LONDON--(BUSINESS WIRE)--Mar 25, 2025--
2024 marked a record-breaking year for the semiconductor market with annual revenue surging approximately 25% to $683 billion according to Omdia’s Competitive Landscaping Tool. The sharp rise was attributed to strong demand for AI-related chips, particularly high bandwidth memory (HBM), used in AI GPUs, which contributed to a 74% year-over-year growth in the memory segment. The rebound in memory helped lift the overall market after a challenging 2023.
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However, this record-setting year masked uneven performance across the industry. While the data processing segment experienced strong growth, other key segments - automotive, consumer, and industrial semiconductor – experienced revenue declines in 2024. These struggles highlight areas of weakness within an otherwise booming market.
AI and memory complete a strong 2024
Throughout 2024, AI’s influence on the semiconductor market has been a dominant force, driving record revenues and reshaping industry dynamics. NVIDIA emerged as the clear leader, climbing the market share rankings with strong revenue growth the last few years due to its AI GPUs. HBM, a critical component for AI applications surged alongside, significantly boosting revenues for memory companies. While HBM outpaced other DRAM segments in growth, an improved supply-demand balance contributed to higher average selling prices (ASPs) and revenue gains across the broader memory market.
Industrial segment faces a second consecutive year of decline
The downturn in the industrial semiconductor segment, which began in 2023, deepened in 2024, posing challenges for companies focused on this sector. “Historically, the industrial semiconductor market has grown approximately 6% each year, however, after two years of above-average growth in 2021 and 2022, semiconductor market revenue declined in double digits in 2024,” said Cliff Leimbach, Omdia Principal Analyst. “Diminished demand coupled with inventory adjustments made 2024 a difficult year for the industrial segment. Companies with a large presence in this segment saw their market share rankings slip as a result.”
Automotive market stalls
While the automotive semiconductor market performed better than the industrial sector, it also experienced a revenue decline in 2024. After nearly doubling in size from 2020 to 2023, far exceeding the historical average annual growth rate of 10%, the sector saw an abrupt slowdown. Weakening demand led to a contraction in 2024, disrupting the steady upward trajectory the market had enjoyed in recent years.
NVIDIA takes the top spot as market rankings shift
NVIDIA’s dominance in AI-driven GPUs pushed it to the top position in semiconductor companies by revenue, surpassing Samsung which held the number one position in 2023.
The strong memory market also reshaped the leaderboard with Samsung, SK Hynix, and Micron all ranking among the top seven largest semiconductor companies by revenue. Each of these companies climbed at least one spot from their 2023 rankings, marking a significant shift from the previous year when they were spread across the top eleven.
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Semiconductor companies by revenue 2024 rankings
Total semiconductor revenue Omdia CLT 4Q24
The gunman who killed 23 people in a racist attack targeting Hispanic shoppers at a Walmart near the U.S.-Mexico border in 2019 would avoid the death penalty under a plea offer announced Tuesday, abruptly ending years of efforts by prosecutors to see that he face execution by lethal injection.
El Paso County District Attorney James Montoya said during a news conference that his decision in the prosecution of Patrick Crusius, who traveled across the state for one of the deadliest mass shootings in U.S. history and posted a racist screed just before opening fire, was driven by a majority of victims' relatives who wanted the case behind them.
“This is about allowing the families of the 23 victims who lost their lives on that horrific day — and the 22 wounded — to finally have resolution in our court system,” Montoya said in a statement.
“Now, no one in this community will ever have to hear the perpetrator’s name ever again,” he added. “No more hearings. No more appeals. He will die in prison.”
But Montoya also acknowledged at the news conference that not all families agreed with the reversal by his office, which under previous leadership had committed to taking the case to trial and seeking the death penalty.
Adria Gonzalez, a survivor who helped panicked shoppers toward exits, said she feels that not pursuing the death penalty is “a slap in the face for all the victims.”
