The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how semiconductor manufacturing stocks fared in Q4, starting with Photronics (NASDAQ: PLAB).

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 Q4. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

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 $225.1 million, up 6.1% year on year. This print exceeded analysts’ expectations by 2.3%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates and a decent beat of analysts’ revenue estimates.

Commenting on the first quarter performance, Chairman and CEO George Macricostas said, “Photronics delivered strong results in our fiscal first quarter achieving record high-end IC revenue for the second consecutive quarter. We remain on track with our facility expansion plans, which along with continuous process improvements and the refinement of our execution, will diversify our geographic revenue mix as industry regionalization continues.”

Unsurprisingly, the stock is down 7.9% since reporting and currently trades at $35.00.

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

Best Q4: Teradyne (NASDAQ: TER)

Sporting most major chip manufacturers as its customers, Teradyne (NASDAQ: TER) is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Teradyne reported revenues of $1.08 billion, up 43.9% year on year, outperforming analysts’ expectations by 11%. The business had an incredible quarter with a significant improvement in its inventory levels and a beat of analysts’ EPS estimates.

Teradyne scored the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 19.5% since reporting. It currently trades at $298.17.

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

Weakest Q4: Amtech (NASDAQ: ASYS)

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems (NASDAQ: ASYS) produces the machinery and related chemicals needed for manufacturing semiconductors.

Amtech reported revenues of $18.97 million, down 22.2% year on year, in line with analysts’ expectations. It was a slower quarter as it posted a significant miss of analysts’ EPS estimates and an increase in its inventory levels.

Amtech delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 30.5% since the results and currently trades at $11.03.

Read our full analysis of Amtech’s results here.

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 $5.34 billion, up 22.1% year on year. This result beat analysts’ expectations by 1.8%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The stock is down 5.4% since reporting and currently trades at $226.54.

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

Amkor (NASDAQ: AMKR)

Operating through a largely Asian facility footprint, Amkor Technologies (NASDAQ: AMKR) provides outsourced packaging and testing for semiconductors.

Amkor reported revenues of $1.89 billion, up 15.9% year on year. This print topped analysts’ expectations by 3%. It was an exceptional quarter as it also put up a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is down 11.5% since reporting and currently trades at $46.48.

Read our full, actionable report on Amkor 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.