The Market Pulse: 2024 Semiconductor Rankings

Semiconductor Rankings Reordered by AI and Memory Revival in 2024

The global semiconductor industry roared back to record levels in 2024, surpassing $680 billion in total revenue—a dramatic rebound from the weakness of 2023. The recovery was led by AI infrastructure investments, surging demand for high-bandwidth memory (HBM), and strategic shifts in device architectures. This boom transformed not just revenue figures but also reshaped the global leaderboard of chip suppliers, with artificial intelligence acting as a gravitational force pulling the entire market into a new era.

AI data center processors were the undisputed driver, with GPUs and accelerators surging past smartphones as the second-largest semiconductor end market by value. AI servers now command more than $110 billion in chip demand annually, up sharply from under $65 billion a year prior. This helped propel Nvidia into the top tier of global chipmakers by revenue, even surpassing many of its manufacturing peers.

Memory suppliers also benefited, reversing two years of contraction. Pricing strength in DRAM and HBM—coupled with improved demand from AI workloads—pushed total memory revenues up nearly 80% in 2024, with DRAM surging over 82%. The result was a reordered hierarchy: Samsung retook the number one position, Nvidia climbed into the top three, and several other players saw major changes in their standings.

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