Under the offer, Montoya said, Crusius would plead guilty to capital murder and receive life in prison with no possibility of parole. The plea hearing and sentencing is set for April 21, Montoya said, and families will be able to give victim impact statements.
Mark Stevens, an attorney for Crusius, did not immediately respond to a message seeking comment.
Crusius, 26, was already sentenced to 90 consecutive life sentences at the federal level after pleading guilty in 2023 to hate crime charges. Under the Biden administration, federal prosecutors also took the death penalty off the table.
Montoya said he supports the death penalty and believes Crusius deserves it. But he said he met with the families of the victims and while some were willing to wait as long as it took for a death sentence, there was an overriding desire to conclude the process.
“I’m just glad it’s over,” said Elise Hoffmann-Taus, whose father, Alexander Hoffmann was among those killed. “This is the outcome I wanted.”
Montoya, a Democrat, took office in January after defeating a Republican incumbent who was appointed by Gov. Greg Abbott.
Crusius, who is white, was 21 years old and had dropped out of community college when police say he drove more than 700 miles (1,100 kilometers) from his home near Dallas to El Paso.
Moments after posting online his racist rant, which warned of a Hispanic “invasion” of the state, he opened fire with an AK-style rifle inside and outside the store.
Crusius was arrested shortly after the shooting and confessed to officers who stopped him at an intersection, police have said.
Prior to the attack, Crusius appears to have been consumed by the immigration debate, posting online in support of building the border wall and other messages praising the hard-line border policies of President Donald Trump, who was in his first term at the time. He went further in the screed right before the shootings, saying Hispanics were going to take over the government and economy.
In the federal case, prosecutors did not formally explain their decision not to seek the death penalty, but they did acknowledge that Crusius suffered from schizoaffective disorder, which can be marked by hallucinations, delusions and mood swings.
Abbott, a Republican, said Tuesday after the announcement that he thought Crusius deserved to die: “Any shooting like that is what capital punishment is for.”
The people who were killed ranged in age from a 15-year-old high school athlete to several grandparents. They included immigrants, a retired city bus driver, teachers, tradesmen including a former iron worker, and several Mexican nationals who had crossed the U.S. border on routine shopping trips.
In 2023, Crusius agreed to pay more than $5 million to his victims. Court records showed that his attorneys and the Justice Department reached an agreement over the restitution amount, which was then approved by a U.S. district judge. There was no indication that he had significant assets.
Associated Press writer Nadia Lathan contributed from Austin, Texas.
El Paso County District Attorney James Montoya speaks during a news conference Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
El Paso County District Attorney James Montoya speaks during a news conference Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
A memorial to honor the victims of the 2019 Walmart mass shooting, is pictured on Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
The plaque of the "Grand Candela", a memorial to honor the victims of the 2019 Walmart mass shooting, showing their names is pictured on Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
The "Grand Candela", a memorial to honor the victims of the 2019 Walmart mass shooting is pictured on Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
A memorial to honor the victims of the 2019 Walmart mass shooting, is pictured on Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
El Paso County District Attorney James Montoya speaks during a news conference Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
A memorial to honor the victims of the 2019 Walmart mass shooting, is pictured on Tuesday, March 25, 2025, in El Paso, Texas. (AP Photo/Andres Leighton)
FILE - In this Aug. 6, 2019, file photo, police officers walk behind a Walmart at the scene of a mass shooting at a shopping complex in El Paso, Texas. (AP Photo/John Locher, File)
FILE - In this Aug. 3, 2019, photo Texas state police cars block the access to the Walmart store in the aftermath of a mass shooting in El Paso, Texas. (AP Photo/Andres Leighton, File)
FILE - In the is Oct. 10, 2019 file photo, El Paso Walmart shooting suspect Patrick Crusius pleads not guilty during his arraignment in El Paso, Texas. (Briana Sanchez/El Paso Times via AP, Pool, File)
FILE - Mourners visit a makeshift memorial on Aug. 12, 2019, near the Walmart in El Paso, Texas, where people were killed in a mass shooting. (AP Photo/Cedar Attanasio, File)
