US Semiconductors and Semi Equipment "SemiBytes: Earnings Previews (TXN,..."

Research evidence excerpt

US Semiconductors and Semi Equipment "SemiBytes: Earnings Previews (TXN,..."

Global Research

13 July 2026ab

US Semiconductors and Semi Equipment Equities

AmericasSemiBytes: Earnings Previews (TXN, INTC, STX,

WDC) Semiconductors

Timothy Arcuri

Analyst

timothy.arcuri@ubs.com

Earnings Previews +1-415-352 5676

TXN (reports 7/22 AMC): Strong intra-Q data points point to very strong results and Natalia Winkler, CFA

guidance (read more here) fueled in part by more aggressive price increases that should Analyst

start to create solid upside to gross margin. We see Jun Q revenue and EPS toward or natalia.winkler@ubs.com

maybe above the high-end of guidance range (UBSe revs/EPS ~$5.35B/$2.01 vs +1-415-352 4626

guidance of $5-5.4B/$1.77-2.05). Industrial looks very strong, though autos remains Alex Kivali

somewhat choppy and has historically been the last segment to join a broader market Analyst

upturn as it was the last to peak in the prior cycle. We note that ISM has moved further alex.kivali@ubs.com

into expansionary territory in Q2 (see Figure 3ISMManufacturingPMI-headlineandneworders) which is supportive of our estimates for +1-212-713 3945

auto revenue growth to accelerate to +9.9% Y/Y in Q2 and industrials to maintain a Gianmarco Vella

consecutive quarter of 30%+ growth. We expect data center growth to remain at or Associate Analyst

better than CQ1 (+90% Y/Y and +25% Q/Q) and we see TXN guiding overall FQ3 (Sept) gianmarco.vella@ubs.com

revenue up as much as 10% Q/Q – far better than normal seasonal of up 5-7% Q/Q and +1-415-352 4555

this comes off a CQ2 that will potentially be up >10% Q/Q as well. This would put Aaryan Wadhwa

revenue guidance potentially in the ~$5.9B range (far above Street ~$5.5-5.6B) which Associate Analyst