Investing.com - Jefferies is calling the peak of the global semiconductor upcycle for Q4 2026, warning that multiple compression is already eating into European chip stocks even as underlying demand holds firm. Before you buy NVIDIA: our AI model's stock picks are beating the market by 120%+. See the list now » Jefferies analyst Janardan Menon, writing in a Q3 2026 semiconductor and tech hardware earnings preview, argues the cycle peak is being driven primarily by an adverse base effect from the sharp spike in DRAM prices in Q4 2025. "Semiconductor demand remains strong and most companies are expected to at least meet CYQ3 expectations," Menon wrote. "However, earnings upgrades may be limited, which could result in stocks fading.
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