 pp | Jun 2026 —
- ALGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +2.5 pp | Mar 2023 +2.7 pp | Jun 2023 +5.5 pp | Sep 2023 −0.4 pp | Dec 2023 −4.6 pp | Mar 2024 −5.7 pp | Jun 2024 −8.4 pp | Sep 2024 −6.9 pp | Dec 2024 −3.1 pp | Mar 2025 −2.3 pp | Jun 2025 +0.7 pp | Sep 2025 +0.2 pp | Dec 2025 +0.7 pp | Mar 2026 +1.4 pp | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.7 pp | Mar 2023 — | Jun 2023 −6.9 pp | Sep 2023 −2.3 pp | Dec 2023 −4.6 pp | Mar 2024 — | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.7 pp | Mar 2025 0.0 pp | Jun 2025 +0.5 pp | Sep 2025 +2.8 pp | Dec 2025 +2.6 pp | Mar 2026 +0.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: QUALCOMM Incorporated has the lowest comparable Guarded PEG at 0.46×, 41% below Microchip Technology Incorporated. Only 11 of 27 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: QUALCOMM Incorporated · 0.46× | 41% versus #2 · Microchip Technology Incorporated | 0/8 recent comparable periods | 11/27 companies · 31 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. QUALCOMM Incorporated (QCOM): 0.5
2. Microchip Technology Incorporated (MCHP): 0.8
3. NVIDIA Corporation (NVDA): 0.8
4. Analog Devices, Inc. (ADI): 1.3
5. NXP Semiconductors N.V. (NXPI): 1.3

### P/E — lowest P/E
1. QUALCOMM Incorporated (QCOM): 13.8
2. NXP Semiconductors N.V. (NXPI): 18.3
3. Micron Technology, Inc. (MU): 20.9
4. Qorvo, Inc. (QRVO): 21.4
5. Skyworks Solutions, Inc. (SWKS): 22.9

