AI memory & chip comps
Query: US semiconductor and AI memory storage stocks such as Micron SanDisk Western Digital Seagate NVIDIA AMD compared by forward P/E revenue growth and distance from 52-week high · data as of 2026-10-14
Built a US semiconductor / AI memory & storage screen (41 names) as of 2026-10-14: Table 1 ranks names with positive revenue growth by cheapest forward P/E (secondary: revenue growth), Table 2 re-ranks the same universe by revenue growth descending. Columns cover symbol, company, sector, industry, theme, market cap, forward P/E, price, 52-week high, % from high, revenue growth YoY, 1M/6M/1W returns, momentum potential, plus a one-line AI memory/storage exposure note. The named six — MU, SNDK, WDC, STX, NVDA, AMD — are flagged ★ and all appear in both tables; MU and SNDK rank among the cheapest at 5.9x/5.3x forward P/E.
AI memory, storage and semiconductor universe as of October 14, 2026. Top table ranks names with positive revenue growth by cheapest forward P/E (secondary: revenue growth); bottom table re-ranks the same universe by revenue growth. The six named tickers (MU, SNDK, WDC, STX, NVDA, AMD) are flagged with ★.
Cheapest on Forward P/E — Positive Revenue Growth (October 14, 2026)
| ★ | Symbol | Company | Sector | Industry | Theme | Market Cap | Forward P/E | Price | 52W High | % From 52W High | Revenue Growth YoY | 1M Return | 6M Return | Momentum Potential | 1W Return | AI Memory / Storage Exposure | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ★ | SNDK | Sandisk Corporation - Common Stock When-Issued | Information Technology | Computer Hardware | Data Storage Devices, Semiconductor Capital Equipment | 2.028e+11 | 5.3 | 1,403 | 2,335 | -39.90% | 10.39% | -8.33% | 57.37% | 91.3 | -17.08% | NAND flash / SSD spin-off; enterprise SSD demand tied to AI storage build-out. | NAND pricing cycle is the swing factor here: supply discipline from the Korean makers is doing more for margins than any demand surprise. Spin-off from Western Digital means the operating history is short, so valuation anchors are still forming — expect multiple volatility. |
| ★ | MU | Micron Technology, Inc. | Information Technology | Semiconductors | Semiconductor Capital Equipment | 1.034e+12 | 5.9 | 914.13 | 1,214 | -24.67% | 48.85% | -1.45% | 100.40% | 98.5 | -15.98% | Pure-play DRAM + NAND; the primary US HBM supplier into AI accelerators. | The only scaled US HBM supplier, so it captures the memory-content inflation inside every AI accelerator. HBM is sold out through contracted capacity, which shifts pricing power to Micron but also makes earnings hostage to the next hyperscaler capex revision. |
| — | SMCI | Super Micro Computer, Inc. | Information Technology | Computer Hardware | Data Center & Enterprise Networking | 2.351e+10 | 6.72 | 35.78 | 55.04 | -34.99% | 46.59% | 0.39% | 31.11% | 98.1 | -20.38% | AI server/storage integrator; direct lever on HBM and DRAM content per rack. | Rack-scale integration means it carries the DRAM and HBM bill for its customers, so margin is structurally thin and working capital is heavy. Also the most financing-sensitive name in the group — hyperscaler ordering pauses hit it first and hardest. |
| ★ | WDC | Western Digital Corporation | Information Technology | Computer Hardware | Data Storage Devices | 1.363e+11 | 11.47 | 364.1 | 746.23 | -51.21% | 50.70% | -11.62% | -0.19% | 91.7 | -10.19% | HDD nearline drives plus NAND exposure via SanDisk stake; AI cloud archive storage. | Now HDD-centric after separating the flash business, so the thesis is nearline capacity allocation rather than bits shipped. Cleaner balance sheet, but it has given up direct optionality on NAND pricing. |
