Semiconductor stocks by business role
NVIDIA, TSMC, and ASML all participate in the semiconductor market. A customer buying more chips can help all three, but each company earns its revenue at a different point in the chain. When you compare semiconductor stocks, start by asking what each company sells and what has to happen before it gets paid.
By BeliefState · Reviewed
A map of semiconductor stocks
These examples cover six parts of the industry. Some companies play several roles. NVIDIA also sells networking products, and Broadcom sells infrastructure software alongside its semiconductor products. Use the roles to locate the relevant business in each company’s disclosures.
Scroll across to see every column.
| Part of the industry | Company examples | What to compare |
|---|---|---|
| Compute design | NVIDIA (NVDA), AMD (AMD) | Follow accelerator, server CPU, and networking mix where the issuer breaks it out. AMD’s data center business includes EPYC server CPUs and Instinct accelerators. |
| Foundry manufacturing | TSMC (TSM) | A foundry manufactures chips to customers’ designs. Check sales by process technology, capacity, and spending on manufacturing. |
| Chipmaking equipment | ASML (ASML) | ASML supplies lithography machines that pattern wafers. Separate new system sales from services and upgrades for machines already in use. |
| Memory and storage | Micron (MU) | Micron supplies DRAM, including high bandwidth memory, and NAND flash storage. Check product mix, volume, and pricing before attributing a change in company revenue to one product. |
| Networking and links | Broadcom (AVGO), Credo (CRDO) | Broadcom sells custom accelerators and networking chips. Credo supplies links that carry data between parts of a system, including active electrical cables and optical components. Look for shipments and reported revenue after design wins or demos. |
| Analog and embedded chips | Texas Instruments (TXN) | Texas Instruments designs and manufactures chips used in markets that include industrial, automotive, and data center equipment. Track demand across those markets and compare the company’s analog and embedded segment results. |
Compare the metric before comparing the companies
On August 26, 2026, NVIDIA reported $89.0 billion of Data Center revenue for its fiscal 2027 second quarter. On November 3, AMD reported $8.5 billion of Data Center segment revenue for its third quarter, citing both EPYC and Instinct. The disclosures cover different fiscal periods and product mixes, even though they use similar names.
Broadcom adds a third definition. In its September 2 report, management described $16.7 billion of AI semiconductor revenue for the fiscal 2026 third quarter and cited demand for custom accelerators and networking. Adding that number to the other two would combine unlike measures and periods. For a cleaner comparison, track each company’s measure over its own reporting periods, then read management’s explanation of the change.
See how an investor used the earnings report
On September 1, 2026, Nicholas Mugalli published a bullish Broadcom earnings preview without a stated price target. After Broadcom reported, Mugalli’s September 3 follow-up strengthened the bullish view and introduced a $600 target. The company’s revenue was a reported result. The price target was Mugalli’s published view.
To use the same process on another semiconductor stock, save the original argument before reading the follow-up. Record which measure the investor was watching and the date they expected it to change. Then check the next issuer report against that measure and see whether the author updated their view.
Check which companies have published research
Pick one name from two different rows and write down what each company would need to report for its case to strengthen. Search BeliefState by company or ticker to see where published research is available.