Notes From The Road: Datacenter AI Is Amping Up The Recovery

Research evidence excerpt

Notes From The Road: Datacenter AI Is Amping Up The Recovery

Semiconductors

Infineon

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

June 21, 2026

Price: €81.97 (06/19/2026) Notes From The Road: Datacenter AI Is

Price Target: €70.00 Amping Up The Recovery

BUY (1)

ESG SCORE: 65/100

Joshua Buchalter, CFA THE TD COWEN INSIGHT

646 562 1303

We hosted Infineon CEO Jochen Hanebeck and IR's Daniel Györy for investor meetings.

joshua.buchalter@tdsecurities.com

Discussions focused on Infineon's AI power opportunity and competitive positioning. Other

Lannie Trieu, CFA topics included its auto franchise, capital allocation, and edge growth vectors. We came away

415 646 7217 incrementally confident in IFX's positioning for both the near-term recovery and long-term

lannie.trieu@tdsecurities.com

secular growth. Infineon is a Top Pick.

Sam Reiff, CFA

312 577 2217 Key Takeaways

sam.reiff@tdsecurities.com

Powering AI: Given investor fervor, AI power and the 800V architecture (discussed in our

Ethan Potasnick recent deep-dive here) was the most discussed topic. Management emphasized that Infineon

646 562 1425

is well-positioned given its power expertise across components and materials, input into

ethan.potasnick@tdsecurities.com

datacenter power architecture with compute partners, and its scalable internal manufacturing

Sean O'Loughlin, CFA capability. Stage 2 power (notably vertical power) remains the most important part of the

646 562 1327 TAM and content uplift opportunity, in management's view, along with the adoption of wide

sean.oloughlin@tdsecurities.com bandgap semis in key areas like IBCs and SSTs. Though Infineon is supply constrained near

Key Data term, its new Dresden 4 fab is expected to come online imminently and serve over >€5B in

Symbol XETRA: IFX.GR revenue.