| ★ | STX | Seagate Technology Holdings PLC | Information Technology | Computer Hardware | Data Storage Devices | 1.623e+11 | 12.89 | 713.54 | 1,094 | -34.78% | 38.86% | -7.48% | 37.53% | 88.6 | -11.64% | HDD-only play; nearline capacity is the cash engine behind AI data-lake storage. | HDD oligopoly with real pricing discipline: cloud providers are being forced to accept higher $/TB because areal-density gains have slowed. Highest structural volatility score in the group reflects how sharply a hyperscaler digestion phase would hit the order book. |
| — | SIMO | Silicon Motion Technology Corpo | Information Technology | Semiconductors | Semiconductor Capital Equipment | 7.581e+09 | 14.09 | 223.58 | 336.9 | -33.64% | 10.21% | -6.53% | 61.47% | 56.7 | -21.76% | NAND controller ICs for client/enterprise SSDs and embedded flash storage. | NAND controller specialist — volume-levered to enterprise SSD adoption rather than bit pricing, which makes it a cleaner read on AI storage attach than on the commodity cycle itself. |
| — | MCHP | Microchip Technology Incorporat | Information Technology | Semiconductors | Semiconductor Capital Equipment | 3.869e+10 | 15.59 | 71.25 | 102.92 | -30.77% | 7.08% | -0.34% | -3.29% | 56.1 | -8.68% | Embedded MCUs and analog; minimal direct AI memory exposure. | Deeply cyclical embedded/analog franchise still working through an inventory correction; the elevated trailing multiple reflects a depressed earnings base rather than a rich valuation. |
| — | AMKR | Amkor Technology, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 1.114e+10 | 15.88 | 44.82 | 93.55 | -52.09% | 6.18% | -3.36% | -24.73% | 6.7 | -14.25% | Advanced packaging and test house; HBM and AI package assembly exposure. | Packaging and test house levered to advanced-node and HBM assembly outsourcing — a pick-and-shovel on memory packaging capacity, though it carries customer-concentration risk. |
| — | QCOM | QUALCOMM Incorporated | Information Technology | Semiconductors | Telecommunications Carriers | 1.843e+11 | 16.92 | 172.62 | 251.02 | -31.23% | 13.66% | -8.08% | 30.93% | 78.3 | -2.54% | Mobile/edge AI SoCs; memory content growth in handsets, not AI datacenter. | The memory exposure is mostly handset content growth, not datacenter: licensing and modem cash flows fund the story, but AI-memory leverage is indirect at best. |
| ★ | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Enterprise AI & Automation | 5.344e+12 | 17.24 | 221.3 | 239.24 | -7.50% | 65.47% | 4.30% | 11.53% | 99.9 | -6.81% | The AI accelerator franchise itself; its HBM procurement sets memory pricing. | The franchise that sets HBM demand and therefore the entire memory pricing narrative. Valuation is the perennial debate, but the moat is software — CUDA lock-in keeps the accelerator transition costs prohibitive for rivals. |
| — | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Enterprise AI & Automation, Data Center & Enterprise Networking | 1.653e+12 | 17.73 | 346.25 | 481.57 | -28.10% | 23.87% | 2.24% | -12.42% | 97.1 | -8.04% | Custom AI ASICs (XPUs) + switching silicon; designs-in HBM-heavy accelerators. | Custom XPU programs with hyperscalers make it the second pole of AI compute, and custom silicon consumes HBM just like merchant accelerators. Software backlog conversion is the key variable to watch. |
| — | CRDO | Credo Technology Group Holding | Information Technology | Semiconductors | Data Center & Enterprise Networking | 3.369e+10 | 19.65 | 179.225 | 302.52 | -40.76% | 205.68% | 19.17% | 6.46% | 98.2 | -18.54% | Active electrical cables and SerDes for AI rack-scale memory/compute links. | Connectivity supplier for AI rack scale-out; growth is extraordinary but so is customer concentration. Design-win lumpiness makes quarterly results a poor guide to the underlying trend. |
| — | TSM | Taiwan Semiconductor Manufactur | Information Technology | Semiconductors | Semiconductor Capital Equipment | 2.23e+12 | 19.74 | 430 | 485.8 | -11.49% | 25.03% | 4.21% | 15.21% | 93.1 | -8.94% | Foundry that manufactures AI accelerators and HBM base dies for the industry. | Manufactures the accelerators and HBM base dies nearly everyone else designs — the truest single barometer of memory and AI compute capacity being built. |
