INFINEON : Optimizing AI Power Supply Units webinar

研报英文原文证据摘录

INFINEON : Optimizing AI Power Supply Units webinar

EQUITIES

IT HARDWARE

INFINEON OUTPERFORMPRICE* EUR58.1  TARGET PRICE EUR70 (UPSIDE 20%)

INFINEON ADR OUTPERFORMPRICE* USD69.0  TARGET PRICE USD82 (UPSIDE 19%)

FLASH NOTE

Optimizing AI Power Supply Units webinar

13 MAY 2026 Securities Research Report Production time: 09:14* (London time)

Research Analyst & Publishing Entities

Jakob Bluestone, CFA BNP Paribas London Branch (+44) 203 430 8468 Jakob.Bluestone@uk.bnpparibas.com

What happened?

IFX hosted a technical seminar on AI power this morning (“Optimizing AI Power Supply Units”).

The seminar was largely technical (ie not specifically aimed at investors) but there were a number of comparisons of

IFX products for SiC and Gan where on various technical measures IFX shows technical superiority to (unnamed)

competitors.

BNPP View:

Overall the presentations reinforce our view that IFX has a strong product position within the rapidly growing AI DC

power semis market. We are often asked why IFX has a high market share (30-40% approximately) and ultimately we

believe it comes down to a combination of technical quality, breadth of portfolio and – linked to that – expertise in GaN.

While not conclusive we would argue that the technical demo hosted today is a good illustration of all these.

We recently modelled a deep-dive of IFX’s AI revenue opportunity in on a rack-by-rack basis and believe there is upside

to 2030 consensus revenues for AI power at IFX (see our report Watts Up Doc?). Industry convention is to look at GW

of AI DC capacity added and the content per GW to calculate the SAM and ultimately IFX’s revs within that SAM.

However, we believe looking at a per-rack basis is more accurate and robust with a more reliable consensus, and going