AMD, INTC (and Asia readthroughs), TEL, Nokia Readthroughs: US Hardware / Semiconductors Sector Specialist Commentary

Research evidence excerpt

AMD, INTC (and Asia readthroughs), TEL, Nokia Readthroughs: US Hardware / Semiconductors Sector Specialist Commentary

ll be there, and they instead blamed the formal disclosure that the team is open to issuing

new equity. Others were also frustrated that they guided for capex “across all of our business units” rather than just foundry,

complaining that INTC is less competitive in agentic and/or they are simply less excited about CPUs (and also they have too

much consumer CPU exposure); these folks would prefer the team focused on foundry.

In a related note, Albert Hung in Taipei shares Asia readthroughs, including the impact of better-than-expected client sales

(product mix & price actions) … but also expectations of a subseasonal 2H … strong CPU demand growth sustained into 2028,

and supply constraints. The sub-seasonal 2H26 PC demand outlook echoes Albert’s cautious PC view due to memory price hikes.

However, management sees incremental positive signs in server CPU demand over the next 2-3 years with strong double-digit

growth. He reiterates a positive view on the traditional server supply chain, including ASPEED, Wiwynn, Lotes, and Unimicron.

In the PC space, we remain cautious on key component price hikes and unit downside from negative price elasticity. We

expect ASUSTek and Micro-Star to continue underperforming the index.

TEL: Manmohanpreet Reviews F3Q26 — DDN Orders Build; Neutral Maintained. Here

Manmohanpreet Singh reviews TEL's F3Q26 (Jun-end) results – a beat on revenues ($5.16b, +12%YoY organic) and EPS ($2.94

v. JPMe/consensus $2.84), driven by broad-based acceleration in Automotive, Automation, ADM, and Energy. The market focus,

however, was Digital Data Networks (DDN), where revenue only tracked in-line with the prior guide of +$100mn sequentially;