Let’s dig into the relative performance of Nvidia (NASDAQ: NVDA) and its peers as we unravel the now-completed Q1 processors and graphics chips earnings season.
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 Q1. As a group, revenues beat analysts’ consensus estimates by 4.8% while next quarter’s revenue guidance was 4.2% above.
In light of this news, share prices of the companies have held steady as they are up 3.5% on average since the latest earnings results.
Nvidia (NASDAQ: NVDA)
Founded in 1993 by Jensen Huang and two former Sun Microsystems engineers, Nvidia (NASDAQ: NVDA) is a leading fabless designer of chips used in gaming, PCs, data centers, automotive, and a variety of end markets.
Nvidia reported revenues of $81.62 billion, up 85.2% year on year. This print exceeded analysts’ expectations by 3.5%. Overall, it was a very strong quarter for the company with revenue guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.
Nvidia achieved the fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 9.4% since reporting and currently trades at $202.51.
Best Q1: Lattice Semiconductor (NASDAQ: LSCC)
A global leader in its category, Lattice Semiconductor (NASDAQ: LSCC) is a semiconductor designer specializing in customer-programmable chips that enhance CPU performance for intensive tasks such as machine learning.
Lattice Semiconductor reported revenues of $170.9 million, up 42.2% year on year, outperforming analysts’ expectations by 3.6%. The business had a stunning quarter with a significant improvement in its inventory levels and a beat of analysts’ EPS estimates.
However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $124.58.
Is now the time to buy Lattice Semiconductor? Access our full analysis of the earnings results here, it’s free.
Slowest Q1: 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 $10.6 billion, down 2.2% year on year, in line with analysts’ expectations. It was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly and an increase in its inventory levels.
Qualcomm delivered the weakest performance against analyst estimates and weakest guidance update among its peers. Interestingly, the stock is up 10% since the results and currently trades at $171.59.
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 $243.2 million, up 26.1% year on year. This print topped analysts’ expectations by 3.2%. Zooming out, it was a mixed quarter as it also logged a decent beat of analysts’ operating income estimates but a significant miss of analysts’ EPS estimates.
The stock is down 10% since reporting and currently trades at $46.25.
Read our full, actionable report on Allegro MicroSystems here, it’s free.
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 $13.58 billion, up 7.2% year on year. This number surpassed analysts’ expectations by 9.6%. Overall, it was an exceptional quarter as it also logged a beat of analysts’ EPS estimates and a solid beat of analysts’ operating income estimates.
Intel pulled off the highest guidance raise in the group. The stock is up 40.7% since reporting and currently trades at $93.95.
Read our full, actionable report on Intel 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.
Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