### 20-quarter Guarded PEG history
- NVDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.8 | Mar 2026 — | Jun 2026 —
- AVGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.7 | Dec 2023 1.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.1 | Dec 2025 — | Mar 2026 14.8 | Jun 2026 —
- TXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.1 | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.2 | Dec 2025 1.3 | Mar 2026 — | Jun 2026 —
- QCOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NXPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.3 | Jun 2026 —
- MPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.7 | Sep 2023 3.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MCHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TSEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 4.4 | Jun 2026 —
- RMBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 4.4 | Jun 2026 —
- ALGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- NVDA: Sep 2021 — | Dec 2021 78.7 | Mar 2022 59.3 | Jun 2022 49.7 | Sep 2022 59.5 | Dec 2022 58.9 | Mar 2023 119.8 | Jun 2023 144.5 | Sep 2023 112.4 | Dec 2023 53.4 | Mar 2024 51.3 | Jun 2024 51.3 | Sep 2024 53.1 | Dec 2024 55.7 | Mar 2025 48.5 | Jun 2025 35.8 | Sep 2025 49.4 | Dec 2025 46.2 | Mar 2026 38.3 | Jun 2026 31.9
- AVGO: Sep 2021 — | Dec 2021 35.5 | Mar 2022 31.9 | Jun 2022 27.5 | Sep 2022 23.2 | Dec 2022 17.9 | Mar 2023 19.9 | Jun 2023 19.6 | Sep 2023 27.7 | Dec 2023 25.4 | Mar 2024 45.4 | Jun 2024 55.1 | Sep 2024 125.1 | Dec 2024 137.3 | Mar 2025 106.4 | Jun 2025 76.3 | Sep 2025 73.6 | Dec 2025 77.5 | Mar 2026 64.7 | Jun 2026 70.2
- MU: Sep 2021 — | Dec 2021 12.8 | Mar 2022 11.2 | Jun 2022 8.6 | Sep 2022 7.4 | Dec 2022 10.1 | Mar 2023 40.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 136.5 | Dec 2024 28.3 | Mar 2025 22.0 | Jun 2025 17.4 | Sep 2025 16.1 | Dec 2025 21.9 | Mar 2026 19.6 | Jun 2026 20.9
- AMD: Sep 2021 32.8 | Dec 2021 56.9 | Mar 2022 44.5 | Jun 2022 36.6 | Sep 2022 40.7 | Dec 2022 77.1 | Mar 2023 — | Jun 2023 426.1 | Sep 2023 856.8 | Dec 2023 278.1 | Mar 2024 265.4 | Jun 2024 197.8 | Sep 2024 148.1 | Dec 2024 119.2 | Mar 2025 74.7 | Jun 2025 82.2 | Sep 2025 79.4 | Dec 2025 80.2 | Mar 2026 66.0 | Jun 2026 —
- INTC: Sep 2021 10.5 | Dec 2021 10.6 | Mar 2022 — | Jun 2022 8.0 | Sep 2022 7.8 | Dec 2022 7.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 125.6 | Mar 2024 46.0 | Jun 2024 134.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3,550.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 314.8 | Dec 2023 1,073.6 | Mar 2024 431.0 | Jun 2024 419.5 | Sep 2024 238.4 | Dec 2024 162.3 | Mar 2025 142.4 | Jun 2025 245.1 | Sep 2025 181.4 | Dec 2025 145.8 | Mar 2026 178.0 | Jun 2026 —
- TXN: Sep 2021 24.7 | Dec 2021 22.8 | Mar 2022 21.0 | Jun 2022 16.8 | Sep 2022 16.2 | Dec 2022 17.6 | Mar 2023 20.9 | Jun 2023 21.6 | Sep 2023 20.7 | Dec 2023 24.1 | Mar 2024 27.2 | Jun 2024 33.8 | Sep 2024 38.4 | Dec 2024 36.1 | Mar 2025 34.1 | Jun 2025 38.0 | Sep 2025 33.6 | Dec 2025 31.8 | Mar 2026 33.2 | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 50.1 | Mar 2022 49.9 | Jun 2022 43.7 | Sep 2022 47.5 | Dec 2022 27.6 | Mar 2023 25.8 | Jun 2023 25.5 | Sep 2023 27.0 | Dec 2023 24.5 | Mar 2024 34.4 | Jun 2024 46.6 | Sep 2024 62.5 | Dec 2024 68.7 | Mar 2025 67.5 | Jun 2025 54.1 | Sep 2025 56.6 | Dec 2025 51.0 | Mar 2026 56.1 | Jun 2026 58.5
- QCOM: Sep 2021 17.0 | Dec 2021 20.9 | Mar 2022 16.2 | Jun 2022 11.1 | Sep 2022 10.7 | Dec 2022 10.7 | Mar 2023 13.3 | Jun 2023 14.8 | Sep 2023 16.8 | Dec 2023 20.7 | Mar 2024 22.7 | Jun 2024 27.4 | Sep 2024 19.0 | Dec 2024 16.8 | Mar 2025 15.6 | Jun 2025 15.3 | Sep 2025 33.8 | Dec 2025 36.1 | Mar 2026 13.8 | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32.9 | Mar 2026 25.7 | Jun 2026 56.5
- NXPI: Sep 2021 — | Dec 2021 34.1 | Mar 2022 — | Jun 2022 22.6 | Sep 2022 16.0 | Dec 2022 14.7 | Mar 2023 — | Jun 2023 17.9 | Sep 2023 19.4 | Dec 2023 18.5 | Mar 2024 22.9 | Jun 2024 25.2 | Sep 2024 23.4 | Dec 2024 18.9 | Mar 2025 20.7 | Jun 2025 25.9 | Sep 2025 28.0 | Dec 2025 23.9 | Mar 2026 18.3 | Jun 2026 —
- MPWR: Sep 2021 108.9 | Dec 2021 97.7 | Mar 2022 84.3 | Jun 2022 55.1 | Sep 2022 44.9 | Dec 2022 39.1 | Mar 2023 51.9 | Jun 2023 58.0 | Sep 2023 50.1 | Dec 2023 72.0 | Mar 2024 80.7 | Jun 2024 97.8 | Sep 2024 104.2 | Dec 2024 18.2 | Mar 2025 17.2 | Jun 2025 21.2 | Sep 2025 26.1 | Dec 2025 70.5 | Mar 2026 78.5 | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 22.0 | Mar 2022 — | Jun 2022 16.7 | Sep 2022 10.0 | Dec 2022 8.4 | Mar 2023 — | Jun 2023 11.9 | Sep 2023 10.8 | Dec 2023 11.2 | Mar 2024 11.0 | Jun 2024 12.1 | Sep 2024 12.0 | Dec 2024 11.4 | Mar 2025 18.2 | Jun 2025 41.7 | Sep 2025 47.3 | Dec 2025 78.6 | Mar 2026 198.9 | Jun 2026 139.0
