CDNS: Expanded Collab w/ Intel Foundry for 14A DTCO

Research evidence excerpt

CDNS: Expanded Collab w/ Intel Foundry for 14A DTCO

Equity Research

Flash Comment — June 8, 2026

Semiconductors

Cadence Design Systems, Inc.

Expanded Collab w/ Intel Foundry for 14A DTCO Overweight

Price Target: $425.00

Ticker CDNS

Our Call Upside/(Downside) to Target 7.8%

CDNS announced an expanded collab w/ Intel Foundry focused on DTCO, beginning w/ Price (06/08/2026) $394.24

14A. While somewhat expected, we view as a positive. We'll be focused on additional 52 Week Range $262.75 - 416.69

oppys over time expanding into Intel product group. Market Cap (MM) $107,913

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

News. Cadence announced an expanded collaboration w/ Intel Foundry focused on Joe Quatrochi, CFA

advancing Design Technology Co-Optimization (DTCO) beginning w/ Intel's 14A process Equity Analyst | Wells Fargo Securities, LLC

Joe.Quatrochi@wellsfargo.com | 314-875-2055

for HPC & mobile designs. We'd note Cadence & Intel noted in April 2025 they were

engaged in early DTCO for 14A-E. The new multi-year agreement includes Cadence's Travis Poulin

next-gen agentic AI-driven EDA tools & design IP - focused on optimizing tools, flows, & Associate Equity Analyst | Wells Fargo Securities, LLC Travis.Poulin@wellsfargo.com | 617-603-4263

methodologies. Cadence & Intel will work together to deliver production-ready PDKs.

Wells Fargo Thoughts: While somewhat expected post our recent CDNS meetings (link

to note), we view this announcement as a positive. We'll be focused on this leading to

potential oppys in verification (e.g., Palladium) & eventually EDA w/ Intel product group.

We think Intel’s priority on innovation w/ an emphasis on first-time pass silicon, increasing