[Bernstein: Semiconductor Sales in July Up 131% YoY, Memory Contributes Nearly 70% of Growth] According to DeepTech TechFlow, citing research from TrendForce, Bernstein's research report dated September 8, 2026, indicated that global semiconductor sales in July grew 131% year-on-year (YoY) but declined 9.5% month-on-month (MoM), slightly below the historical average of 8.5%. Memory sales surged 452% YoY, contributing approximately $355 billion in additional revenue this year, accounting for nearly 70% of the industry's 111% growth since the beginning of the year. Excluding memory, sales still grew 35% YoY. Month-on-month performance across product categories generally outperformed seasonal trends: DRAM declined 17.5% MoM (seasonal average -25.7%), NAND declined 14.7% MoM (seasonal average -28.8%), and logic increased 2.2% MoM (seasonal average -0.9%). Regional performance showed significant divergence, with China down 28% MoM, while the Americas only declined 0.4%. Bernstein believes that memory prices remain the primary driver of industry growth, but healthy growth in non-memory sectors indicates that the industry's fundamentals are not overly reliant on a single category. The sharp MoM decline in the Chinese market was mainly influenced by memory price fluctuations and is not sufficient to alter the overall positive outlook for the industry. Bernstein maintains an "Outperform" rating for ADI, AMD, Broadcom, NVIDIA, and Applied Materials.