Nvidia is back in the spotlight for all the wrong reasons, with questions around CEO Jensen Huang and fresh scrutiny of the group's China links putting governance, regulation, and key-person risk front and center. When one heavyweight is under the microscope, attention can swing quickly to US semiconductor and equipment stocks with limited China exposure. This article walks through three such US-listed companies from our screener that could sit on investors' watchlists as this story develops.
The three US stocks covered next are just a sample, and the full screen on this theme surfaced 54 more semiconductor manufacturers and equipment providers with equally compelling stories that are not included here.
If you want to go deeper into this idea and identify your own highest conviction setups, head straight to the US-focused semiconductor manufacturers and equipment makers with limited China revenue exposure screener .
ACM Research (ACMR)
ACM Research slots neatly into this US-focused semiconductor equipment theme because it supplies critical cleaning, plating and advanced packaging tools to chip manufacturers, giving investors exposure to capital equipment demand tied to stricter US export rules and shifting China related scrutiny.
ACM Research develops and sells semiconductor wet cleaning, electroplating, furnace, PECVD, track and advanced packaging tools for wafer fabrication, assembly and packaging customers in Mainland China and internationally, and the business currently carries a market value of about US$2.7b.
Advanced AI and high bandwidth memory demand is driving larger die sizes and more complex 2.5D and 3D integration. ACM Research is already booking production and evaluation orders for panel-level electroplating and reporting triple digit advanced packaging revenue growth.
What investors really need to weigh is how one less visible shift in its product mix could feed directly into future margin power.
That kind of mix shift is exactly what the full narrative for ACM Research unpacks, including how margin power could accelerate or stall as ACM Research leans into advanced packaging.
Applied Materials (AMAT)
Applied Materials plugs directly into this US-focused semiconductor equipment theme as a major supplier of fabrication tools and services, giving you exposure to materials engineering and advanced packaging demand as capital spending tilts further toward US and allied-chipmakers.
Applied Materials provides fabrication equipment, software and services through Semiconductor Systems, which generated about US$22.4b, and Applied Global Services at roughly US$7.2b, with segment adjustments of about US$1.3b, and the stock carries a market value near US$253.4b.
Applied Materials matters here because it is a US-listed heavyweight whose tools underpin chip production, from etching and deposition to packaging, at many of the same fabs that could redirect spend if export controls push capacity toward US and ally facilities.
The mix shift toward leading edge foundry logic, DRAM including high bandwidth memory, and advanced packaging is expected to account for most wafer fab equipment growth in 2026 and 2027, and Applied Materials is forecasting more than 70% growth in advanced packaging revenue and more than 50% growth in process diagnostics and control in 2026. Higher investment in capacity and programs like the EPIC Center alongside lower free cash flow, as already reflected in recent quarters, could continue to weigh on cash generation and limit the ability of Applied Materials to convert revenue and earnings into discretionary cash returns for shareholders.
What really moves the needle from here is how one quiet shift in Applied Materials' product and services mix filters through to margins and free cash flow power.
That quiet shift is exactly what the full narrative for Applied Materials unpacks, revealing where Applied Materials' cash generation could be stalling or quietly accelerating beneath the surface.
Microchip Technology (MCHP)
Microchip Technology fits this US-focused semiconductor screen as a diversified embedded and analog chip producer that leans heavily on Americas and Europe demand, supplying microcontrollers, analog parts, FPGAs and memory into industrial, automotive, aerospace, defense and data center hardware. The business currently carries a market value of about US$35.2b.
Microchip Technology gives this theme something different. It is not chasing hyperscale AI data centers alone; it is wiring the industrial, automotive and aerospace customers that want reliable US aligned suppliers as supply chains tilt away from China heavy exposure.
Microchip Technology is seeing structural expansion in data center and AI infrastructure exposure, with total data center revenue expected to increase from about US$591 million in 2025 to roughly US$1 billion in 2026 and PCIe Gen6 design wins, including an estimated US$100 million annual program starting in 2027, which together point to a larger contribution to future revenue.
The real swing factor is how one less visible constraint in its supply chain shapes pricing power and the next leg of margin progress.
That supply tension is exactly what the full narrative for Microchip Technology tackles, highlighting where Microchip Technology's AI exposure could be quietly accelerating while legacy demand patterns mask the full story.
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This article is general in nature and was produced with the assistance of AI automation, based on data and analysis from Simply Wall St. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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