Amplitude modulation of a compressional Alfven wave in compensated electron-hole semiconductor plasmas is considered in the quantum magnetohydrodynamic regime in this paper. The important ingredients of this study are the inclusion of the particle degeneracy pressure, exchange-correlation potential, and the quantum diffraction effects via the Bohm potential in the momentum balance equations of the charge carriers. A modified nonlinear Schrödinger equation is derived for the evolution of the slowly varying amplitude of the compressional Alfven wave by employing the standard reductive perturbation technique. Typical values of the parameters for GaAs, GaSb, and GaN semiconductors are considered in analyzing the linear and nonlinear dispersions of the compressional Alfven wave. Detailed analysis of the modulation instability in the long-wavelength regime is presented. For typical parameter ranges of the semiconductor plasmas and at the long-wavelength regime, it is found that the wave is modulationally unstable above a certain critical wavenumber. Effects of the exchange-correlation potential and the Bohm potential in the wave dynamics are also studied. It is found that the effect of the Bohm potential may be neglected in comparison with the effect of the exchange-correlation potential in the linear and nonlinear dispersions of the compressional Alfven wave.