Not just Nvidia’s party anymore
Nvidia may still be the headliner, but JPMorgan says the semiconductor boom is starting to look less like a one-stock show and more like a full festival lineup. That matters because when the money starts moving beyond the obvious AI winner, the rest of the chip complex can get a serious lift.
The numbers are getting a little wild
JPMorgan points to World Semiconductor Trade Statistics data showing June industry sales hit $152 billion, with year-over-year growth accelerating to 134%. Even juicier: the bank sees global semiconductor sales reaching $1.68 trillion in 2026 and $2.25 trillion in 2027. That's not a typo, that's a giant neon sign saying demand is still running hot.
Memory is doing a lot of the heavy lifting — about 77% of the year-to-date increase, according to JPMorgan — but the interesting bit is that the rally is broadening. Ex-memory sales rose 38% year over year in June, and gains are showing up in analog chips, sensors, microcontrollers, and networking gear.
So who benefits?
JPMorgan’s shortlist is basically a tour of the chip supply chain:
- Nvidia, Broadcom, and AMD for compute
- Intel for CPUs, foundry ambitions, and AI dreams
- Micron for memory
- Broadcom and Marvell for networking
Big picture: if the AI buildout really is becoming a broader semiconductor cycle, you may not need to bet everything on the king of the hill. The chip boom could be less of a sprint and more of a relay race — and more companies are getting the baton.