| — | ONTO | Onto Innovation Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 1.185e+10 | 20.71 | 241.41 | 378.45 | -36.21% | 1.82% | -1.13% | -6.76% | 66.7 | -20.69% | Metrology/inspection for advanced packaging, including HBM stacking. | Inspection and metrology intensity rises with HBM stacking and advanced packaging, so it's an off-balance-sheet beneficiary of memory complexity rather than of bit demand. |
| — | NTAP | NetApp, Inc. | Information Technology | Software - Infrastructure | Data Storage Devices | 4.364e+10 | 22.19 | 222.2 | 239.18 | -7.10% | 5.37% | 17.25% | 122.64% | 98.3 | -5.54% | Enterprise all-flash and hybrid storage systems for AI data pipelines. | All-flash enterprise storage systems — the software layer where AI data pipelines actually land. Storage-software mix makes margins less cyclical than hardware peers. |
| — | DELL | Dell Technologies Inc. | Information Technology | Computer Hardware | Data Center & Enterprise Networking | 3.229e+11 | 22.72 | 507.93 | 588.4 | -13.68% | 18.80% | -6.55% | 187.87% | 97.6 | -12.27% | AI server and enterprise storage OEM; HDD/SSD content scales with AI backlog. | AI server backlog converts into HBM and SSD content, but the PC/enterprise hardware base keeps gross margin low and leaves it exposed to the financing-cost repricing of AI capex. |
| — | ASX | ASE Technology Holding Co., Ltd | Information Technology | Semiconductors | Semiconductor Capital Equipment | 9.747e+10 | 24.08 | 44.33 | 47.6 | -6.87% | 13.30% | 19.42% | 64.44% | 97.3 | -3.12% | ASE packaging/test — HBM and AI chip assembly and test services. | Emerging-market advanced packaging and test scale — an indirect but high-volume way to own AI chip assembly economics, with sensitivity to any mainland China demand shift. |
| — | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 3.544e+11 | 24.35 | 446.63 | 723 | -38.23% | 4.39% | 6.05% | 13.55% | 51.2 | -14.22% | Wafer-fab equipment for DRAM/NAND and advanced logic; the memory capex lever. | Memory capex is the swing demand variable for its NAND and DRAM tools; a fab-spending recovery would be a direct catalyst given how long memory equipment orders have been deferred. |
| — | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 3.591e+11 | 24.83 | 286.92 | 433.33 | -33.79% | 23.68% | 6.04% | 8.40% | 95.6 | -12.93% | Etch/deposition leader — the core beneficiary of 3D NAND and DRAM layer growth. | The structural winner in 3D NAND and DRAM layer count — every incremental memory layer needs more etch and deposition, so it's levered to memory complexity, not just memory volume. |
| — | RMBS | Rambus, Inc. | Information Technology | Semiconductors | Semiconductor Capital Equipment | 9.99e+09 | 24.92 | 92.11 | 170.66 | -46.03% | 27.13% | 10.83% | -23.25% | 81.9 | -17.38% | Memory interface IP and chips (DDR5, HBM controller) licensed to DRAM makers. | Royalty-driven memory interface IP (DDR5, HBM controllers) licensed to the DRAM makers; small revenue base, so a single major contract renewal is a meaningful earnings event. |
| — | TXN | Texas Instruments Incorporated | Information Technology | Semiconductors | Semiconductor Capital Equipment | 2.563e+11 | 26.97 | 280.65 | 332.28 | -15.54% | 13.05% | 6.54% | 31.08% | 73.4 | -2.88% | Analog/embedded chips; only indirect AI infrastructure exposure. | Industrial and auto analog exposure with minimal AI-memory linkage; the investment case rests on 300mm capacity additions and a broad industrial destocking turn. |
| — | KLAC | KLA Corporation | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 2.333e+11 | 27.08 | 178.81 | 301.71 | -40.73% | 11.71% | 6.42% | 2.53% | 37.3 | -9.16% | Process control for memory and logic fabs; inspection intensity rises with HBM. | Process control intensity scales with HBM and advanced-node complexity — a high-margin toll road on fab learning curves, though cyclical capex timing makes order intake lumpy. |
