Semis & AI: Phoenix, Arizona Bus Tour 2026 reflects universal bullishness

Research evidence excerpt

Semis & AI: Phoenix, Arizona Bus Tour 2026 reflects universal bullishness

Truist Securities

Advanced packaging is becoming more important for foundry. Advanced packaging is

positioned as the first meaningful foundry revenue driver, with project opportunities measured in

the billions per customer (vs. the earlier expectation of hundreds of millions per customer).

Management expects advanced packaging to lead foundry adoption, with revenue ramping into

2027–2028, contingent on execution.

Expressing more confidence in 14A. Intel conveyed growing confidence in 14A, noting

progress ahead of where 18A was at a similar stage of its development, and increasing

investment levels. Internal tile deployment landing on 14A, combined with external validation

from the likes of Tesla (TSLA, Hold) diminishing (and perhaps taking to zero) the chance that

INTC would not proceed with 14A.

X86 everywhere – Staying in PCs and extending to edge AI & robotics. Intel reiterated its

commitment to x86, maintaining its PC leadership while expanding into edge AI and robotics.

While the company noted that it would gladly deliver ASICs leveraging Arm technology, its

product group remains squarely in the x86 camp. Management believes performance

advantages and ongoing core improvements position x86 to compete across a broader range of

compute workloads.

Microchip (MCHP, Hold)

Company Representatives

 Steve Sanghi, CEO

 Eric Bjornholt, CFO

Thesis & Price Target

We believe that MCHP’s diversification across products, customers, and end markets,

combined with its culture of shared sacrifice and success, supports a revenue growth and

margin expansion model. Further, MCHP’s capital deployment is increasingly favorable to