Semis-on-Fire 02-Jul-2026: QNT Initiation, Semi Cycle…“Well Into Middle Innings”

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Semis-on-Fire 02-Jul-2026: QNT Initiation, Semi Cycle…“Well Into Middle Innings”

Technology | Semiconductors and Semiconductor Equipment

July 2, 2026

Mark Lipacis Semis-on-Fire 02-Jul-2026: QNT Initiation,

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Mark.Lipacis@evercoreisi.com Semi Cycle…“Well Into Middle Innings”

Vedvati Shrotre, CFA In our Semis-on-Fire Weekly, we strive to highlight differentiated

415-800-0187 insights and distill them into a short video format. This week, we review

Vedvati.Shrotre@evercoreisi.com our initiation of QNT, preview the set-up into 2Q26 earnings season,

Affan Ahmed and highlight signals of middle innings in analog/AI. Video Link here.

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Affan.Ahmed@evercoreisi.com QNT Initiation – We’re Buyers: The “5th Tectonic Shift in

Computing” We initiated coverage of QNT with a $98 price target,

based on 60x our 2030 EPS estimate of $2.40, discounted back. There

Links to Related Research are four pillars to our investment thesis: (1) high logical qubit count, with

48 logical qubits today, and leading 2-qubit fidelity; (2) a Moore’s Law

cadence roadmap, scaling from 48 qubits today to 100 in 2027 and

hundreds by 2029; (3) a vertically integrated software and error-

correction stack; and (4) a well-funded cash position, with $2.6bn of

cash, equivalent to 11x cash burn. While investors may question

whether it is too early to invest in quantum, we believe QNT is

positioned at the front end of a major Tectonic shift as classical

computing approaches scaling limits and AI drives parabolic demand

for compute and power. In our view, QNT’s setup is analogous to

NVDA’s early inflection, which occurred 9 years before the GPU-to-

CPU dollar crossover.

June 2026 EVR TMT Conference Takeaways: ADI, AMD, PI, Preliminary View on Semi Setup into 2Q26 Earnings Season –