20 segments · 54 companies

Semiconductor Value Chain

−6.9%chain · 1M

From design tools, equipment and wafer fabs to chips, packaging and end markets: compute, memory, analog & power and RF each run on their own cycle and customers.

The Semiconductor Value Chain covers 20 segments and 54 companies, 5 of them chokepoints.
Over the past month the chain's median listed company returned −6.9%, against 0.0% for the S&P 500.
The strongest segment is EDA & architecture IP (+7.6%) and the weakest Memory makers (−26.7%), a 34.3-point spread.

The chain, stage by stage

Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.

Open the interactive chain map in Hub

ComputeMemoryAnalog & powerRF

Design tools & IP

EDA & architecture IP+7.6%

SNPS+10.3%CDNS+7.6%ARM−32.0%

Equipment & materials

Front-end tools−13.3%

ASML−4.1%AMAT−13.4%LRCX−16.0%KLAC−13.2%

Test & process materials−13.3%

TER−13.3%ENTG−2.3%AEHR−36.5%Advantest

Electronic & packaging materials+6.3%

Q−3.8%1303.TW+35.8%2383.TW+6.3%

Wafer fabrication

Leading-edge foundry−14.6%

TSM−4.4%INTC−24.9%

Memory makers−26.7%

MU−16.6%SNDK−27.0%SKHY−26.7%

Mature & specialty foundry−11.7%

GFS−0.3%UMC−23.1%

Chip products

CPUs, GPUs & accelerators−11.4%

NVDA−3.0%AMD−11.4%INTC−24.9%

Custom silicon & networking−7.0%

AVGO−7.3%MRVL−6.7%

Mobile & edge SoCs−10.2%

QCOM−10.2%

Memory interface & control−16.6%

RMBS−11.8%SIMO−21.5%

Hard drives & data storage−21.4%

STX−24.2%WDC−18.5%

Analog & mixed-signal+4.5%

TXN+4.9%ADI+4.0%

Auto & industrial MCUs / power+1.8%

NXPI+2.0%ON+4.5%MCHP+1.8%STM−11.2%MPWR−6.9%

RF front-end & connectivity−7.9%

SWKS−8.6%QRVO+13.7%QCOM−10.2%AVGO−7.3%

Packaging & test

Outsourced assembly & test−13.0%

AMKR−19.9%ASX−6.2%

End markets

Data centers−4.7%

MSFT+7.0%GOOGL−4.7%AMZN+2.9%META−5.3%ORCL−13.5%

Phones & PCs−11.5%

AAPL+1.2%DELL−11.5%0992.HK−30.8%

Autos−8.8%

TSLA+2.0%GM−8.8%F−9.2%

Industrial & energy+3.6%

HON+1.4%EMR+5.8%

Which segments are leading

Median price return of the listed companies in each segment.

1M3M12M

EDA & architecture IP+7.6%

Electronic & packaging materials+6.3%

Analog & mixed-signal+4.5%

Industrial & energy+3.6%

Auto & industrial MCUs / power+1.8%

Data centers−4.7%

Custom silicon & networking−7.0%

RF front-end & connectivity−7.9%

Autos−8.8%

Mobile & edge SoCs−10.2%

CPUs, GPUs & accelerators−11.4%

Phones & PCs−11.5%

Mature & specialty foundry−11.7%

Outsourced assembly & test−13.0%

Front-end tools−13.3%

Test & process materials−13.3%

Leading-edge foundry−14.6%

Memory interface & control−16.6%

Hard drives & data storage−21.4%

Memory makers−26.7%

S&P 5000.0%

RF front-end & connectivity+19.1%

Data centers+12.3%

Phones & PCs+9.3%

Mobile & edge SoCs+4.0%

Analog & mixed-signal+3.6%

Electronic & packaging materials+3.3%

CPUs, GPUs & accelerators+2.4%

Custom silicon & networking+1.5%

Industrial & energy−0.1%

EDA & architecture IP−1.3%

Leading-edge foundry−1.7%

Autos−5.7%

Test & process materials−7.6%

Mature & specialty foundry−10.6%

Auto & industrial MCUs / power−11.3%

Outsourced assembly & test−12.8%

Memory makers−14.4%

Memory interface & control−16.5%

Front-end tools−21.9%

Hard drives & data storage−28.0%

S&P 500+4.7%

Memory makers+342.2%

Electronic & packaging materials+304.0%

Hard drives & data storage+219.2%

Outsourced assembly & test+131.3%

CPUs, GPUs & accelerators+129.8%

Test & process materials+121.8%

Phones & PCs+114.3%

Mature & specialty foundry+98.8%

Leading-edge foundry+95.0%

Custom silicon & networking+91.3%

Front-end tools+70.8%

Memory interface & control+64.5%

Analog & mixed-signal+63.9%

Auto & industrial MCUs / power+24.9%

Industrial & energy+19.0%

RF front-end & connectivity+9.2%

Mobile & edge SoCs+7.8%

Data centers+3.6%

Autos+1.5%

EDA & architecture IP−0.5%

S&P 500+15.8%

Chokepoints

Concentrated, hard-to-replace links that can cap the whole chain.

EDA & architecture IP · A Synopsys–Cadence duopoly

Nearly every chip is designed with Synopsys and Cadence EDA tools, which are hard to replace; in 2025 the US briefly restricted EDA exports to China, later rescinded.

Front-end tools · ASML is the sole supplier

Chips at 7nm and below need EUV lithography, and only ASML makes it at volume; limited annual output and long lead times pace leading-edge capacity.

Leading-edge foundry · TSMC held about 70% of foundry revenue in 2Q25

Leading-edge nodes and most AI chips are made at TSMC; rivals trail on yield and capacity, and new fabs take years and huge capital.

Memory makers · Three suppliers; SK hynix holds over half

Only SK hynix, Samsung and Micron make HBM at volume; slow yield and capacity ramps make HBM supply a limit on AI chip shipments.

Hard drives & data storage · A Seagate–Western Digital duopoly; nearline capacity booked out

AI and cloud storage need high-capacity hard drives, made mainly by Seagate and Western Digital; capacity is booked beyond 2026 and lead times run near a year.