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 271.2 | Jun 2025 161.5 | Sep 2025 176.4 | Dec 2025 136.4 | Mar 2026 74.1 | Jun 2026 —
- MCHP: Sep 2021 65.0 | Dec 2021 50.3 | Mar 2022 33.1 | Jun 2022 22.6 | Sep 2022 19.6 | Dec 2022 19.8 | Mar 2023 20.8 | Jun 2023 19.9 | Sep 2023 16.5 | Dec 2023 20.2 | Mar 2024 25.8 | Jun 2024 36.6 | Sep 2024 56.2 | Dec 2024 102.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 293.7 | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 7,002.0 | Jun 2025 166.4 | Sep 2025 160.5 | Dec 2025 164.6 | Mar 2026 69.6 | Jun 2026 73.5
- ON: Sep 2021 — | Dec 2021 29.8 | Mar 2022 — | Jun 2022 18.3 | Sep 2022 12.1 | Dec 2022 14.7 | Mar 2023 20.1 | Jun 2023 21.6 | Sep 2023 18.7 | Dec 2023 17.1 | Mar 2024 15.0 | Jun 2024 15.2 | Sep 2024 18.5 | Dec 2024 17.4 | Mar 2025 — | Jun 2025 22.2 | Sep 2025 52.9 | Dec 2025 64.0 | Mar 2026 — | Jun 2026 44.1
- GFS: Sep 2021 — | Dec 2021 — | Mar 2022 891.7 | Jun 2022 44.8 | Sep 2022 32.2 | Dec 2022 20.6 | Mar 2023 26.2 | Jun 2023 23.8 | Sep 2023 22.8 | Dec 2023 33.1 | Mar 2024 32.2 | Jun 2024 34.4 | Sep 2024 30.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 22.0 | Mar 2026 32.0 | Jun 2026 —
- TSEM: Sep 2021 25.3 | Dec 2021 29.0 | Mar 2022 30.3 | Jun 2022 25.0 | Sep 2022 20.8 | Dec 2022 18.1 | Mar 2023 16.7 | Jun 2023 15.2 | Sep 2023 5.0 | Dec 2023 6.6 | Mar 2024 7.6 | Jun 2024 8.9 | Sep 2024 23.9 | Dec 2024 27.8 | Mar 2025 19.7 | Jun 2025 24.9 | Sep 2025 42.0 | Dec 2025 60.5 | Mar 2026 81.6 | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 121.0 | Mar 2022 — | Jun 2022 20.7 | Sep 2022 14.5 | Dec 2022 13.6 | Mar 2023 15.5 | Jun 2023 15.2 | Sep 2023 63.7 | Dec 2023 89.4 | Mar 2024 108.7 | Jun 2024 113.8 | Sep 2024 107.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 82.1 | Jun 2026 103.2
- LSCC: Sep 2021 — | Dec 2021 113.3 | Mar 2022 115.0 | Jun 2022 73.8 | Sep 2022 46.7 | Dec 2022 44.3 | Mar 2023 — | Jun 2023 67.3 | Sep 2023 65.8 | Dec 2023 37.3 | Mar 2024 50.2 | Jun 2024 42.6 | Sep 2024 52.0 | Dec 2024 134.0 | Mar 2025 149.5 | Jun 2025 218.2 | Sep 2025 356.8 | Dec 2025 — | Mar 2026 3,932.5 | Jun 2026 678.7
- SITM: Sep 2021 309.4 | Dec 2021 191.2 | Mar 2022 128.4 | Jun 2022 67.9 | Sep 2022 39.4 | Dec 2022 98.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 52.2 | Mar 2022 35.3 | Jun 2022 28.7 | Sep 2022 26.1 | Dec 2022 12.6 | Mar 2023 34.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 221.1 | Dec 2025 218.7 | Mar 2026 — | Jun 2026 —
- SWKS: Sep 2021 — | Dec 2021 18.3 | Mar 2022 — | Jun 2022 16.0 | Sep 2022 11.6 | Dec 2022 12.4 | Mar 2023 17.0 | Jun 2023 — | Sep 2023 17.1 | Dec 2023 19.9 | Mar 2024 20.4 | Jun 2024 22.0 | Sep 2024 26.8 | Dec 2024 27.7 | Mar 2025 25.2 | Jun 2025 29.9 | Sep 2025 — | Dec 2025 25.0 | Mar 2026 24.8 | Jun 2026 22.9
- RMBS: Sep 2021 — | Dec 2021 183.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 104.6 | Jun 2023 38.0 | Sep 2023 21.4 | Dec 2023 22.7 | Mar 2024 18.9 | Jun 2024 28.1 | Sep 2024 26.2 | Dec 2024 32.0 | Mar 2025 27.0 | Jun 2025 30.2 | Sep 2025 49.4 | Dec 2025 43.6 | Mar 2026 41.0 | Jun 2026 —
- ALGM: Sep 2021 107.6 | Dec 2021 65.1 | Mar 2022 47.1 | Jun 2022 41.2 | Sep 2022 35.4 | Dec 2022 39.3 | Mar 2023 49.5 | Jun 2023 37.0 | Sep 2023 24.6 | Dec 2023 26.6 | Mar 2024 34.6 | Jun 2024 74.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 17.5 | Mar 2022 15.8 | Jun 2022 13.1 | Sep 2022 12.5 | Dec 2022 12.5 | Mar 2023 — | Jun 2023 101.6 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 255.1 | Mar 2025 123.3 | Jun 2025 98.7 | Sep 2025 40.3 | Dec 2025 23.7 | Mar 2026 21.4 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Marvell Technology, Inc. leads both ev/ebitda at 1.76× and p/bv at 0.2×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Marvell Technology, Inc. · 1.76× | 81.8% versus #2 · Skyworks Solutions, Inc. | 0/8 recent comparable periods | 27/27 companies · 437 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Marvell Technology, Inc. (MRVL): 1.8
2. Skyworks Solutions, Inc. (SWKS): 9.7
3. Qorvo, Inc. (QRVO): 10.6
4. QUALCOMM Incorporated (QCOM): 10.8
5. GLOBALFOUNDRIES Inc. (GFS): 11.0

