Electronic Components Sector 1Q FY2026 results of analog and discrete semiconductor manufacturers; shift from automotive power devices to AI applications

Research evidence excerpt

Electronic Components Sector 1Q FY2026 results of analog and discrete semiconductor manufacturers; shift from automotive power devices to AI applications

J P M O R G A N Asia Pacific Equity Research

20 May 2026

Electronic Components Sector

1Q FY2026 results of analog and discrete

semiconductor manufacturers; shift from automotive

power devices to AI applications

With major domestic and overseas analog and discrete semiconductor companies Japan Equity Research

having reported results, we review market trends with a focus on the automotive,

Technology - Electronic

industrial machinery, and AI/data center markets. All companies commented on Components

the prevalent signs of stagnation in automotive applications (see Figures 3 and 4 AC Akinori Kanemoto

for automotive-related sales and content per vehicle), but also mentioned the

(81-3) 6736 8628

strong recovery in industrial machinery applications. The companies also akinori.kanemoto@jpmorgan.com

remarked on the acceleration in sales momentum for AI servers, with Infineon Ikki Shibata

Technologies (IFX) and ON Semiconductor (ON) stating that they will reallocate (81-3) 6736 8641

automotive production capacity to AI server applications. We also observe that ikki.shibata@jpmorgan.com

overseas semiconductor manufacturers have already begun raising prices JPMorgan Securities Japan Co., Ltd.

(Japanese manufacturers have not made similar moves). It seems that supply-

demand conditions are beginning to tighten for low/medium-voltage Si-

MOSFETs due to rapidly expanding demand from AI data centers. We will need

to closely monitor supply conditions for PCs, consumer electronics, automotive,

and industrial machinery that use similar voltage ranges.

Sales guidance (QoQ)