As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at semiconductor manufacturing stocks, starting with Lam Research (NASDAQ: LRCX).

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a very strong Q1. As a group, revenues beat analysts’ consensus estimates by 2.2% while next quarter’s revenue guidance was in line.

Luckily, semiconductor manufacturing stocks have performed well with share prices up 10.8% on average since the latest earnings results.

Lam Research (NASDAQ: LRCX)

Founded in 1980 by David Lam, the man who pioneered semiconductor etching technology, Lam Research (NASDAQ: LRCX) is one of the leading providers of wafer fabrication equipment used to make semiconductors.

Lam Research reported revenues of $5.84 billion, up 23.8% year on year. This print exceeded analysts’ expectations by 1.7%. Overall, it was an exceptional quarter for the company with revenue guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.

"Lam delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry," said Tim Archer, Lam Research's President and Chief Executive Officer.

Interestingly, the stock is up 38% since reporting and currently trades at $366.35.

We think Lam Research is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q1: Kulicke and Soffa (NASDAQ: KLIC)

Headquartered in Singapore, Kulicke & Soffa (NASDAQ: KLIC) is a provider of production equipment and tools used to assemble semiconductor devices

Kulicke and Soffa reported revenues of $242.6 million, up 49.8% year on year, outperforming analysts’ expectations by 5.5%. The business had a stunning quarter with a beat of analysts’ EPS and adjusted operating income estimates.

The market seems happy with the results as the stock is up 20.6% since reporting. It currently trades at $113.07.

Is now the time to buy Kulicke and Soffa? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Photronics (NASDAQ: PLAB)

Sporting a global footprint of facilities, Photronics (NASDAQ: PLAB) is a manufacturer of photomasks, templates used to transfer patterns onto semiconductor wafers.

Photronics reported revenues of $209.9 million, flat year on year, falling short of analysts’ expectations by 2.8%. It was a disappointing quarter as it posted revenue guidance for next quarter missing analysts’ expectations .

Photronics delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 42.6% since the results and currently trades at $30.72.

Read our full analysis of Photronics’s results here.

Nova (NASDAQ: NVMI)

Headquartered in Israel, Nova (NASDAQ: NVMI) is a provider of quality control systems used in semiconductor manufacturing.

Nova reported revenues of $235.3 million, up 10.3% year on year. This number topped analysts’ expectations by 3.5%. It was an exceptional quarter as it also recorded an impressive beat of analysts’ adjusted operating income estimates and a significant improvement in its inventory levels.

The stock is up 11.1% since reporting and currently trades at $559.56.

Read our full, actionable report on Nova here, it’s free.

Marvell Technology (NASDAQ: MRVL)

Moving away from a low margin storage device management chips in one of the biggest semiconductor business model pivots of the past decade, Marvell Technology (NASDAQ: MRVL) is a fabless designer of special purpose data processing and networking chips used by data centers, communications carriers, enterprises, and autos.

Marvell Technology reported revenues of $2.42 billion, up 27.6% year on year. This print was in line with analysts’ expectations. Overall, it was a strong quarter as it also produced a significant improvement in its inventory levels and revenue guidance for next quarter topping analysts’ expectations.

The stock is up 41.9% since reporting and currently trades at $281.95.

Read our full, actionable report on Marvell Technology here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.