### P/BV — lowest P/BV
1. Marvell Technology, Inc. (MRVL): 0.2
2. Skyworks Solutions, Inc. (SWKS): 1.4
3. Intel Corporation (INTC): 1.9
4. Qorvo, Inc. (QRVO): 2.0
5. GLOBALFOUNDRIES Inc. (GFS): 2.1

### 20-quarter EV/EBITDA history
- NVDA: Sep 2021 — | Dec 2021 65.0 | Mar 2022 50.2 | Jun 2022 40.8 | Sep 2022 47.9 | Dec 2022 46.2 | Mar 2023 86.8 | Jun 2023 112.1 | Sep 2023 92.8 | Dec 2023 44.7 | Mar 2024 43.2 | Jun 2024 43.4 | Sep 2024 45.0 | Dec 2024 47.3 | Mar 2025 41.5 | Jun 2025 30.2 | Sep 2025 42.5 | Dec 2025 39.7 | Mar 2026 33.9 | Jun 2026 30.1
- AVGO: Sep 2021 — | Dec 2021 17.0 | Mar 2022 16.6 | Jun 2022 15.3 | Sep 2022 13.6 | Dec 2022 11.7 | Mar 2023 13.7 | Jun 2023 14.2 | Sep 2023 19.9 | Dec 2023 18.6 | Mar 2024 32.7 | Jun 2024 33.2 | Sep 2024 34.2 | Dec 2024 36.2 | Mar 2025 40.0 | Jun 2025 33.9 | Sep 2025 44.6 | Dec 2025 52.6 | Mar 2026 44.4 | Jun 2026 49.4
- MU: Sep 2021 — | Dec 2021 6.3 | Mar 2022 5.9 | Jun 2022 4.5 | Sep 2022 3.6 | Dec 2022 4.3 | Mar 2023 6.7 | Jun 2023 16.0 | Sep 2023 40.3 | Dec 2023 82.0 | Mar 2024 29.7 | Jun 2024 24.1 | Sep 2024 12.3 | Dec 2024 9.3 | Mar 2025 7.7 | Jun 2025 7.2 | Sep 2025 7.8 | Dec 2025 11.7 | Mar 2026 12.6 | Jun 2026 15.0
- AMD: Sep 2021 36.4 | Dec 2021 42.4 | Mar 2022 38.5 | Jun 2022 24.1 | Sep 2022 18.5 | Dec 2022 18.4 | Mar 2023 — | Jun 2023 32.2 | Sep 2023 45.9 | Dec 2023 61.1 | Mar 2024 89.9 | Jun 2024 91.9 | Sep 2024 99.1 | Dec 2024 38.9 | Mar 2025 28.7 | Jun 2025 43.8 | Sep 2025 44.7 | Dec 2025 51.1 | Mar 2026 43.8 | Jun 2026 —
- INTC: Sep 2021 7.1 | Dec 2021 7.0 | Mar 2022 — | Jun 2022 6.0 | Sep 2022 6.0 | Dec 2022 5.8 | Mar 2023 — | Jun 2023 18.8 | Sep 2023 22.8 | Dec 2023 24.9 | Mar 2024 21.8 | Jun 2024 16.8 | Sep 2024 77.3 | Dec 2024 — | Mar 2025 227.7 | Jun 2025 — | Sep 2025 21.8 | Dec 2025 21.3 | Mar 2026 19.9 | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 168.4 | Dec 2023 369.9 | Mar 2024 469.9 | Jun 2024 489.2 | Sep 2024 260.5 | Dec 2024 207.5 | Mar 2025 108.9 | Jun 2025 175.2 | Sep 2025 137.3 | Dec 2025 102.8 | Mar 2026 137.3 | Jun 2026 —
- TXN: Sep 2021 19.0 | Dec 2021 17.4 | Mar 2022 16.0 | Jun 2022 12.8 | Sep 2022 12.3 | Dec 2022 13.4 | Mar 2023 16.0 | Jun 2023 16.7 | Sep 2023 16.1 | Dec 2023 18.4 | Mar 2024 20.3 | Jun 2024 24.7 | Sep 2024 27.3 | Dec 2024 25.1 | Mar 2025 23.9 | Jun 2025 26.0 | Sep 2025 22.5 | Dec 2025 20.7 | Mar 2026 21.5 | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 34.7 | Mar 2022 28.8 | Jun 2022 22.2 | Sep 2022 20.8 | Dec 2022 14.1 | Mar 2023 14.4 | Jun 2023 14.6 | Sep 2023 15.8 | Dec 2023 14.0 | Mar 2024 18.3 | Jun 2024 22.2 | Sep 2024 25.8 | Dec 2024 28.3 | Mar 2025 27.3 | Jun 2025 24.1 | Sep 2025 25.0 | Dec 2025 24.3 | Mar 2026 28.9 | Jun 2026 32.6
- QCOM: Sep 2021 13.5 | Dec 2021 16.5 | Mar 2022 12.5 | Jun 2022 8.9 | Sep 2022 8.2 | Dec 2022 8.2 | Mar 2023 10.2 | Jun 2023 11.2 | Sep 2023 12.9 | Dec 2023 16.2 | Mar 2024 18.6 | Jun 2024 22.5 | Sep 2024 16.2 | Dec 2024 14.0 | Mar 2025 12.8 | Jun 2025 12.9 | Sep 2025 13.4 | Dec 2025 13.9 | Mar 2026 10.8 | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 93.3 | Mar 2022 66.9 | Jun 2022 43.9 | Sep 2022 33.7 | Dec 2022 23.3 | Mar 2023 25.4 | Jun 2023 27.3 | Sep 2023 52.8 | Dec 2023 50.4 | Mar 2024 74.3 | Jun 2024 73.7 | Sep 2024 57.0 | Dec 2024 190.3 | Mar 2025 158.4 | Jun 2025 54.3 | Sep 2025 47.5 | Dec 2025 33.7 | Mar 2026 26.3 | Jun 2026 1.8
- NXPI: Sep 2021 — | Dec 2021 16.8 | Mar 2022 — | Jun 2022 12.1 | Sep 2022 9.2 | Dec 2022 8.7 | Mar 2023 — | Jun 2023 11.3 | Sep 2023 12.3 | Dec 2023 12.1 | Mar 2024 14.9 | Jun 2024 16.4 | Sep 2024 15.2 | Dec 2024 10.7 | Mar 2025 13.4 | Jun 2025 16.0 | Sep 2025 17.0 | Dec 2025 12.5 | Mar 2026 12.3 | Jun 2026 —
- MPWR: Sep 2021 86.5 | Dec 2021 75.9 | Mar 2022 63.4 | Jun 2022 40.0 | Sep 2022 32.3 | Dec 2022 28.2 | Mar 2023 38.5 | Jun 2023 44.0 | Sep 2023 38.5 | Dec 2023 55.9 | Mar 2024 64.5 | Jun 2024 78.3 | Sep 2024 83.6 | Dec 2024 47.7 | Mar 2025 41.0 | Jun 2025 48.1 | Sep 2025 57.9 | Dec 2025 54.9 | Mar 2026 61.1 | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 15.8 | Mar 2022 — | Jun 2022 9.4 | Sep 2022 5.7 | Dec 2022 4.7 | Mar 2023 — | Jun 2023 7.3 | Sep 2023 6.8 | Dec 2023 6.9 | Mar 2024 6.1 | Jun 2024 7.0 | Sep 2024 5.6 | Dec 2024 5.5 | Mar 2025 5.4 | Jun 2025 11.4 | Sep 2025 9.3 | Dec 2025 8.4 | Mar 2026 12.9 | Jun 2026 31.4