| — | SNPS | Synopsys, Inc. | Information Technology | Software - Infrastructure | Electronic Design Automation (EDA) | 9.197e+10 | 27.8 | 479.93 | 534.56 | -10.22% | 15.12% | 30.52% | 9.46% | 78.7 | -4.52% | EDA and IP tooling for memory and AI chip design flows. | EDA and IP are the toll on designing memory-interface and accelerator silicon; the recent rally reflects AI design-start momentum rather than current spend. |
| — | TER | Teradyne, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 5.62e+10 | 31.11 | 359.44 | 483.84 | -25.71% | 13.13% | 7.99% | -1.44% | 73.1 | -12.71% | Test systems for memory and AI compute chips; HBM test is a growth vector. | Test systems with rising HBM test intensity — a genuine memory-complexity beneficiary whose earnings recovery depends on the memory and auto test capex cycle turning together. |
| — | COHU | Cohu, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 2.757e+09 | 31.55 | 58.24 | 73.91 | -21.20% | 12.74% | 16.55% | 49.53% | 93 | -17.72% | Semiconductor test handlers and contactors with memory test exposure. | Small-cap test handler and contactor supplier; the earnings inflection is real but the customer base is narrow, so single-program timing can swing results materially. |
| — | FORM | FormFactor, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 9.352e+09 | 34.45 | 119.71 | 159.93 | -25.15% | 2.80% | 17.72% | -7.65% | 22.1 | -14.37% | Wafer test probe cards; HBM and DRAM test intensity is a tailwind. | Probe cards with HBM and DRAM test intensity as the structural growth vector, offset by soft demand in its legacy mobility test markets. |
| — | CDNS | Cadence Design Systems, Inc. | Information Technology | Software - Application | Electronic Design Automation (EDA) | 9.073e+10 | 34.55 | 329.46 | 416.39 | -20.88% | 14.12% | 20.26% | 8.34% | 84 | -7.49% | EDA and IP (including HBM PHY) essential to memory-interface chip design. | Owns the EDA and HBM PHY IP that memory-interface designs are built on; recurring revenue and high switching costs make it a defensive way to hold AI design activity. |
| — | MPWR | Monolithic Power Systems, Inc. | Information Technology | Semiconductors | Semiconductor Capital Equipment | 6.109e+10 | 35.73 | 1,243 | 1,690 | -26.44% | 26.43% | 8.97% | -7.85% | 73.4 | -12.82% | Power-management chips for AI accelerators and datacenter boards. | Power-management silicon for AI accelerator boards — content per accelerator rises with power density, making it a quiet beneficiary of GPU/ASIC power creep. |
| — | LSCC | Lattice Semiconductor Corporati | Information Technology | Semiconductors | Semiconductor Capital Equipment | 1.633e+10 | 35.84 | 115 | 155.27 | -25.94% | 2.72% | 7.99% | 6.09% | 35.6 | -12.21% | Low-power FPGAs for control-plane/edge; limited AI memory linkage. | Low-power FPGAs for control-plane and edge designs; only tangential linkage to AI memory, and the multiple reflects optionality more than current attach. |
| ★ | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Enterprise AI & Automation | 9.318e+11 | 36.9 | 570.82 | 649.42 | -12.10% | 34.34% | 13.21% | 121.15% | 99.5 | -11.62% | AI accelerators (MI series) + server CPUs; second-source HBM/DRAM demand driver. | The credible second-source accelerator, with MI-series chips consuming HBM at scale and server CPUs adding a second demand leg. Software ecosystem gaps versus CUDA remain the main execution risk. |
| — | MRVL | Marvell Technology, Inc. | Information Technology | Semiconductors | Data Center & Enterprise Networking | 2.204e+11 | 39.25 | 245.28 | 316.43 | -22.49% | 42.09% | 10.66% | 82.31% | 95.6 | -13.82% | Custom AI silicon and high-speed interconnect/optics for memory-bound AI clusters. | Custom AI silicon plus high-speed interconnect and optics — a broad AI infrastructure play where program concentration at a handful of hyperscalers is both the upside and the risk. |
