Global semiconductor sales in February 2026 were significantly above seasonal norms, with memory chips as the key driver

Overview

This report tracks the WSTS monthly data released by SIA, covering global semiconductor sales, shipment volume, and ASP, segmented by product, end-market, and geography. The latest data are through February 2026. The overall conclusion is that global semiconductor sales in February were materially stronger than historical seasonality, mainly because memory chips—especially DRAM and NAND—were exceptionally strong, while non-memory segments also maintained elevated year-over-year growth.

Core views

Core views include: first, industry-wide sales were up 85.9% year-over-year and memory sales were up 260.9% year-over-year, which was the primary driver; second, sales rose 25.2% month-over-month, far above the historical February average of +2.4%, with memory up roughly +75%; third, the revenue growth was more price-driven, as total shipments were down 6.1% month-over-month but ASP was up 33.4%; fourth, product mix was clearly differentiated, with DRAM, NAND, Logic, Discretes, and Analog Standard Linear outperforming typical seasonality, while MPU, MCU, DSP, and Analog Application Specific underperformed typical seasonality; fifth, at the regional level, sales growth was positive year-over-year and month-over-month in all major regions, with the Americas and Asia-Pacific/Other showing the strongest year-over-year growth.

Analysis framework

The report uses WSTS monthly industry data, comparing current month year-over-year, month-over-month, and three-month rolling changes against historical seasonal averages, and further breaks down results by product group, end market, shipment volume, ASP, and geography to determine whether growth is coming from demand, pricing, product mix, or seasonal deviation.

Methodology notes

• Industry data trackingWSTS monthly tracking of sales, shipments, and ASP

  Use global semiconductor monthly data to gauge sector health

  WSTS data report global semiconductor sales, unit shipments, and average selling prices by product, end market, and region, which is suitable for assessing industry conditions, inventory cycles, and pricing cycles.

• Seasonality comparisonMonth-over-month performance versus historical same-period averages

  Determine whether the current month exceeds normal seasonal patterns

  The report compares February 2026 month-over-month changes against historical February averages, for example total sales at +25.2% versus a historical average of +2.4%, thereby identifying exceptionally strong or weak categories.

• Price and volume decompositionDecomposing shipments and ASP

  Separate revenue growth driven by volume versus price

  Total shipments were down 6.1% month-over-month in February, while ASP rose 33.4% month-over-month, indicating that the sharp sales growth was mainly driven by prices, especially memory prices.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Global semiconductor industry

  Directly tracked theme

  Strengths

  Year-over-year and month-over-month sales growth were both significant, and all major regions showed gains.

  Weaknesses

  Total shipment volume was down month-over-month, and some product groups underperformed seasonality.

  Comparison

  February sales MoM of +25.2% was materially above the historical February average of +2.4%.

  Risks

  If ASP falls or the memory price cycle turns, sales growth could decelerate materially.

• DRAM and NAND

  Primary positive driver

  Strengths

  DRAM sales were up 86.4% MoM and NAND sales 53.9% MoM, both far above typical seasonality; DRAM and NAND ASPs were also up 37.9% and 36.1% MoM, respectively.

  Weaknesses

  The strength appears to depend mainly on price and unit shipment growth, so ongoing supply-demand balance needs monitoring.

  Comparison

  Typical February MoM is +25.7% for DRAM and +13.4% for NAND; this month far exceeded historical patterns.

  Risks

  The memory cycle is highly cyclical, and if supply increases or demand falls short of expectations, ASP could correct downward quickly.

• Non-memory semiconductors

  Secondary beneficiary segment

  Strengths

  Sales were still up 25.4% year-over-year excluding memory, indicating breadth remains strong across the industry.

  Weaknesses

  MPU, MCU, DSP, and Analog Application Specific were weaker than typical seasonality on a MoM basis.

  Comparison

  Compared with the explosive memory growth, non-memory growth was more moderate and more clearly differentiated.

  Risks

  Uneven end-demand recovery may limit valuation expansion in non-memory segments.

• Semiconductor equipment and AI-related stocks

  Indirect beneficiaries

  Strengths

  The report discloses multiple equipment and AI-related companies maintaining Outperform ratings, including NVDA, AVGO, AMAT, LRCX, KLAC, TSMC, Samsung Electronics, SK hynix, and Micron.

  Weaknesses

  Some names already trade at elevated valuations, and ratings and target prices are mixed.

  Comparison

  Equipment companies are supported by structural drivers from WFE, advanced packaging, HBM, and NAND upgrades.

  Risks

  Capex pacing, valuation compression, geopolitical factors, and Chinese substitution risk may affect performance.

Key data

• Global semiconductor sales YoY+85.9%In February 2026, the YoY growth rate was higher than January’s +58.2%.
• Sales YoY excluding memory+25.4%The non-memory segment still maintained strong year-over-year growth.
• Memory sales YoY+260.9%The report states memory sales were up more than three times year-over-year.
• Global semiconductor sales MoM+25.2%Far above the historical February average of +2.4%.
• Memory segment MoMabout +75%Another segmentation note says memory sales +74.6% MoM.
• DRAM sales MoM+86.4%Above the historical typical +25.7%.
• NAND sales MoM+53.9%Above the historical typical +13.4%.
• Total shipment volume MoM-6.1%Revenue growth was not driven by total shipment volume expansion.
• Total ASP MoM+33.4%The sharp rise in ASP was a major reason for strong sales growth.
• Industry ASP YoY+65.5%ASP rose year-over-year in 7 product groups and fell in 4.
• Americas sales YoY / MoM+99.3% / +46.5%One of the strongest growth regions.
• China sales YoY / MoM+69.0% / +14.8%Positive growth both year-over-year and month-over-month.

Impact & implications

The data are broadly supportive for the semiconductor value chain, especially for storage segments and related DRAM, NAND, HBM, and associated equipment links benefiting from higher memory pricing. Because total shipment volume fell while ASP rose sharply, the investment implication is more about an improving price cycle and product mix rather than a full synchronized recovery of all end demand. Non-memory sales remain strong year-over-year, but categories such as analog, MCU, and MPU were weaker than seasonal norms month-over-month, suggesting the recovery is still uneven.

Risks

• The rise in memory prices and ASP was the key source of this month’s revenue growth; if prices retreat, industry sales growth may slow materially.
• Total shipments were down 6.1% MoM, indicating that demand volume was not broadly robust.
• Product-group dispersion was pronounced, with MPU, MCU, DSP, and Analog Application Specific weaker than typical seasonality on a month-over-month basis.
• Application Specific IC sales were down 1.7% MoM, and end-markets such as automotive, consumer electronics, and wireless communications were below typical seasonality.
• Some covered companies are trading at relatively high valuations; strong industry data do not imply that all stocks have equal upside.

What to watch

• Whether memory ASP can continue rising in subsequent months, especially price and unit shipment changes for DRAM and NAND.
• Whether non-memory sales growth remains elevated year-over-year and whether weaker categories like analog, MCU, and MPU improve.
• Whether the deviation of three-month rolling sales trends from historical seasonality continues to expand.
• Whether month-over-month growth remains persistent in the Americas, China, Europe, Japan, and Asia-Pacific/other regions.
• The recovery pace in automotive, consumer, and wireless communication within end markets for Application Specific ICs.
• Order books, WFE spending, and demand tied to HBM, advanced packaging, and NAND upgrades among semiconductor equipment companies.