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 23,248.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 299.4 | Sep 2025 286.3 | Dec 2025 150.5 | Mar 2026 75.4 | Jun 2026 —
- MCHP: Sep 2021 20.5 | Dec 2021 20.4 | Mar 2022 16.4 | Jun 2022 11.9 | Sep 2022 11.2 | Dec 2022 11.6 | Mar 2023 12.6 | Jun 2023 12.7 | Sep 2023 11.0 | Dec 2023 13.3 | Mar 2024 15.6 | Jun 2024 20.1 | Sep 2024 25.1 | Dec 2024 25.9 | Mar 2025 29.6 | Jun 2025 50.9 | Sep 2025 51.8 | Dec 2025 45.3 | Mar 2026 34.2 | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 858.0 | Jun 2025 132.8 | Sep 2025 133.8 | Dec 2025 145.8 | Mar 2026 62.4 | Jun 2026 68.3
- ON: Sep 2021 — | Dec 2021 13.5 | Mar 2022 — | Jun 2022 11.5 | Sep 2022 8.1 | Dec 2022 9.4 | Mar 2023 12.8 | Jun 2023 14.2 | Sep 2023 12.7 | Dec 2023 11.6 | Mar 2024 10.4 | Jun 2024 10.6 | Sep 2024 12.4 | Dec 2024 11.2 | Mar 2025 — | Jun 2025 10.9 | Sep 2025 21.2 | Dec 2025 22.0 | Mar 2026 — | Jun 2026 17.7
- GFS: Sep 2021 — | Dec 2021 17.6 | Mar 2022 48.7 | Jun 2022 14.5 | Sep 2022 11.9 | Dec 2022 7.4 | Mar 2023 16.7 | Jun 2023 18.3 | Sep 2023 22.0 | Dec 2023 11.3 | Mar 2024 11.6 | Jun 2024 11.3 | Sep 2024 9.1 | Dec 2024 16.8 | Mar 2025 14.6 | Jun 2025 15.4 | Sep 2025 15.0 | Dec 2025 8.6 | Mar 2026 11.0 | Jun 2026 —
- TSEM: Sep 2021 19.6 | Dec 2021 8.8 | Mar 2022 24.1 | Jun 2022 19.0 | Sep 2022 15.4 | Dec 2022 6.6 | Mar 2023 11.7 | Jun 2023 10.8 | Sep 2023 2.8 | Dec 2023 3.0 | Mar 2024 5.4 | Jun 2024 6.7 | Sep 2024 20.5 | Dec 2024 10.3 | Mar 2025 15.6 | Jun 2025 21.8 | Sep 2025 41.3 | Dec 2025 24.6 | Mar 2026 81.5 | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 31.0 | Mar 2022 — | Jun 2022 24.2 | Sep 2022 17.4 | Dec 2022 22.4 | Mar 2023 25.1 | Jun 2023 25.8 | Sep 2023 36.1 | Dec 2023 50.4 | Mar 2024 58.7 | Jun 2024 64.2 | Sep 2024 56.5 | Dec 2024 — | Mar 2025 67.3 | Jun 2025 39.3 | Sep 2025 56.9 | Dec 2025 48.1 | Mar 2026 59.3 | Jun 2026 76.3
- LSCC: Sep 2021 — | Dec 2021 80.4 | Mar 2022 84.8 | Jun 2022 56.9 | Sep 2022 37.2 | Dec 2022 35.5 | Mar 2023 — | Jun 2023 55.0 | Sep 2023 53.5 | Dec 2023 37.9 | Mar 2024 52.0 | Jun 2024 45.0 | Sep 2024 57.1 | Dec 2024 109.2 | Mar 2025 118.3 | Jun 2025 150.8 | Sep 2025 277.3 | Dec 2025 — | Mar 2026 228.2 | Jun 2026 194.6
- SITM: Sep 2021 168.9 | Dec 2021 135.9 | Mar 2022 90.8 | Jun 2022 46.6 | Sep 2022 21.4 | Dec 2022 58.7 | Mar 2023 2,420.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 33.9 | Mar 2022 23.5 | Jun 2022 18.5 | Sep 2022 16.6 | Dec 2022 7.2 | Mar 2023 24.8 | Jun 2023 27.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 67.5 | Jun 2025 22.7 | Sep 2025 47.1 | Dec 2025 55.6 | Mar 2026 98.3 | Jun 2026 155.4
- SWKS: Sep 2021 — | Dec 2021 13.9 | Mar 2022 — | Jun 2022 11.0 | Sep 2022 7.6 | Dec 2022 7.5 | Mar 2023 9.9 | Jun 2023 — | Sep 2023 9.7 | Dec 2023 11.6 | Mar 2024 12.0 | Jun 2024 12.9 | Sep 2024 14.2 | Dec 2024 13.7 | Mar 2025 10.3 | Jun 2025 12.0 | Sep 2025 — | Dec 2025 11.7 | Mar 2026 10.4 | Jun 2026 9.7
- RMBS: Sep 2021 44.1 | Dec 2021 42.7 | Mar 2022 40.8 | Jun 2022 20.6 | Sep 2022 21.7 | Dec 2022 28.9 | Mar 2023 44.5 | Jun 2023 68.5 | Sep 2023 30.5 | Dec 2023 34.5 | Mar 2024 27.6 | Jun 2024 23.3 | Sep 2024 20.2 | Dec 2024 23.0 | Mar 2025 19.7 | Jun 2025 22.6 | Sep 2025 36.7 | Dec 2025 30.3 | Mar 2026 28.3 | Jun 2026 —
- ALGM: Sep 2021 55.1 | Dec 2021 36.3 | Mar 2022 28.7 | Jun 2022 23.0 | Sep 2022 20.6 | Dec 2022 25.1 | Mar 2023 35.0 | Jun 2023 26.8 | Sep 2023 17.7 | Dec 2023 19.2 | Mar 2024 19.7 | Jun 2024 29.3 | Sep 2024 39.1 | Dec 2024 54.7 | Mar 2025 108.1 | Jun 2025 124.7 | Sep 2025 103.2 | Dec 2025 78.2 | Mar 2026 66.5 | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 11.8 | Mar 2022 11.2 | Jun 2022 8.8 | Sep 2022 7.7 | Dec 2022 7.2 | Mar 2023 — | Jun 2023 21.6 | Sep 2023 30.8 | Dec 2023 60.4 | Mar 2024 29.0 | Jun 2024 25.8 | Sep 2024 33.8 | Dec 2024 18.4 | Mar 2025 18.3 | Jun 2025 20.0 | Sep 2025 16.5 | Dec 2025 12.1 | Mar 2026 10.6 | Jun 2026 —

