The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how semiconductor manufacturing stocks fared in Q4, starting with Marvell Technology (NASDAQ: MRVL).

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a very strong Q4. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady as they are up 3.6% on average since the latest earnings results.

Marvell Technology (NASDAQ: MRVL)

Moving away from a low margin storage device management chips in one of the biggest semiconductor business model pivots of the past decade, Marvell Technology (NASDAQ: MRVL) is a fabless designer of special purpose data processing and networking chips used by data centers, communications carriers, enterprises, and autos.

Marvell Technology reported revenues of $2.22 billion, up 22.1% year on year. This print exceeded analysts’ expectations by 0.5%. Overall, it was a satisfactory quarter for the company with revenue guidance for next quarter beating analysts’ expectations but an increase in its inventory levels.

Interestingly, the stock is up 18.5% since reporting and currently trades at $89.65.

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

Best Q4: Teradyne (NASDAQ: TER)

Sporting most major chip manufacturers as its customers, Teradyne (NASDAQ: TER) is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Teradyne reported revenues of $1.08 billion, up 43.9% year on year, outperforming analysts’ expectations by 11%. The business had an incredible quarter with a significant improvement in its inventory levels and a beat of analysts’ EPS estimates.

Teradyne delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 21.9% since reporting. It currently trades at $304.20.

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

Weakest Q4: Amtech (NASDAQ: ASYS)

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems (NASDAQ: ASYS) produces the machinery and related chemicals needed for manufacturing semiconductors.

Amtech reported revenues of $18.97 million, down 22.2% year on year, in line with analysts’ expectations. It was a slower quarter as it posted a significant miss of analysts’ EPS estimates and an increase in its inventory levels.

Amtech delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 27.2% since the results and currently trades at $11.56.

Read our full analysis of Amtech’s results here.

Amkor (NASDAQ: AMKR)

Operating through a largely Asian facility footprint, Amkor Technologies (NASDAQ: AMKR) provides outsourced packaging and testing for semiconductors.

Amkor reported revenues of $1.89 billion, up 15.9% year on year. This number beat analysts’ expectations by 3%. It was an exceptional quarter as it also produced a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

The stock is down 8.6% since reporting and currently trades at $48.00.

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

Nova (NASDAQ: NVMI)

Headquartered in Israel, Nova (NASDAQ: NVMI) is a provider of quality control systems used in semiconductor manufacturing.

Nova reported revenues of $222.6 million, up 14.3% year on year. This result surpassed analysts’ expectations by 0.7%. Taking a step back, it was a satisfactory quarter as it also recorded a decent beat of analysts’ adjusted operating income estimates but an increase in its inventory levels.

The stock is flat since reporting and currently trades at $475.17.

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

Market Update

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

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

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