The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how semiconductor manufacturing stocks fared in Q1, starting with Nova (NASDAQ: NVMI).

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.

Luckily, semiconductor manufacturing stocks have performed well with share prices up 13.2% on average since the latest earnings results.

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 print exceeded analysts’ expectations by 3.5%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ operating income estimates and a significant improvement in its inventory levels.

"This was a record quarter for Nova across every dimension," said Gaby Waisman, President and CEO.

Interestingly, the stock is up 9.6% since reporting and currently trades at $551.90.

We think Nova 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 operating income estimates.

The market seems happy with the results as the stock is up 26.5% since reporting. It currently trades at $118.65.

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 42.9% since the results and currently trades at $30.55.

Read our full analysis of Photronics’s results here.

Semtech (NASDAQ: SMTC)

A public company since the late 1960s, Semtech (NASDAQ: SMTC) is a provider of analog and mixed-signal semiconductors used for Internet of Things systems and cloud connectivity.

Semtech reported revenues of $291 million, up 15.9% year on year. This result beat analysts’ expectations by 2.6%. It was a stunning quarter as it also logged a significant improvement in its inventory levels and a beat of analysts’ EPS estimates.

The stock is down 1.2% since reporting and currently trades at $162.50.

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

IPG Photonics (NASDAQ: IPGP)

Both a designer and manufacturer of its products, IPG Photonics (NASDAQ: IPGP) is a provider of high-performance fiber lasers used for cutting, welding, and processing raw materials.

IPG Photonics reported revenues of $265.5 million, up 16.6% year on year. This number surpassed analysts’ expectations by 2.7%. More broadly, it was a mixed quarter as it also recorded an impressive beat of analysts’ operating income estimates but a significant miss of analysts’ EPS estimates.

The stock is down 5.6% since reporting and currently trades at $115.50.

Read our full, actionable report on IPG Photonics 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 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.