U.S. Semiconductors: PC Pulse: May 2026 – Early Miss to Start Q2 Moves Numbers Moderately Lower

Research evidence excerpt

U.S. Semiconductors: PC Pulse: May 2026 – Early Miss to Start Q2 Moves Numbers Moderately Lower

Equity Research

11 May 2026

U.S. Semiconductors

PC Pulse: May 2026 – Early Miss to

Start Q2 Moves Numbers

U.S. Semiconductors & SemiconductorModerately Lower Capital Equipment

April NBs missed on increasing memory costs and tick down NEUTRAL

after pull-ins in the prior quarter. We expect a sub-seasonal U.S. Semiconductors & Semiconductor

Capital Equipment

Q2 and a LDD% decline for the year. Tom O'Malley

+1 212 526 0692

thomas.omalley@barclays.com

Significant misses across most ODMs as blame continues to be placed on rising memory costs,

BCI, US

along with aggressive pull-ins from the prior quarter. There is very little color from ODMs on Q2

with one calling for a slight increase and others pointing in general to growth. After an April beat Kyle Bleustein

+1 212 526 7618(likely Chromebook pull forward), Quanta is trending towards better seasonal Q2, but the

kyle.bleustein@barclays.com

remainder are starting off below, netting a small decrease. We model Q2 +5% Q/Q (vs. prior +8%

and vs. historical seasonal +12%). Our anticipation is that the lower-end Consumer is an area

where you get build-ahead and is something we will monitor as we get to 2H, in case you see a Matthew Pan

+1 212 526 4106more drastic step down. Along with Q2 there is very little visibility into the 2H, and given the lack

matthew.pan@barclays.com

of clarity, guides for down single digits % Y/Y should be taken with a grain of salt and we are

biased more negatively given what we are hearing from chip guys with 2H down more than

seasonal and full year down >10%. Trip Smith

+1 212 526 4795

April Miss After Prior Pull-Ins and Continued Memory Tightness: April NB came in below at trip.smith@barclays.com