TXN Bars, AMD Advancing AI, +ve DC Capex Signals, CALX Recap, Today‘s Key News: US Hardware / Semiconductors Sector Specialist Commentary

Research evidence excerpt

TXN Bars, AMD Advancing AI, +ve DC Capex Signals, CALX Recap, Today‘s Key News: US Hardware / Semiconductors Sector Specialist Commentary

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 North America Specialist Sales J P M O R G A Njoshua.meyers@jpmorgan.com

J.P. Morgan Securities LLC 22 July 2026

TXN Bars, AMD Advancing AI, +ve DC Capex Signals, CALX Recap, Today’s Key News

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

AMD’s Advancing AI keynote with CEO Dr. Lisa Su takes place at 12:30pm ET tomorrow. This is not a financial event (and it’s

happening just ahead of earnings), but investors I’ve spoken with look potentially for: an increase in CPU outlook and potentially

a raise of the AI TAM through 2030; updates on MI450 progress (including Helios); and qualitative color on the MI500 ramp.

Views are divided on new customer announcements, with nobody seeming to expect AWS on stage, but folks increasingly

expecting another frontier LLM announcement and possibly for MSFT to show up (focusing on the recent announcement of an

expanded partnership to deploy Helios Rackscale Solution). A number of folks have also underscored that the stock price makes

most of the warrants they’ve issued exercisable, helping de-risk the 12GW.

Also resending my TXN Buyside Bars. My full Analog Buyside Bars are here.

TXN (TODAY 4pm ET, with call at 4:30pm ET)

• Buyside Bars: TXN is the analog result the market seems to care most about, and expectations sound high. Survey

respondents are modeling an average of +11.4% sequential revenue growth in F2Q (to $5.38b), underpinned by tweets of

price increase letters and strong intra-quarter checks - setting the stage for what looks like a clean beat-and-raise. Hedge fund