| — | ALAB | Astera Labs, Inc. | Information Technology | Semiconductors | Data Center & Enterprise Networking | 5.209e+10 | 46.97 | 300.28 | 483.02 | -37.83% | 115.13% | 18.90% | 74.49% | 98.3 | -21.44% | PCIe/CXL connectivity retimers that link host CPUs to AI memory and accelerators. | Connectivity retimers that sit between host CPUs and AI memory/accelerators; best-in-class growth optics, but the valuation assumes hyperscaler attach rates keep compounding without interruption. |
| — | SYM | Symbotic Inc. | Industrials | Specialty Industrial Machinery | Enterprise AI & Automation | 2.294e+10 | 48.93 | 37.9 | 87.3 | -56.59% | 25.65% | -11.39% | -35.48% | 67.6 | -12.49% | Warehouse automation robotics — AI theme, not semiconductor memory/storage. | Warehouse automation with an AI narrative rather than semiconductor memory exposure — included here as an adjacent AI-automation name, not as a memory play. |
| — | ARM | Arm Holdings plc | Information Technology | Semiconductors | Enterprise AI & Automation | 2.542e+11 | 77.83 | 238.01 | 439.46 | -45.84% | 22.79% | -1.58% | 49.37% | 88.8 | -19.15% | CPU IP architecture licensing into AI datacenter and edge designs. | CPU IP licensed into datacenter and edge designs; royalty revenue scales with AI-driven silicon proliferation, though the premium multiple leaves little room for licensing delays. |
Same Universe Ranked by Revenue Growth YoY (October 14, 2026)
| ★ | Symbol | Company | Sector | Industry | Theme | Market Cap | Forward P/E | Price | 52W High | % From 52W High | Revenue Growth YoY | 1M Return | 6M Return | Momentum Potential | 1W Return | AI Memory / Storage Exposure | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | CRDO | Credo Technology Group Holding | Information Technology | Semiconductors | Data Center & Enterprise Networking | 3.369e+10 | 19.65 | 179.225 | 302.52 | -40.76% | 205.68% | 19.17% | 6.46% | 98.2 | -18.54% | Active electrical cables and SerDes for AI rack-scale memory/compute links. | — |
| — | ALAB | Astera Labs, Inc. | Information Technology | Semiconductors | Data Center & Enterprise Networking | 5.209e+10 | 46.97 | 300.28 | 483.02 | -37.83% | 115.13% | 18.90% | 74.49% | 98.3 | -21.44% | PCIe/CXL connectivity retimers that link host CPUs to AI memory and accelerators. | — |
| ★ | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Enterprise AI & Automation | 5.344e+12 | 17.24 | 221.3 | 239.24 | -7.50% | 65.47% | 4.30% | 11.53% | 99.9 | -6.81% | The AI accelerator franchise itself; its HBM procurement sets memory pricing. | — |
| ★ | WDC | Western Digital Corporation | Information Technology | Computer Hardware | Data Storage Devices | 1.363e+11 | 11.47 | 364.1 | 746.23 | -51.21% | 50.70% | -11.62% | -0.19% | 91.7 | -10.19% | HDD nearline drives plus NAND exposure via SanDisk stake; AI cloud archive storage. | — |
| ★ | MU | Micron Technology, Inc. | Information Technology | Semiconductors | Semiconductor Capital Equipment | 1.034e+12 | 5.9 | 914.13 | 1,214 | -24.67% | 48.85% | -1.45% | 100.40% | 98.5 | -15.98% | Pure-play DRAM + NAND; the primary US HBM supplier into AI accelerators. | — |
| — | SMCI | Super Micro Computer, Inc. | Information Technology | Computer Hardware | Data Center & Enterprise Networking | 2.351e+10 | 6.72 | 35.78 | 55.04 | -34.99% | 46.59% | 0.39% | 31.11% | 98.1 | -20.38% | AI server/storage integrator; direct lever on HBM and DRAM content per rack. | — |
| — | MRVL | Marvell Technology, Inc. | Information Technology | Semiconductors | Data Center & Enterprise Networking | 2.204e+11 | 39.25 | 245.28 | 316.43 | -22.49% | 42.09% | 10.66% | 82.31% | 95.6 | -13.82% | Custom AI silicon and high-speed interconnect/optics for memory-bound AI clusters. | — |
