According to Chaoxiang Research and a Bernstein report dated September 8, 2026, global semiconductor sales increased 131% year-over-year in July but declined 9.5% month-over-month, slightly below the historical average of 8.5%. Memory sales surged 452% year-over-year, contributing approximately $355 billion in new revenue year-to-date, accounting for nearly 70% of the industry’s 111% growth since the beginning of the year. Excluding memory, sales still rose 35% year-over-year. Performance across product categories generally exceeded seasonal norms: DRAM declined 17.5% month-over-month (seasonal average: -25.7%), NAND fell 14.7% (seasonal average: -28.8%), and logic chips grew 2.2% (seasonal average: -0.9%). Regional performance varied significantly, with China down 28% month-over-month and the Americas down only 0.4%.
Bernstein: Global semiconductor sales rose 131% year-over-year in July, with memory driving 70% of the growth.
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Summary
Bernstein’s on-chain analysis shows global semiconductor sales surged 131% year-over-year in July 2026, though they declined 9.5% month-over-month. Memory chips drove 70% of the growth, jumping 452% year-over-year and adding $35.5 billion in revenue. Excluding memory, sales still rose 35% year-over-year. DRAM and NAND experienced smaller-than-expected declines, while logic chips increased 2.2%. Sales in China fell 28% month-over-month, while the Americas dropped just 0.4%. On-chain data underscores the sector’s mixed performance.
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