US Semiconductors and Hardware: Weekly Investor Pulse: AMD AI Event, ASML/TSMC Big Three Read, & TXN/INTC Previews

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US Semiconductors and Hardware: Weekly Investor Pulse: AMD AI Event, ASML/TSMC Big Three Read, & TXN/INTC Previews

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17 Jul 2026 06:00:00 ET │ 10 pages

US Semiconductors and Hardware

Weekly Investor Pulse: AMD AI Event, ASML/TSMC Big Three Read, &

TXN/INTC Previews

CITI'S TAKE

We recap three key topics that drew the most investor interest this week:

Expectations for AMD's AI Event, ASML/TSMC implications for US Semi

Caps, and TXN/INTC earnings next week. Atif MalikAC

+1-415-951-1892

atif.malik@citi.comAMD Advancing AI: AMD will host its Advancing AI conference next week from July

22nd to July 23rd. Given the company just held its investor day last November, we Asiya Merchant, CFA

are not expecting a new financial model to be presented at this event and we asiya.merchant@citi.com

believe AMD will focus more on developers and technical details. Moreover, the James Bowlin

event should highlight the launch of AMD’s Helios platform and MI455X james.bowlin@citi.com

accelerators. The MI455X is expected to feature up to 432 GB of HBM4 memory

Elizabeth Sun, CFA(1.5X that of Rubin) with 320 billion transistors. We expect AMD to formally

elizabeth.sun@citi.com

announce a new LLM maker as a customer (with ramp weighted towards

2H27/2028 given HBM memory supply constraints) and to feature product Kelsey Chia, CFA

testimonials from Meta. We see AMD emerging as a legit second source in the GPU kelsey.chia@citi.com

market with company poised to win lion’s share at Meta (see our note). We also

expect the event to feature the launch of AMD’s latest Venice CPU product, which is

built on TSMC’s 2nm process. We expect Venice to extend AMD’s CPU leadership

over Intel’s Granite Rapids and continue to expect AMD to be the primary beneficiary

of the CPU renaissance.