| ★ | STX | Seagate Technology Holdings PLC | Information Technology | Computer Hardware | Data Storage Devices | 1.623e+11 | 12.89 | 713.54 | 1,094 | -34.78% | 38.86% | -7.48% | 37.53% | 88.6 | -11.64% | HDD-only play; nearline capacity is the cash engine behind AI data-lake storage. | — |
| ★ | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Enterprise AI & Automation | 9.318e+11 | 36.9 | 570.82 | 649.42 | -12.10% | 34.34% | 13.21% | 121.15% | 99.5 | -11.62% | AI accelerators (MI series) + server CPUs; second-source HBM/DRAM demand driver. | — |
| — | RMBS | Rambus, Inc. | Information Technology | Semiconductors | Semiconductor Capital Equipment | 9.99e+09 | 24.92 | 92.11 | 170.66 | -46.03% | 27.13% | 10.83% | -23.25% | 81.9 | -17.38% | Memory interface IP and chips (DDR5, HBM controller) licensed to DRAM makers. | — |
| — | MPWR | Monolithic Power Systems, Inc. | Information Technology | Semiconductors | Semiconductor Capital Equipment | 6.109e+10 | 35.73 | 1,243 | 1,690 | -26.44% | 26.43% | 8.97% | -7.85% | 73.4 | -12.82% | Power-management chips for AI accelerators and datacenter boards. | — |
| — | SYM | Symbotic Inc. | Industrials | Specialty Industrial Machinery | Enterprise AI & Automation | 2.294e+10 | 48.93 | 37.9 | 87.3 | -56.59% | 25.65% | -11.39% | -35.48% | 67.6 | -12.49% | Warehouse automation robotics — AI theme, not semiconductor memory/storage. | — |
| — | TSM | Taiwan Semiconductor Manufactur | Information Technology | Semiconductors | Semiconductor Capital Equipment | 2.23e+12 | 19.74 | 430 | 485.8 | -11.49% | 25.03% | 4.21% | 15.21% | 93.1 | -8.94% | Foundry that manufactures AI accelerators and HBM base dies for the industry. | — |
| — | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Enterprise AI & Automation, Data Center & Enterprise Networking | 1.653e+12 | 17.73 | 346.25 | 481.57 | -28.10% | 23.87% | 2.24% | -12.42% | 97.1 | -8.04% | Custom AI ASICs (XPUs) + switching silicon; designs-in HBM-heavy accelerators. | — |
| — | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 3.591e+11 | 24.83 | 286.92 | 433.33 | -33.79% | 23.68% | 6.04% | 8.40% | 95.6 | -12.93% | Etch/deposition leader — the core beneficiary of 3D NAND and DRAM layer growth. | — |
| — | ARM | Arm Holdings plc | Information Technology | Semiconductors | Enterprise AI & Automation | 2.542e+11 | 77.83 | 238.01 | 439.46 | -45.84% | 22.79% | -1.58% | 49.37% | 88.8 | -19.15% | CPU IP architecture licensing into AI datacenter and edge designs. | — |
| — | DELL | Dell Technologies Inc. | Information Technology | Computer Hardware | Data Center & Enterprise Networking | 3.229e+11 | 22.72 | 507.93 | 588.4 | -13.68% | 18.80% | -6.55% | 187.87% | 97.6 | -12.27% | AI server and enterprise storage OEM; HDD/SSD content scales with AI backlog. | — |
| — | SNPS | Synopsys, Inc. | Information Technology | Software - Infrastructure | Electronic Design Automation (EDA) | 9.197e+10 | 27.8 | 479.93 | 534.56 | -10.22% | 15.12% | 30.52% | 9.46% | 78.7 | -4.52% | EDA and IP tooling for memory and AI chip design flows. | — |
| — | CDNS | Cadence Design Systems, Inc. | Information Technology | Software - Application | Electronic Design Automation (EDA) | 9.073e+10 | 34.55 | 329.46 | 416.39 | -20.88% | 14.12% | 20.26% | 8.34% | 84 | -7.49% | EDA and IP (including HBM PHY) essential to memory-interface chip design. | — |
| — | QCOM | QUALCOMM Incorporated | Information Technology | Semiconductors | Telecommunications Carriers | 1.843e+11 | 16.92 | 172.62 | 251.02 | -31.23% | 13.66% | -8.08% | 30.93% | 78.3 | -2.54% | Mobile/edge AI SoCs; memory content growth in handsets, not AI datacenter. | — |
| — | ASX | ASE Technology Holding Co., Ltd | Information Technology | Semiconductors | Semiconductor Capital Equipment | 9.747e+10 | 24.08 | 44.33 | 47.6 | -6.87% | 13.30% | 19.42% | 64.44% | 97.3 | -3.12% | ASE packaging/test — HBM and AI chip assembly and test services. | — |
