US Semiconductors and Semi Equipment: SemiBytes: Earnings Previews (SWKS, ORVO, ON, UCTT, ENTG, ALAB, AMD, MCHP, GFS, SITM, INDI)

Research evidence excerpt

US Semiconductors and Semi Equipment: SemiBytes: Earnings Previews (SWKS, ORVO, ON, UCTT, ENTG, ALAB, AMD, MCHP, GFS, SITM, INDI)

Global Research

27 July 2026ab

US Semiconductors and Semi Equipment Equities

AmericasSemiBytes: Earnings Previews (SWKS, QRVO,

ON, UCTT, ENTG, ALAB, AMD, MCHP, GFS, Semiconductors

SITM, INDI) Timothy AnalystArcuri

timothy.arcuri@ubs.com

+1-415-352 5676

Please see our separate SemiBytes note here. Natalia Winkler, CFA

Analyst

natalia.winkler@ubs.com

SWKS (reports 7/28 AMC): We see FQ3 (Jun) results slightly above the midpoint of +1-415-352 4626

guidance at $937MM/$1.10 as SWKS tends to report towards the higher end of the

Alex Kivali

range (Figure 2 SWKSRevenueandEPSGuidanceHistory). Management indicated Sep Q revenue is tracking towards seasonality Analyst

of +12-14% Q/Q, suggesting potential upside to Street $1,026MM/$1.29 especially as alex.kivali@ubs.com

iPhone units have continued to outperform peers. With iPhone 18 content already +1-212-713 3945

announced (blended content flat Y/Y), we expect much of the focus being on

Gianmarco Vella

smartphone demand destruction in 2H26 given memory price inflation (we estimate Associate Analyst

total smartphone units -10% Y/Y in CY26 before recovering to +2% Y/Y in CY27) - gianmarco.vella@ubs.com

although SWKS is better insulated given its high exposure to AAPL where we see CY26 +1-415-352 4555

units +9% Y/Y. Beyond Mobile, our alternative data and macro indicators point to

Aaryan Wadhwa

strengthening Broad Markets, as the WiFi portfolio grows followed by autos and Associate Analyst

infrastructure. While we forecast minimal share repurchases until the QRVO merger is aaryan.wadhwa@ubs.com

completed (we think late 2026), any buybacks by QRVO are incremental to the +1-212-821 6481