Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at Micron (NASDAQ:MU) and its peers.
The semiconductor industry is driven by cyclical demand for advanced electronic products like smartphones, PCs, servers, and data storage. While analog chips serve as the building blocks of most electronic goods and equipment, processors (CPUs) and graphics chips serve as their brains. The growth of data and technologies like artificial intelligence, 5G, the Internet of Things, and smart cars are creating the next wave of secular growth for the industry.
The 40 semiconductors stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 3.7% while next quarter’s revenue guidance was 6.2% above.
In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.
Micron (NASDAQ:MU)
Founded in the basement of a Boise, Idaho dental office in 1978, Micron (NASDAQ:MU) is a leading provider of memory chips used in thousands of devices across mobile, data centers, industrial, consumer, and automotive markets.
Micron reported revenues of $41.46 billion, up 346% year on year. This print exceeded analysts’ expectations by 14.3%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ operating income estimates.
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology.
Micron scored the fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 2.1% since reporting and currently trades at $1,026.
Read why we think that Micron is one of the best semiconductors stocks, our full report is free.
Best Q2: Monolithic Power Systems (NASDAQ:MPWR)
Founded in 1997 by its longtime CEO Michael Hsing, Monolithic Power Systems (NASDAQ:MPWR) is an analog and mixed signal chipmaker that specializes in power management chips meant to minimize total energy consumption.
Monolithic Power Systems reported revenues of $980.6 million, up 47.6% year on year, outperforming analysts’ expectations by 8.6%. The business had an incredible quarter with a significant improvement in its inventory levels and a beat of analysts’ EPS estimates.
Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 8.6% since reporting. It currently trades at $1,203.
Is now the time to buy Monolithic Power Systems? Access our full analysis of the earnings results here, it’s free.
Slowest Q2: Himax (NASDAQ:HIMX)
Taiwan-based Himax Technologies (NASDAQ:HIMX) is a leading manufacturer of display driver chips and timing controllers used in TVs, laptops, and mobile phones.
Himax reported revenues of $227.4 million, up 5.9% year on year, exceeding analysts’ expectations by 2%. Still, it was a slower quarter as it posted EPS in line with analysts’ estimates.
Interestingly, the stock is up 5% since the results and currently trades at $14.02.
Read our full analysis of Himax’s results here.
Applied Materials (NASDAQ:AMAT)
Founded in 1967 as the first company to develop tools for other businesses in the semiconductor industry, Applied Materials (NASDAQ:AMAT) is the largest provider of semiconductor wafer fabrication equipment.
Applied Materials reported revenues of $9.12 billion, up 24.8% year on year. This print beat analysts’ expectations by 0.9%. It was a very strong quarter as it also recorded a significant improvement in its inventory levels and revenue guidance for next quarter exceeding analysts’ expectations.
The stock is down 12.3% since reporting and currently trades at $468.65.
Read our full, actionable report on Applied Materials here, it’s free.
Western Digital (NASDAQ:WDC)
Founded in 1970 by a Motorola employee, Western Digital (NASDAQ: WDC) is a leading producer of hard disk drives, SSDs and flash memory.
Western Digital reported revenues of $3.75 billion, up 43.8% year on year. This result surpassed analysts’ expectations by 0.9%. Overall, it was a very strong quarter as it also logged a solid beat of analysts’ operating income estimates and a beat of analysts’ EPS estimates.
The stock is down 7% since reporting and currently trades at $482.68.
Read our full, actionable report on Western Digital here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.