QCOM Evaluating Tenstorrent, AMD MEXT Acquisition, DRAM & NAND Forecast Updates, & More—Headline Review (Semis & IT Hardware)

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QCOM Evaluating Tenstorrent, AMD MEXT Acquisition, DRAM & NAND Forecast Updates, & More—Headline Review (Semis & IT Hardware)

Equity Research

Flash Comment — June 16, 2026

IT Hardware & Communications Networking

Semiconductors

QCOM Evaluating Tenstorrent, AMD MEXT

Acquisition, DRAM & NAND Forecast Updates,

& More—Headline Review (Semis & IT

Hardware)

Our Call Aaron Rakers, CFA

In an effort to try to keep pace with the rapid news flow across our Semiconductor & IT Equity Analyst | Wells Fargo Securities, LLC

Aaron.Rakers@wellsfargo.com | 314-875-2508

Hardware universe, we summarize a few of the key headlines we saw this morning.

Michael Tsvetanov, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

Initial Thoughts Michael.Tsvetanov@wellsfargo.com | 314-875-2558

Richard Strifler, CFA

1. Qualcomm Reportedly Evaluating Acquisition of Tenstorrent Associate Equity Analyst | Wells Fargo Securities, LLC

Richard.Strifler@wellsfargo.com | 314-875-3234

• The Information is reporting that Qualcomm is in discussion to possibly acquire

privately-held Tenstorrent—a move that would further deepen the company's data

center / AI portfolio strategy with RISC-V based AI accelerators.

• The report notes that Qualcomm could pay between $8-$10 billion. As a reminder, in

mid-May it was reported that Tenstorrent was evaluating takeover options with both

Intel and Qualcomm highlighted (see here).

• Tenstorrent raised $800M at a $3.2B post-money valuation in Jan. The company is led

by Jim Keller, famous for his role in AMD's Zen architecture, Apple's A-series silicon,

and Tesla's self-driving hardware.

• Tenstorrent launched its Galaxy Blackhole servers in early-May. The Galaxy server is a

6U configuration, utilizing 32 Blackhole AI accelerators to drive 23 PFLOPs (FP8) of