3 US chip stocks lead reshoring trade at current prices

Texas Instruments, Intel, and Qorvo offer three distinct ways to play the US semiconductor reshoring cycle at current prices.

The next leg of the US semiconductor trade is about who already has manufacturing capacity on American soil, not just AI-chip speed. Texas Instruments (Nasdaq: TXN), Intel (Nasdaq: INTC), and Qorvo (Nasdaq: QRVO) — highlighted by KeyBanc as the top US-listed names by domestic fab footprint — each offer distinct exposure to the reshoring wave as CHIPS Act incentives, tariff shifts, and a national security push to reshore wafer output harden into balance-sheet items.

"Texas Instruments, Intel, and Qorvo lead US-listed semiconductor names by domestic manufacturing footprint," KeyBanc analysts wrote in a research note. Texas Instruments collected $850 million in second-quarter CHIPS Act incentives. Intel is ramping 18A high-volume manufacturing in Arizona and Oregon, backed by a US government equity stake and a $5 billion NVIDIA investment related to AI infrastructure. Qorvo keeps a large share of its radio frequency production stateside while preparing to merge with Skyworks.

Texas Instruments posted second-quarter revenue of $5.46 billion, up 22.8% year over year, with earnings per share of $2.14 beating estimates by 10.56%, led by industrial, data center, and automotive demand. Intel's Data Center and AI segment grew 22% last quarter, while Intel Foundry rose 16%, and non-GAAP EPS of 29 cents cleared estimates by a penny. Qorvo's High Performance Analog unit grew 7.9% with a 34.7% GAAP operating margin, while fiscal 2026 free cash flow rose 40.2% to roughly $680 million.

The reshoring wave is showing up in Texas Instruments' revenue mix, Intel's selection as the host CPU for NVIDIA's DGX Rubin NVL8 and its multi-year Google custom ASIC partnership, and Qorvo's expanding margins. Texas Instruments offers the cleanest exposure at a premium price — 38 times forward earnings after a 69.5% year-to-date gain — backed by an already-built US fab base and $6.53 billion in trailing 12-month free cash flow. Intel is the highest-risk, highest-conviction play, with a forward price-to-earnings ratio near 119, while Qorvo, trading near merger-arb levels, is the value angle with Chief Executive Officer Bob Bruggeworth targeting fiscal 2027 non-GAAP EPS approaching $7.

Valuations Already Reflect the Run

Texas Instruments trades at 38 times forward earnings after a 69.5% year-to-date gain, putting the stock well above its historical valuation band even as capital expenditure drops 60.6% year over year and the factory buildout phase cools. Intel has surged 178.1% year to date and 341.57% over one year, but trailing earnings remain negative and Foundry losses, though narrowing to $2.4 billion in the first quarter, are still part of the story. Qorvo brings its own caveats: revenue declined 1.1% in fiscal 2026, an $82.4 million goodwill impairment hit the fourth quarter, guidance remains suspended, and Apple concentration remains a structural risk.

What the Street Sees at These Prices

Texas Instruments' analyst target sits at $303.59 against $294.19, with 2 Strong Buy, 15 Buy, 17 Hold, and 2 Sell ratings. Intel's target is $106.70 versus $102.62, with 2 Strong Buy, 11 Buy, 32 Hold, 2 Sell, and 2 Strong Sell. Qorvo's $91.46 target sits just above $89.48, with 1 Strong Buy, 2 Buy, 16 Hold, and 1 Sell. Texas Instruments and Intel have run far ahead of the S&P 500 year to date; Qorvo, up 5.88%, has lagged the broader index by a wide margin.

All three offer distinct exposure to the American-made chips theme for investors who view reshoring as a decade-long shift, not a headline cycle. Semiconductors remain cyclical, tariff and export rules can shift overnight, and Intel's turnaround still depends on 18A hitting yield milestones. Qorvo's story also hinges on the Skyworks deal closing. Investors who want confirmation could wait for third-quarter earnings reports, Intel 18A volume data, and regulatory clearance on the merger before adding positions.

This article is for informational purposes only and does not constitute investment advice.