The Analog Playbook: 2Q26: 800v dynamics in play

Research evidence excerpt

The Analog Playbook: 2Q26: 800v dynamics in play

Global Foundation

July 13, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MTechnology - Global Semiconductors Lee Simpson

Equity Analyst

The Analog Playbook: 2Q26 Lee.Simpson@morganstanley.comShawn Kim +44 20 7425-3378

Shawn.Kim@morganstanley.com +44 20 7677-1018

800v dynamics in play Nigel van Putten

Nigel.Putten@morganstanley.com +44 20 7425-2803

We launch our quarterly analog playbook identifying market Amelia M Scicluna

focus into the print. This quarter we expect investor focus on (i) ResearchAmelia.Scicluna@morganstanley.comAssociate +44 20 7425-6694

whether improving orders are a reflection of inventory Morgan Stanley & Co. LLC

restocking or genuine end-market acceleration, and (ii) power Joseph Moore

semi deployment in the data center. EquityJoseph.Moore@morganstanley.comAnalyst +1 212 761-7516

Nicole Kozhukhov

We expect the Q2 quarterly prints to build on the improving demand trends that Research Associate

emerged last quarter. Channel inventories continue to screen lean, gradual Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

replenishment is underway and pricing pressure is easing providing a supportive Technology - European Semiconductors

backdrop for another quarter of above-seasonal performance. The key debate will Europe

Industry View In-Line

be whether improving orders reflect the start of a broader restocking cycle or

Semiconductors

genuine end-market acceleration. Based on our channel checks, we continue to North America

favour the latter, with companies highlighting pricing discipline, limited order Industry View Attractive

Greater China Technology Semiconductors

cancellations and longer customer order visibility as signs of healthier underlying Asia Pacific