Bernstein: July semiconductor sales up 131% year-over-year, with memory contributing nearly 70% of the increase.

According to Chaoxiang Research, a September 8, 2026 report by Bernstein noted that global semiconductor sales in July increased 131% year-over-year but declined 9.5% month-over-month, slightly missing the historical average of 8.5%. Memory sales surged 452% year-over-year, contributing approximately $355 billion in incremental revenue year-to-date and accounting for nearly 70% of the sector's 111% year-to-date growth. Excluding memory, overall sales still grew 35% year-over-year. Month-over-month performance across product segments broadly outperformed seasonal trends: DRAM fell 17.5% (seasonal average: -25.7%), NAND dropped 14.7% (seasonal average: -28.8%), and logic chips gained 2.2% (seasonal average: -0.9%). Regional divergence was stark, with China declining 28% month-over-month while the Americas saw just a 0.4% drop.