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 processors and graphics chips stocks fared in Q2, starting with Broadcom (NASDAQ:AVGO).
The biggest demand drivers for processors (CPUs) and graphics chips at the moment are secular trends related to 5G and Internet of Things, autonomous driving, and high performance computing in the data center space, specifically around AI and machine learning. Like all semiconductor companies, digital chip makers exhibit a degree of cyclicality, driven by supply and demand imbalances and exposure to PC and Smartphone product cycles.
The 9 processors and graphics chips stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 6.3% while next quarter’s revenue guidance was 6.8% above.
Thankfully, share prices of the companies have been resilient as they are up 5.7% on average since the latest earnings results.
Broadcom (NASDAQ:AVGO)
Originally the semiconductor division of Hewlett Packard, Broadcom (NASDAQ:AVGO) is a semiconductor conglomerate spanning wireless communications, networking, and data storage as well as infrastructure software focused on mainframes and cybersecurity.
Broadcom reported revenues of $29.59 billion, up 85.5% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a significant improvement in its inventory levels but revenue guidance for next quarter slightly missing analysts’ expectations.
"Demand for our custom AI accelerators and networking continues to be very strong. Q3 AI semiconductor revenue of $16.7 billion grew 221% year-over-year, and 54% quarter-over-quarter," said Hock Tan, President and CEO of Broadcom Inc. "In Q4 the momentum continues, and we expect AI semiconductor revenue to accelerate to $21.7 billion, up 236% year-over-year."
Broadcom delivered the weakest performance against analyst estimates and weakest guidance update in the group. The market seems disappointed with the results as the stock is down 4.8% since reporting and currently trades at $349.44.
Is now the time to buy Broadcom? Access our full analysis of the earnings results here, it’s free.
Best Q2: Intel (NASDAQ:INTC)
Inventor of the x86 processor that powered decades of technological innovation in PCs, data centers, and numerous other markets, Intel (NASDAQ:INTC) is a leading manufacturer of computer processors and graphics chips.
Intel reported revenues of $16.13 billion, up 25.4% year on year, outperforming analysts’ expectations by 11.7%. The business had an incredible quarter with a significant improvement in its inventory levels and a beat of analysts’ EPS estimates.
The market seems happy with the results as the stock is up 15.8% since reporting. It currently trades at $116.05.
Is now the time to buy Intel? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: Qualcomm (NASDAQ:QCOM)
Having been at the forefront of developing the standards for cellular connectivity for over four decades, Qualcomm (NASDAQ:QCOM) is a leading innovator and a fabless manufacturer of wireless technology chips used in smartphones, autos and internet of things appliances.
Qualcomm reported revenues of $9.95 billion, down 4% year on year, exceeding analysts’ expectations by 3%. Still, it was a mixed quarter as it posted an increase in its inventory levels.
Interestingly, the stock is up 20.6% since the results and currently trades at $187.79.
Read our full analysis of Qualcomm’s results here.
Allegro MicroSystems (NASDAQ:ALGM)
The result of a spinoff from Sanken in Japan, Allegro MicroSystems (NASDAQ:ALGM) is a designer of power management chips and distance sensors used in electric vehicles and data centers.
Allegro MicroSystems reported revenues of $259.2 million, up 27.5% year on year. This number topped analysts’ expectations by 3.1%. Overall, it was an exceptional quarter as it also produced a beat of analysts’ EPS estimates and an impressive beat of analysts’ operating income estimates.
The stock is down 12.3% since reporting and currently trades at $37.02.
Read our full, actionable report on Allegro MicroSystems here, it’s free.
Qorvo (NASDAQ:QRVO)
Formed by the merger of TriQuint and RF Micro Devices, Qorvo (NASDAQ: QRVO) is a designer and manufacturer of RF chips used in almost all smartphones globally, along with a variety of chips used in networking equipment and infrastructure.
Qorvo reported revenues of $784.8 million, down 4.2% year on year. This print beat analysts’ expectations by 6.2%. It was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ operating income estimates.
Qorvo had the slowest revenue growth among its peers. The stock is up 27.2% since reporting and currently trades at $116.70.
Read our full, actionable report on Qorvo here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
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