Bernstein: Semiconductor Earnings Raised by 113%, AI Demand Remains Strong

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Bernstein’s September 22, 2026 report shows the SOX index has undergone an 113% upward revision in forward earnings for the year, despite a 15% market pullback from June’s peak. Earnings are still up 25%. Semiconductor sales rose 144% year-over-year in June and 131% in July, with memory sales surging 452% and non-memory sales up 35%. The sector’s valuation premium versus the S&P 500 declined to 17% from 62% in the prior quarter, reflecting changes in the Fear & Greed Index.
ME AI message, according to Chaoxiang Research, a Bernstein report dated September 22, 2026, indicates that the SOX index's forward earnings for the year have been revised upward by 113%, while its valuation has been revised downward by approximately 18%. During the 15% pullback from its June peak, earnings were still revised upward by about 25%. Semiconductor sales increased by 144% year-over-year in June and by 131% year-over-year in July, with memory sales rising 452% year-over-year in July and non-memory sales increasing 35% year-over-year. The valuation premium of the semiconductor sector relative to the S&P 500 has declined from approximately 62% in the previous quarter to about 17%. (Source: MLion)
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