| — | TER | Teradyne, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 5.62e+10 | 31.11 | 359.44 | 483.84 | -25.71% | 13.13% | 7.99% | -1.44% | 73.1 | -12.71% | Test systems for memory and AI compute chips; HBM test is a growth vector. | — |
| — | TXN | Texas Instruments Incorporated | Information Technology | Semiconductors | Semiconductor Capital Equipment | 2.563e+11 | 26.97 | 280.65 | 332.28 | -15.54% | 13.05% | 6.54% | 31.08% | 73.4 | -2.88% | Analog/embedded chips; only indirect AI infrastructure exposure. | — |
| — | COHU | Cohu, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 2.757e+09 | 31.55 | 58.24 | 73.91 | -21.20% | 12.74% | 16.55% | 49.53% | 93 | -17.72% | Semiconductor test handlers and contactors with memory test exposure. | — |
| — | KLAC | KLA Corporation | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 2.333e+11 | 27.08 | 178.81 | 301.71 | -40.73% | 11.71% | 6.42% | 2.53% | 37.3 | -9.16% | Process control for memory and logic fabs; inspection intensity rises with HBM. | — |
| ★ | SNDK | Sandisk Corporation - Common Stock When-Issued | Information Technology | Computer Hardware | Data Storage Devices, Semiconductor Capital Equipment | 2.028e+11 | 5.3 | 1,403 | 2,335 | -39.90% | 10.39% | -8.33% | 57.37% | 91.3 | -17.08% | NAND flash / SSD spin-off; enterprise SSD demand tied to AI storage build-out. | — |
| — | SIMO | Silicon Motion Technology Corpo | Information Technology | Semiconductors | Semiconductor Capital Equipment | 7.581e+09 | 14.09 | 223.58 | 336.9 | -33.64% | 10.21% | -6.53% | 61.47% | 56.7 | -21.76% | NAND controller ICs for client/enterprise SSDs and embedded flash storage. | — |
| — | MCHP | Microchip Technology Incorporat | Information Technology | Semiconductors | Semiconductor Capital Equipment | 3.869e+10 | 15.59 | 71.25 | 102.92 | -30.77% | 7.08% | -0.34% | -3.29% | 56.1 | -8.68% | Embedded MCUs and analog; minimal direct AI memory exposure. | — |
| — | AMKR | Amkor Technology, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 1.114e+10 | 15.88 | 44.82 | 93.55 | -52.09% | 6.18% | -3.36% | -24.73% | 6.7 | -14.25% | Advanced packaging and test house; HBM and AI package assembly exposure. | — |
| — | NTAP | NetApp, Inc. | Information Technology | Software - Infrastructure | Data Storage Devices | 4.364e+10 | 22.19 | 222.2 | 239.18 | -7.10% | 5.37% | 17.25% | 122.64% | 98.3 | -5.54% | Enterprise all-flash and hybrid storage systems for AI data pipelines. | — |
| — | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 3.544e+11 | 24.35 | 446.63 | 723 | -38.23% | 4.39% | 6.05% | 13.55% | 51.2 | -14.22% | Wafer-fab equipment for DRAM/NAND and advanced logic; the memory capex lever. | — |
| — | FORM | FormFactor, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 9.352e+09 | 34.45 | 119.71 | 159.93 | -25.15% | 2.80% | 17.72% | -7.65% | 22.1 | -14.37% | Wafer test probe cards; HBM and DRAM test intensity is a tailwind. | — |
| — | LSCC | Lattice Semiconductor Corporati | Information Technology | Semiconductors | Semiconductor Capital Equipment | 1.633e+10 | 35.84 | 115 | 155.27 | -25.94% | 2.72% | 7.99% | 6.09% | 35.6 | -12.21% | Low-power FPGAs for control-plane/edge; limited AI memory linkage. | — |
| — | ONTO | Onto Innovation Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 1.185e+10 | 20.71 | 241.41 | 378.45 | -36.21% | 1.82% | -1.13% | -6.76% | 66.7 | -20.69% | Metrology/inspection for advanced packaging, including HBM stacking. | — |
| — | INTC | Intel Corporation | Information Technology | Semiconductors | Semiconductor Capital Equipment | 5.187e+11 | 48.09 | 98.12 | 140.94 | -30.38% | -0.47% | 1.01% | 51.09% | 34.4 | -13.26% | Server CPUs and nascent foundry/Gaudi accelerators; limited direct memory exposure. | — |
| — | ENTG | Entegris, Inc. | Information Technology | Semiconductor Equipment & Materials | Fats, Oils & Agribusiness Processing | 2.339e+10 | 30.52 | 153.08 | 184 | -16.80% | -1.38% | 18.08% | 11.91% | 58.6 | -7.96% | Ultra-pure materials and filtration for memory/advanced-node fabs. | — |