### 20-quarter P/BV history
- NVDA: Sep 2021 — | Dec 2021 26.9 | Mar 2022 21.5 | Jun 2022 17.7 | Sep 2022 19.0 | Dec 2022 16.0 | Mar 2023 22.7 | Jun 2023 28.0 | Sep 2023 42.0 | Dec 2023 30.0 | Mar 2024 35.0 | Jun 2024 43.9 | Sep 2024 47.8 | Dec 2024 52.6 | Mar 2025 44.0 | Jun 2025 32.3 | Sep 2025 42.2 | Dec 2025 38.1 | Mar 2026 29.0 | Jun 2026 25.8
- AVGO: Sep 2021 — | Dec 2021 8.8 | Mar 2022 10.0 | Jun 2022 10.7 | Sep 2022 10.4 | Dec 2022 8.7 | Mar 2023 10.6 | Jun 2023 11.8 | Sep 2023 16.8 | Dec 2023 14.5 | Mar 2024 8.1 | Jun 2024 8.5 | Sep 2024 10.2 | Dec 2024 11.7 | Mar 2025 14.9 | Jun 2025 13.8 | Sep 2025 18.6 | Dec 2025 21.6 | Mar 2026 19.7 | Jun 2026 22.9
- MU: Sep 2021 — | Dec 2021 2.0 | Mar 2022 2.1 | Jun 2022 1.7 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 2.3 | Jun 2024 3.2 | Sep 2024 2.4 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 2.5 | Dec 2025 4.4 | Mar 2026 6.5 | Jun 2026 10.4
- AMD: Sep 2021 18.0 | Dec 2021 23.6 | Mar 2022 3.5 | Jun 2022 2.5 | Sep 2022 2.0 | Dec 2022 1.9 | Mar 2023 — | Jun 2023 2.9 | Sep 2023 3.3 | Dec 2023 4.3 | Mar 2024 5.2 | Jun 2024 4.6 | Sep 2024 4.7 | Dec 2024 3.4 | Mar 2025 2.9 | Jun 2025 3.9 | Sep 2025 4.3 | Dec 2025 5.5 | Mar 2026 5.1 | Jun 2026 —
- INTC: Sep 2021 2.5 | Dec 2021 2.2 | Mar 2022 — | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.1 | Mar 2023 — | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 2.0 | Mar 2024 1.8 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.9 | Jun 2026 —
- ARM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11.5 | Dec 2023 15.4 | Mar 2024 24.6 | Jun 2024 30.3 | Sep 2024 25.0 | Dec 2024 20.3 | Mar 2025 16.5 | Jun 2025 24.4 | Sep 2025 20.3 | Dec 2025 14.9 | Mar 2026 19.4 | Jun 2026 —
- TXN: Sep 2021 14.6 | Dec 2021 13.1 | Mar 2022 12.1 | Jun 2022 10.1 | Sep 2022 9.7 | Dec 2022 10.3 | Mar 2023 11.1 | Jun 2023 10.3 | Sep 2023 8.7 | Dec 2023 9.2 | Mar 2024 9.3 | Jun 2024 10.3 | Sep 2024 10.9 | Dec 2024 10.1 | Mar 2025 10.0 | Jun 2025 11.5 | Sep 2025 10.0 | Dec 2025 9.6 | Mar 2026 10.5 | Jun 2026 —
- ADI: Sep 2021 — | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 2.2 | Sep 2022 2.4 | Dec 2022 2.0 | Mar 2023 2.4 | Jun 2023 2.5 | Sep 2023 2.8 | Dec 2023 2.2 | Mar 2024 2.7 | Jun 2024 2.8 | Sep 2024 2.9 | Dec 2024 3.2 | Mar 2025 3.0 | Jun 2025 2.8 | Sep 2025 3.2 | Dec 2025 3.4 | Mar 2026 4.5 | Jun 2026 5.7
- QCOM: Sep 2021 15.1 | Dec 2021 18.1 | Mar 2022 13.3 | Jun 2022 8.8 | Sep 2022 7.5 | Dec 2022 6.6 | Mar 2023 7.1 | Jun 2023 6.1 | Sep 2023 5.6 | Dec 2023 7.0 | Mar 2024 7.8 | Jun 2024 9.6 | Sep 2024 7.2 | Dec 2024 6.5 | Mar 2025 6.1 | Jun 2025 6.3 | Sep 2025 8.6 | Dec 2025 8.1 | Mar 2026 4.9 | Jun 2026 —
- MRVL: Sep 2021 — | Dec 2021 3.6 | Mar 2022 3.6 | Jun 2022 3.2 | Sep 2022 3.1 | Dec 2022 2.3 | Mar 2023 2.4 | Jun 2023 2.2 | Sep 2023 3.6 | Dec 2023 2.7 | Mar 2024 3.9 | Jun 2024 4.1 | Sep 2024 3.6 | Dec 2024 5.5 | Mar 2025 7.3 | Jun 2025 4.0 | Sep 2025 4.8 | Dec 2025 5.8 | Mar 2026 4.7 | Jun 2026 0.2
- NXPI: Sep 2021 — | Dec 2021 7.6 | Mar 2022 — | Jun 2022 7.3 | Sep 2022 5.5 | Dec 2022 5.4 | Mar 2023 — | Jun 2023 6.1 | Sep 2023 6.5 | Dec 2023 6.1 | Mar 2024 7.2 | Jun 2024 7.6 | Sep 2024 6.6 | Dec 2024 4.1 | Mar 2025 5.2 | Jun 2025 5.7 | Sep 2025 5.7 | Dec 2025 3.9 | Mar 2026 4.4 | Jun 2026 —
- MPWR: Sep 2021 19.2 | Dec 2021 18.3 | Mar 2022 17.1 | Jun 2022 12.6 | Sep 2022 11.1 | Dec 2022 10.0 | Mar 2023 13.4 | Jun 2023 14.0 | Sep 2023 11.4 | Dec 2023 14.8 | Mar 2024 15.6 | Jun 2024 18.2 | Sep 2024 19.2 | Dec 2024 9.6 | Mar 2025 8.5 | Jun 2025 10.3 | Sep 2025 12.4 | Dec 2025 12.5 | Mar 2026 14.6 | Jun 2026 —
- STM: Sep 2021 — | Dec 2021 4.6 | Mar 2022 — | Jun 2022 4.0 | Sep 2022 2.5 | Dec 2022 2.6 | Mar 2023 — | Jun 2023 3.5 | Sep 2023 3.0 | Dec 2023 2.6 | Mar 2024 1.1 | Jun 2024 2.0 | Sep 2024 0.8 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 0.7 | Dec 2025 1.3 | Mar 2026 1.6 | Jun 2026 3.6
- ALAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 14.3 | Jun 2024 11.2 | Sep 2024 9.3 | Dec 2024 22.2 | Mar 2025 9.5 | Jun 2025 13.2 | Sep 2025 26.0 | Dec 2025 20.8 | Mar 2026 12.6 | Jun 2026 —
- MCHP: Sep 2021 7.5 | Dec 2021 8.3 | Mar 2022 7.1 | Jun 2022 5.4 | Sep 2022 5.5 | Dec 2022 6.1 | Mar 2023 7.0 | Jun 2023 7.1 | Sep 2023 6.1 | Dec 2023 6.9 | Mar 2024 7.2 | Jun 2024 7.7 | Sep 2024 6.9 | Dec 2024 5.1 | Mar 2025 3.7 | Jun 2025 5.5 | Sep 2025 5.2 | Dec 2025 5.3 | Mar 2026 5.4 | Jun 2026 —
- CRDO: Sep 2021 — | Dec 2021 — | Mar 2022 5.6 | Jun 2022 4.8 | Sep 2022 6.8 | Dec 2022 5.8 | Mar 2023 7.2 | Jun 2023 3.5 | Sep 2023 7.3 | Dec 2023 6.0 | Mar 2024 6.4 | Jun 2024 5.7 | Sep 2024 7.6 | Dec 2024 11.9 | Mar 2025 19.2 | Jun 2025 12.1 | Sep 2025 23.8 | Dec 2025 26.0 | Mar 2026 12.5 | Jun 2026 16.6
- ON: Sep 2021 — | Dec 2021 4.8 | Mar 2022 — | Jun 2022 5.2 | Sep 2022 3.8 | Dec 2022 4.4 | Mar 2023 5.5 | Jun 2023 5.8 | Sep 2023 5.4 | Dec 2023 4.6 | Mar 2024 3.9 | Jun 2024 3.5 | Sep 2024 3.7 | Dec 2024 3.0 | Mar 2025 — | Jun 2025 1.8 | Sep 2025 2.9 | Dec 2025 2.5 | Mar 2026 — | Jun 2026 3.3
- GFS: Sep 2021 — | Dec 2021 4.3 | Mar 2022 4.0 | Jun 2022 2.5 | Sep 2022 2.9 | Dec 2022 3.0 | Mar 2023 3.9 | Jun 2023 3.4 | Sep 2023 3.0 | Dec 2023 3.0 | Mar 2024 2.6 | Jun 2024 2.5 | Sep 2024 1.9 | Dec 2024 2.2 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 2.1 | Jun 2026 —
- TSEM: Sep 2021 — | Dec 2021 2.7 | Mar 2022 — | Jun 2022 3.0 | Sep 2022 — | Dec 2022 2.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.5 | Mar 2026 — | Jun 2026 —
- MTSI: Sep 2021 — | Dec 2021 9.5 | Mar 2022 — | Jun 2022 7.4 | Sep 2022 5.2 | Dec 2022 5.2 | Mar 2023 5.6 | Jun 2023 5.1 | Sep 2023 6.1 | Dec 2023 6.5 | Mar 2024 6.6 | Jun 2024 7.4 | Sep 2024 7.2 | Dec 2024 — | Mar 2025 8.8 | Jun 2025 5.6 | Sep 2025 8.3 | Dec 2025 7.2 | Mar 2026 9.7 | Jun 2026 12.8
- LSCC: Sep 2021 — | Dec 2021 22.9 | Mar 2022 25.7 | Jun 2022 19.3 | Sep 2022 14.3 | Dec 2022 15.3 | Mar 2023 — | Jun 2023 25.5 | Sep 2023 23.0 | Dec 2023 13.7 | Mar 2024 15.8 | Jun 2024 11.4 | Sep 2024 10.5 | Dec 2024 11.4 | Mar 2025 10.7 | Jun 2025 10.0 | Sep 2025 13.8 | Dec 2025 — | Mar 2026 15.1 | Jun 2026 17.6
- SITM: Sep 2021 12.1 | Dec 2021 9.6 | Mar 2022 8.0 | Jun 2022 5.1 | Sep 2022 2.4 | Dec 2022 3.1 | Mar 2023 4.4 | Jun 2023 3.7 | Sep 2023 3.6 | Dec 2023 3.9 | Mar 2024 3.1 | Jun 2024 4.2 | Sep 2024 5.8 | Dec 2024 7.2 | Mar 2025 5.2 | Jun 2025 5.0 | Sep 2025 7.1 | Dec 2025 8.0 | Mar 2026 7.8 | Jun 2026 —
- SMTC: Sep 2021 — | Dec 2021 7.6 | Mar 2022 5.9 | Jun 2022 5.2 | Sep 2022 5.0 | Dec 2022 2.3 | Mar 2023 2.8 | Jun 2023 1.7 | Sep 2023 5.0 | Dec 2023 2.8 | Mar 2024 -4.3 | Jun 2024 -7.4 | Sep 2024 -16.5 | Dec 2024 -24.5 | Mar 2025 11.6 | Jun 2025 4.6 | Sep 2025 8.3 | Dec 2025 11.1 | Mar 2026 13.6 | Jun 2026 17.8
- SWKS: Sep 2021 — | Dec 2021 5.1 | Mar 2022 — | Jun 2022 4.1 | Sep 2022 2.8 | Dec 2022 2.6 | Mar 2023 3.3 | Jun 2023 — | Sep 2023 3.0 | Dec 2023 2.9 | Mar 2024 2.7 | Jun 2024 2.7 | Sep 2024 2.5 | Dec 2024 2.3 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 — | Dec 2025 2.0 | Mar 2026 1.7 | Jun 2026 1.4
- RMBS: Sep 2021 2.9 | Dec 2021 3.7 | Mar 2022 4.4 | Jun 2022 2.8 | Sep 2022 3.6 | Dec 2022 5.0 | Mar 2023 7.3 | Jun 2023 7.4 | Sep 2023 6.3 | Dec 2023 7.1 | Mar 2024 6.7 | Jun 2024 6.2 | Sep 2024 4.3 | Dec 2024 5.0 | Mar 2025 4.8 | Jun 2025 5.6 | Sep 2025 8.7 | Dec 2025 7.3 | Mar 2026 6.7 | Jun 2026 —
- ALGM: Sep 2021 10.0 | Dec 2021 9.4 | Mar 2022 7.6 | Jun 2022 5.4 | Sep 2022 5.1 | Dec 2022 6.5 | Mar 2023 9.5 | Jun 2023 8.5 | Sep 2023 5.6 | Dec 2023 5.2 | Mar 2024 4.6 | Jun 2024 4.9 | Sep 2024 4.8 | Dec 2024 4.4 | Mar 2025 4.9 | Jun 2025 6.9 | Sep 2025 5.8 | Dec 2025 5.2 | Mar 2026 5.9 | Jun 2026 —
- QRVO: Sep 2021 — | Dec 2021 4.0 | Mar 2022 3.6 | Jun 2022 2.8 | Sep 2022 2.2 | Dec 2022 1.9 | Mar 2023 — | Jun 2023 2.6 | Sep 2023 2.6 | Dec 2023 3.0 | Mar 2024 3.1 | Jun 2024 3.2 | Sep 2024 2.9 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 2.3 | Sep 2025 2.5 | Dec 2025 2.2 | Mar 2026 2.0 | Jun 2026 —

