Wrapping up Q1 earnings, we look at the numbers and key takeaways for the semiconductor manufacturing stocks, including Teradyne (NASDAQ: TER) and its peers.

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 0.5% below.

Thankfully, share prices of the companies have been resilient as they are up 5.4% on average since the latest earnings results.

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 $1.28 billion, up 87% year on year. This print exceeded analysts’ expectations by 5.6%. Overall, it was an exceptional quarter for the company with a significant improvement in its inventory levels and a beat of analysts’ EPS estimates.

"Our Q1 results reached a new record high. With approximately 70% of our revenue tied to AI-related demand, our results reflect the strength of our wafer to AI data center strategy. All of our business groups - Semiconductor Test, Product Test, and Robotics - delivered strong year-over-year growth which we expect to continue with robust AI driven momentum as the catalyst,” said Teradyne CEO Greg Smith.

Teradyne achieved the biggest analyst estimate beat and fastest revenue growth of the whole group. The stock is up 7.8% since reporting and currently trades at $409.86.

Is now the time to buy Teradyne? Access our full analysis of the earnings results 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 13.7% since reporting. It currently trades at $106.64.

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 and a significant miss of analysts’ revenue estimates.

Photronics delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 40.7% since the results and currently trades at $31.74.

Read our full analysis of Photronics’s results here.

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 $20.47 million, up 31.4% year on year. This number topped analysts’ expectations by 5%. It was a stunning quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is up 12.1% since reporting and currently trades at $20.41.

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

FormFactor (NASDAQ: FORM)

With customers across the foundry and fabless markets, FormFactor (NASDAQ: FORM) is a US-based provider of test and measurement technologies for semiconductors.

FormFactor reported revenues of $226.1 million, up 32% year on year. This result met analysts’ expectations. Overall, it was a very strong quarter as it also put up a beat of analysts’ EPS and adjusted operating income estimates.

The stock is down 9.6% since reporting and currently trades at $122.49.

Read our full, actionable report on FormFactor 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.

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