Ranked: The Top U.S. Semiconductor Companies By Market Cap
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Key Takeaways
- Nvidia covers about 80% of the AI chip market, but competition is growing.
- In October, AMD—America’s third-largest semiconductor company by market cap— struck a multi-billion-dollar deal with OpenAI to supply chips for its data centers.
Nvidia continues to dominate the semiconductor industry, with a market valuation nearly three times higher than its closest U.S. competitor.
But the race is quickly heating up. OpenAI’s recent multibillion-dollar partnership with AMD includes plans to purchase tens of thousands of chips for its data centers—a move that sent AMD’s stock soaring and signaled a potential shift in the AI hardware landscape.
This graphic shows America’s biggest semiconductor companies by market cap, based on data from CompaniesMarketCap.
Ranked: The Top 10 Biggest American Semiconductor Companies
Below, we show the market value of leading U.S. chipmakers as of October 6, 2025:
| Rank | Company | Market Cap as of Oct 6 2025 | YTD Price Gain |
|---|---|---|---|
| 1 | Nvidia (NVDA) | $4,547B | 34% |
| 2 | Broadcom (AVGO) | $1,584B | 45% |
| 3 | AMD | $341B | 69% |
| 4 | Micron Technology (MU) | $214B | 119% |
| 5 | Lam Research | $188B | 106% |
| 6 | Applied Materials (AMAT) | $183B | 37% |
| 7 | Qualcomm (QCOM) | $182B | 10% |
| 8 | Intel (INTC) | $176B | 81% |
| 9 | Texas Instruments (TXN) | $165B | -3% |
| 10 | KLA | $150B | 79% |
Today, Nvidia’s market cap hovers near $4.6 trillion, with its share price up 34% year-to-date.
Large cloud providers, likely Amazon, Google, and Microsoft, make up a reported 50% of its total data center revenue. In its latest earnings report, ‘Customer A’ made up 23% of its total revenues, while ‘Customer B’ accounted for 16%—indicating a highly concentrated clientele.
With a market cap of $1.6 trillion, Broadcom stands as the second-largest player. The company is known for producing application-specific chips, with customers such as OpenAI.
Ranking third is AMD, which produces more affordable chips than Nvidia. The company has also strategically focused on chips designed for inference tasks—systems that run AI models rather than train them.
Notably, these types of solutions are expected to see growing demand as AI infrastructure expands. Year-to-date, AMD’s share price is up 69%—outpacing Nvidia by nearly double.
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