As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the processors and graphics chips industry, including Qorvo (NASDAQ: QRVO) and its peers.

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 2.9% while next quarter’s revenue guidance was in line.

Luckily, processors and graphics chips stocks have performed well with share prices up 42.7% on average since the latest earnings results.

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 $808.3 million, down 7% year on year. This print exceeded analysts’ expectations by 1%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS and adjusted operating income estimates.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo’s fiscal fourth quarter performance reflects continued operational excellence and the strategic optimization of business mix within and across operating segments. March quarterly non-GAAP gross margin expanded by 670 basis points year-over-year, and full-year fiscal 2026 non-GAAP gross margin expanded by 370 basis points versus the prior fiscal year. Looking forward, we expect continued momentum reducing capital intensity and enhancing profitability. For full-year fiscal 2027, we continue to expect non-GAAP gross margin above 50% and non-GAAP diluted earnings per share approaching $7.00.”

Qorvo delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 1.3% since reporting and currently trades at $97.58.

Is now the time to buy Qorvo? Access our full analysis of the earnings results here, it’s free.

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.

The market seems happy with the results as the stock is up 13.8% since reporting. It currently trades at $142.90.

Is now the time to buy Lattice Semiconductor? Access our full analysis of the earnings results here, it’s free.

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 in the group. Interestingly, the stock is up 30.7% since the results and currently trades at $203.93.

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 result surpassed analysts’ expectations by 3.2%. Taking a step back, it was a mixed quarter as it also produced an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ EPS estimates.

The stock is down 5.6% since reporting and currently trades at $48.49.

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 beat analysts’ expectations by 9.6%. It was an exceptional quarter as it also put up a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

Intel delivered the biggest analyst estimate beat among its peers. The stock is up 77.5% since reporting and currently trades at $118.52.

Read our full, actionable report on Intel here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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