Semiconductors "UBS Evidence Lab: Semis Distributor Tracker – Inventory ..."

Research evidence excerpt

Semiconductors "UBS Evidence Lab: Semis Distributor Tracker – Inventory ..."

Powered by Lab Global23 JuneResearch2026ab Evidence UBS YES

Semiconductors Equities

GlobalUBS Evidence Lab: Semis Distributor Tracker –

Inventory Rebounds, Pricing Remains Supportive Semiconductors

Francois-Xavier Bouvignies

Analyst

francois.bouvignies@ubs.com

UBS Enhanced Semis Distributor Tracker #21 +44-20-7568 7105

We present data from the 21st edition of the UBS Evidence Lab Enhanced Semis Timothy Arcuri

Distributor Tracker (> Access dataset), which tracks inventory and pricing trends at 100+ Analyst

distinct distributors globally. Inventory increased 2% month-on-month, compared with timothy.arcuri@ubs.com

a 4% decline in the prior month, driven by growth in Memory and Sensors (+7%) and +1-415-352 5676

Transistors (+13%), partly offset by declines in MCUs, Data Converters, and Wireless & Nicolas Gaudois

RF (mid-single digits). Pricing trends remain supportive, rising a further 1% m-o-m and Analyst

11% y-o-y, following a 2% increase in May. MCUs led with a 2% uptick, while other nicolas.gaudois@ubs.com

product categories were flat to up modestly (+1%). Overall, we view these trends as +65-6495 5148

positive from a cyclical perspective. However, the recovery appears primarily driven by Shingo Hirata, CFA

inventory replenishment rather than a meaningful improvement in underlying end Analyst

demand. Our preferred names to gain exposure to this recovery remain Texas shingo.hirata@ubs.com

Instruments and STMicroelectronics. +81-3-5208 6224

Kenji Yasui

Three key takeaways Analyst

We highlight three key takeaways from the dataset: 1) MCU and MPU inventories were kenji.yasui@ubs.com

down 5% and up 4% (down 3% and up 1% last month), respectively, after stabilizing +81-3-5208 6211