## Market action

Micron Technology, Inc. has the strongest one-year price move in Semiconductors at +682.4%. It also leads on Mansfield relative strength against the S&P 500 at +75.8%. 19 of 27 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Micron Technology, Inc. (MU): 682%
2. Tower Semiconductor Ltd. (TSEM): 354%
3. Intel Corporation (INTC): 347%
4. Advanced Micro Devices, Inc. (AMD): 165%
5. SiTime Corporation (SITM): 154%

### Strongest relative strength versus NIFTY 500
1. Micron Technology, Inc. (MU): 76%
2. Advanced Micro Devices, Inc. (AMD): 51%
3. Intel Corporation (INTC): 38%
4. Marvell Technology, Inc. (MRVL): 34%
5. Tower Semiconductor Ltd. (TSEM): 31%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- NVIDIA Corporation (NVDA) — market value ₹47.7 L Cr; latest fundamentals Jun 2026
- Broadcom Inc. (AVGO) — market value ₹18.1 L Cr; latest fundamentals Jun 2026
- Micron Technology, Inc. (MU) — market value ₹9.3 L Cr; latest fundamentals Jun 2026
- Advanced Micro Devices, Inc. (AMD) — market value ₹7.4 L Cr; latest fundamentals Mar 2026
- Intel Corporation (INTC) — market value ₹4.4 L Cr; latest fundamentals Mar 2026
- Arm Holdings plc (ARM) — market value ₹2.6 L Cr; latest fundamentals Mar 2026
- Texas Instruments Incorporated (TXN) — market value ₹2.5 L Cr; latest fundamentals Mar 2026
- Analog Devices, Inc. (ADI) — market value ₹1.8 L Cr; latest fundamentals Jun 2026
- QUALCOMM Incorporated (QCOM) — market value ₹1.7 L Cr; latest fundamentals Mar 2026
- Marvell Technology, Inc. (MRVL) — market value ₹1.5 L Cr; latest fundamentals Jun 2026
- NXP Semiconductors N.V. (NXPI) — market value ₹65.4K Cr; latest fundamentals Mar 2026
- Monolithic Power Systems, Inc. (MPWR) — market value ₹63.0K Cr; latest fundamentals Mar 2026
- STMicroelectronics N.V. (STM) — market value ₹45.2K Cr; latest fundamentals Jun 2026
- Astera Labs, Inc. (ALAB) — market value ₹44.6K Cr; latest fundamentals Mar 2026
- Microchip Technology Incorporated (MCHP) — market value ₹41.1K Cr; latest fundamentals Mar 2026
- Credo Technology Group Holding Ltd (CRDO) — market value ₹35.9K Cr; latest fundamentals Jun 2026
- ON Semiconductor Corporation (ON) — market value ₹32.8K Cr; latest fundamentals Jun 2026
- GLOBALFOUNDRIES Inc. (GFS) — market value ₹26.9K Cr; latest fundamentals Mar 2026
- Tower Semiconductor Ltd. (TSEM) — market value ₹22.9K Cr; latest fundamentals Mar 2026
- MACOM Technology Solutions Holdings, Inc. (MTSI) — market value ₹19.0K Cr; latest fundamentals Jun 2026
- Lattice Semiconductor Corporation (LSCC) — market value ₹16.4K Cr; latest fundamentals Jun 2026
- SiTime Corporation (SITM) — market value ₹13.0K Cr; latest fundamentals Mar 2026
- Semtech Corporation (SMTC) — market value ₹10.4K Cr; latest fundamentals Jun 2026
- Skyworks Solutions, Inc. (SWKS) — market value ₹9.7K Cr; latest fundamentals Jun 2026
- Rambus Inc. (RMBS) — market value ₹9.5K Cr; latest fundamentals Mar 2026
- Allegro MicroSystems, Inc. (ALGM) — market value ₹8.3K Cr; latest fundamentals Mar 2026
- Qorvo, Inc. (QRVO) — market value ₹8.1K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Semiconductors company is the biggest?

NVIDIA Corporation is the largest, with trailing-twelve-month revenue of $253,491 million, ahead of Micron Technology, Inc. at $90,274 million. That covers 23 of 27 companies with comparable reporting through Jun 2026.

### Which Semiconductors company is growing fastest?

Astera Labs, Inc. has the fastest revenue growth at 100% year on year, across 22 of 27 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Semiconductors company has the best profit margins?

Micron Technology, Inc. has the highest operating margin at 80.4%, from 27 of 27 comparable companies. Micron Technology, Inc. shows the biggest recent improvement, at +57.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Semiconductors company makes the most profit?

NVIDIA Corporation earns the most, at $159,613 million of trailing-twelve-month net profit, from 23 of 27 comparable companies. Astera Labs, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Semiconductors company earns the highest return on capital?

Micron Technology, Inc. leads on return on capital employed at 36.4%, across 27 of 27 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Semiconductors stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — QUALCOMM Incorporated screens cheapest at 0.46×. Only 11 of 27 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Semiconductors company has the strongest balance sheet?

Monolithic Power Systems, Inc. carries the lowest comparable gross debt at $0 million, from 26 of 27 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Semiconductors company is investing most in new capacity?

Micron Technology, Inc. reports the largest capital spending at $7,826 million, across 27 of 27 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Semiconductors sector beating the market?

Semiconductors has outperformed S&P 500 by 74.8% over the last 52 weeks and 2.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 19 of 27 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Semiconductors stock has the strongest price momentum?

Micron Technology, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Semiconductors company scores highest for research priority?

Micron Technology, Inc. scores 81.5 out of 100 with 76.2% evidence confidence, from 30.9 points on growth and earnings, 19.4 on capital efficiency, 11.3 on valuation and 19.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Semiconductors companies does this comparison cover, and over what period?

It compares 27 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Semiconductors sector?

The 27 Semiconductors companies on this page carry $10,176,509 million of combined market value. NVIDIA Corporation is the largest at $4,771,686 million, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Semiconductors sector's P/E ratio?

The median price-to-earnings ratio across the 27 Semiconductors companies on this page is 70.2×, measured on the 27 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Semiconductors sector performing?

19 of the 27 covered Semiconductors companies are beating S&P 500 on Mansfield relative strength. The sector itself is 74.8% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Semiconductors stocks are listed in the US?

This comparison covers 27 listed Semiconductors companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/semiconductors