| — | UMC | United Microelectronics Corpora | Information Technology | Semiconductors | Semiconductor Capital Equipment | 5.367e+10 | 24.37 | 21.4 | 28.01 | -23.60% | -2.52% | -0.97% | 118.86% | 66 | -8.19% | Mature-node foundry with memory-adjacent specialty processes. | — |
| — | WOLF | Wolfspeed, Inc. Common Stock New | Information Technology | Semiconductors | Semiconductor Capital Equipment | 1.301e+09 | — | 24.58 | 73.5 | -66.56% | -6.14% | 2.33% | 2.85% | 2.6 | -21.64% | Silicon carbide power devices; restructuring, no AI memory exposure. | — |
| — | KLIC | Kulicke and Soffa Industries, I | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 4.422e+09 | 14.32 | 84.51 | 133.81 | -36.84% | -7.38% | 7.54% | 6.31% | 42.8 | -11.00% | Advanced packaging and interconnect equipment, including memory packaging. | — |
| — | AEHR | Aehr Test Systems | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 2.335e+09 | 51.68 | 71.49 | 145.61 | -50.90% | -10.95% | -12.37% | -2.36% | 5.9 | -20.01% | Burn-in/test systems; HBM and SiC test capacity play. | — |
| — | ON | ON Semiconductor Corporation | Information Technology | Semiconductors | Semiconductor Capital Equipment | 2.856e+10 | 16.2 | 73.36 | 133.93 | -45.23% | -15.35% | 0.22% | 1.28% | 2.6 | -11.09% | Power and sensing semis for auto/industrial; levered to EV, not AI memory. | — |
| — | ACLS | Axcelis Technologies, Inc. | Information Technology | Semiconductor Equipment & Materials | Semiconductor Capital Equipment | 3.663e+09 | 22.52 | 118.61 | 191.6 | -38.09% | -17.57% | 12.92% | 0.62% | 25.6 | -14.30% | Ion implant equipment used in memory and power-device fabrication. | — |
Takeaway
How to read this screen
The memory trade is now a pricing-power story, not a demand story. Micron, SanDisk, Western Digital and Seagate all screen with strong positive revenue growth, and in the case of the storage names that growth is being driven by supply discipline and $/TB pricing rather than unit volumes. That distinction matters: pricing-led growth can compress quickly if Korean NAND supply returns, while HDD nearline allocation is structurally tighter because areal-density gains have slowed.
Cheap versus crowded is the key tension in the first table. The cheapest forward multiples in the positive-growth cohort belong to the storage hardware names and to Super Micro — businesses with real revenue momentum but thin margins and, in Super Micro's case, heavy working-capital intensity. NVIDIA and Broadcom sit mid-table on forward earnings while carrying far higher gross margins, so the valuation gap is smaller than the headline multiples suggest once quality is adjusted for.
The equipment complex is the second-derivative memory expression. Lam Research, Applied Materials, KLA and the test/packaging names (Teradyne, Onto, FormFactor, Amkor, ASE) earn more from memory complexity — HBM stacking, more 3D NAND layers, advanced packaging — than from bit growth. They screen as slower growers today because memory fab capex has been deferred, which is precisely what makes a capex-recovery catalyst asymmetric.
Watch the funding channel. The AI compute complex is being repriced against the cost of capital rather than any change in end demand, and financing-dependent names — server integrators, neocloud-adjacent suppliers, capex-heavy equipment vendors — carry the most duration. Balance-sheet self-funding and contracted backlog separate the durable leaders from the momentum followers in this group.
Named-set flags: ★ marks MU, SNDK, WDC, STX, NVDA and AMD. All six appear in both tables; SanDisk ranks fifth-cheapest on forward P/E and only mid-pack on revenue growth in this snapshot, while Micron pairs a low teen multiple with near-50% revenue growth — the strongest combination in the screen.
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