Strong Semiconductor Industry Sales, Memory Segment Stands Out
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Strong Semiconductor Industry Sales, Memory Segment Stands Out
Bernstein report indicates that global semiconductor sales in April 2026 increased by 106.4% YoY, with the memory segment showing significant growth, exceeding four times.
- Global semiconductor sales in April 2026 increased by 106.4% YoY
- Memory segment sales growth exceeded four times (364.1% YoY)
- Except for memory, other product categories also showed growth trends
- Major markets such as Americas, Europe, and Asia all achieved sales growth
Report interpretation
Overview
Bernstein's April 2026 Global Semiconductor Industry Tracking Report shows that semiconductor industry sales in April increased by 106.4% YoY, with the memory segment performing particularly outstandingly, with sales growth exceeding four times. Despite seasonal adjustments in the overall market, most product categories still performed excellently.
Core views
Bernstein's research shows that global semiconductor sales in April 2026 increased by 106.4% YoY, with memory segment sales growing 364.1% YoY, becoming the main growth driver. Besides the memory segment, other product categories such as Discretes, Optoelectronics, Sensors & Actuators, etc., also achieved growth. Meanwhile, the US, Europe, and Asia markets all achieved sales growth, while China and Japan markets declined. In addition, ASP (Average Selling Price) increased in most product categories, indicating strong market demand.
Analysis framework
Bernstein evaluates the performance of the semiconductor industry by analyzing sales data, unit shipments, and ASP (Average Selling Price) in the WSTS report. They compared data across different product categories, end markets, and geographic regions to determine the growth situation of each segment. In addition, they also considered historical trends and seasonal factors to judge whether current data meets expectations.
Methodology notes
Bernstein evaluates the performance of the semiconductor industry by analyzing supply and demand relationships. They observed a surge in demand for the memory segment, leading to significant sales growth.
The supply and demand framework is the basic methodology for analyzing industry performance, predicting market trends by comparing supply and demand changes. In this report, high demand in the memory segment drove rapid sales growth.
Bernstein uses P/E ratio to evaluate the valuation level of semiconductor companies. For example, AMD's P/E ratio is 278.8%.
P/E valuation method is an important method to measure the valuation level of a company's stock, judging whether the stock is overvalued or undervalued by comparing the current stock price with earnings per share.
Bernstein's brand rating is divided into three levels: Outperform, Market-Perform, and Underperform, used to guide investors' decisions.
Bernstein's brand rating system is one of the core methods of its research, providing investment advice by evaluating the company's future relative performance.
Asset mapping & comparison
Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).
- AMDOutperform Rating
- Strengths
- AI expectations remain high, cooperation with OpenAI may bring further growth
- Weaknesses
- Valuation is relatively high
- Comparison
- Compared with the same industry, AMD's valuation is on the high side
- Risks
- Intensified market competition
- NVDAOutperform Rating
- Strengths
- Huge data center opportunities, still in early stages
- Weaknesses
- Fierce competition
- Comparison
- Compared with the same industry, NVDA has greater growth potential
- Risks
- Market volatility risk
- Samsung ElectronicsOutperform Rating
- Strengths
- Strong market share and technical advantages
- Weaknesses
- Market competition pressure
- Comparison
- Compared with the same industry, Samsung's market position is solid
- Risks
- Global economic volatility risk
Key data
- Semiconductor Sales YoY Growth Rate106.4%Sales in April 2026 increased by 106.4% YoY
- Memory Sales YoY Growth Rate364.1%Memory segment sales growth 364.1% YoY
- Unit Shipments MoM Change-2.2%Unit shipments decreased by 2.2% MoM
- ASP MoM ChangeFlatAverage selling price flat MoM
- Major Market Sales Growth158.5% (Americas), 64.1% (Europe), 25.7% (Japan)Major market sales growth situation
Impact & implications
Bernstein believes that the strong growth of the memory segment is the main driver pushing semiconductor industry sales growth. This indicates that market demand for memory products continues to be strong, possibly driven by data centers and AI applications. In addition, other product categories such as Discretes, Optoelectronics, etc., also performed well, showing signs of recovery in the entire industry. Investors should focus on the continued growth of the memory segment and the performance of related companies.
Risks
- Memory segment growth may slow down
- Global economic recession affects demand
- Uncertainty brought by technological changes
What to watch
- Continued growth of the memory segment
- Development of data centers and AI applications
- Sales performance of major markets