Semiconductor 1Q26 Inventory Analysis

Semiconductor company inventories have increased due to precautionary stock-building against shortages, while channel inventories continue to tighten. Sales growth remains robust, consistently outpacing inventory levels.

Key Takeaways

• 1.Semiconductor company inventories rose, with DIOs 2-4% above 5-year medians, reflecting proactive stock-building against shortages.
• 2.Channel inventories fell for the fourth consecutive quarter, remaining below their 5-year median.
• 3.Semiconductor sales growth (+54% y/y) continues to outpace inventory growth (+23% y/y).

Table of Contents

• Key Takeaways
• Semiconductor inventories rising
• Channel inventories still falling, for now
• Sales growth continues to outpace inventory growth
• Appendix 1