As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the semiconductor manufacturing industry, including Amtech (NASDAQ: ASYS) 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 5.5% above.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.1% since the latest earnings results.

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 print exceeded analysts’ expectations by 5%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS and operating income estimates.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 1.4% since reporting and currently trades at $17.95.

Is now the time to buy Amtech? 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 operating income estimates.

Kulicke and Soffa achieved the highest guidance raise among its peers. The market seems happy with the results as the stock is up 11.9% since reporting. It currently trades at $104.96.

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’ operating income estimates.

Photronics delivered the weakest performance against analyst estimates, weakest guidance update, and slowest revenue growth in the group. As expected, the stock is down 48.9% since the results and currently trades at $27.35.

Read our full analysis of Photronics’s results here.

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 number met analysts’ expectations. It was a very strong quarter as it also logged a beat of analysts’ EPS and operating income estimates.

The stock is down 21.9% since reporting and currently trades at $105.87.

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

Entegris (NASDAQ: ENTG)

With fabs representing the company’s largest customer type, Entegris (NASDAQ: ENTG) supplies products that purify, protect, and generally ensure the integrity of raw materials needed for advanced semiconductor manufacturing.

Entegris reported revenues of $811.9 million, up 5% year on year. This print beat analysts’ expectations by 0.5%. Overall, it was a strong quarter as it also put up a beat of analysts’ EPS estimates and an impressive beat of analysts’ operating income estimates.

The stock is down 9.4% since reporting and currently trades at $135.30.

Read our full, actionable report on Entegris 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 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.