US Semiconductors: Tech Conf. Takeaways: AI broadening, supported by order/supply visibility

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US Semiconductors: Tech Conf. Takeaways: AI broadening, supported by order/supply visibility

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US Semiconductors

Tech Conf. Takeaways: AI broadening,

supported by order/supply visibility

Industry Overview

Takeaways from 2026 BofA Global Tech Conference 08 June 2026

We recap takeaways from our Tech Conference, where 37 global semiconductor Equity

companies attended including in compute/AI (NVDA, AMD, INTC, ARM), connectivity United States

(MRVL, CRDO, ALAB, MTSI, COHR, LITE), analog (ADI, TXN, MCHP, ALGM), EDA (CDNS), Semiconductors

semicap/complexity (LRCX, KLAC, AMAT, NVMI, CAMT, ACLS, MKSI, AEIS), and consumer

(QCOM, AMBA, AMBQ) markets. See inside for summary of each company discussion. Table of Contents

AI Compute: CPUs additive to XPUs, n-t supplies secured AI Compute 2

Overall tone was very positive across both CPUs and XPUs, with every major CPU vendor Connectivity (Optical/Networking) 4

confident in growing strongly on agentic AI deployments. CPU TAM estimates vary Analog 10

between $100-200bn for ~CY30, but we suspect the differences come in ASP Semi Capital Equipment 14

differences (varies $2-2.5k to $4-5k), rather than units (likely ~20-25% CAGR). Supplies EDA 21

remain tight across the board, but each CPU/XPU vendor has secured sufficient capacity Consumer 22

(memory, wafers, substrates, packaging, etc.) for its forecasted growth, based on strong

order visibility and customer commitments (i.e. NVDA $124bn) for the next 1-2 years.

Vivek Arya

Connectivity: heterogeneous architecture of copper/optics ResearchBofAS Analyst

Outlook for pluggable optics in scale-out remains robust, with the current 1.6T gen vivek.arya@bofa.com

ramping with high DSP, TIA, driver, etc. content. For scale-up, AVGO sees continued use Duksan Jang

Research Analyst