Against the backdrop of generative AI demand, a comparison of quarterly revenue multiples for 24 major companies shows NVIDIA surging to $96.22 billion while Intel declined to $16.10 billion. Memory makers also posted notable gains, and the global market expanded 2.7-fold.
The spread of generative AI has significantly reshaped semiconductor demand, driving rapid growth in sales of AI semiconductors for data centers, led by NVIDIA's GPUs. Revenue rose from $5.75 billion in the May–July 2022 quarter to $96.22 billion in the May–July 2026 quarter, leaving other companies far behind.
Memory manufacturers Samsung, SK hynix and Micron posted rapid growth, in that order. The gains were driven by demand for HBM and shortages of AI servers, general-purpose DRAM and NAND, which led to substantial increases in each company's quarterly revenue. KIOXIA and SanDisk also moved into the upper ranks of the NAND segment.
TSMC, which manufactures NVIDIA's GPUs, expanded its revenue to $40.2 billion, while Broadcom reached $21.9 billion. Intel, once the leader in semiconductor revenue, declined sharply to $16.10 billion and was at risk of falling out of the top ranks of the global market.
Figure 3 compares the revenue multiples of 24 companies between the May–July 2022 quarter and the May–July 2026 quarter. Shipments in the global semiconductor market expanded approximately 2.7-fold, from $150.53 billion to $403.30 billion. Companies whose multiples exceeded the market average maintained their growth, while those below it lost market share.