Semis-on-Fire 15-May-2026: Investor Feedback + Weekly EPS

研报英文原文证据摘录

Semis-on-Fire 15-May-2026: Investor Feedback + Weekly EPS

Technology | Semiconductors and Semiconductor Equipment

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May 15, 2026

Mark Lipacis Semis-on-Fire 15-May-2026: Investor

214-459-4007

Mark.Lipacis@evercoreisi.com Feedback + Weekly EPS

Vedvati Shrotre, CFA In our Semis-on-Fire Weekly, we strive to highlight differentiated

415-800-0187 insights. This week, we share investor feedback on our investment

Vedvati.Shrotre@evercoreisi.com themes post a week of investor meetings and review week 5 of 1Q26

Joseph McCormack earnings.

212-446-9448

joseph.mccormack@evercoreisi.com Feedback From Investor Meetings. We spent a full week meeting with

Affan Ahmed investors. Top themes include: 1) High CapEx Anxiety, 2) CPU

212-653-9072 Renaissance – AMD a favorite, 3) Analog not yet recognized as

Affan.Ahmed@evercoreisi.com emerging AI plays, 4) Memory Debate… 2nd derivative vs different this

time? 5) Great Expectations for SCE 6) Can NVDA break out of its

slump? (see “What’s New” section for more details).

Links to Related Research

AMAT Beat & Raise. AMAT expects 2026 semi systems revenue to

Earnings This Week: AMAT, NVMI, CAMT, QBTS grow >30% YY versus prior expectations of >20%, driven by strength

in leading-edge F&L, AP, and DRAM. This aligns with our view that

13-May-26: 1Q26 CPU Analysis: AMD & ARM Server Share Agentic AI is DRAM and NAND intensive supporting a meaningful

Gains Accelerate DRAM WFE inflection in 2026 and NAND to follow. At 34x NTM EPS,

AMAT has the lowest P/E in our SCE coverage and trades at a 13%

11-May-26: FORM: Analyst Day Takes: Share Gains +

discount to large cap peers ASML, LRCX, and KLAC. We expect this Meaningful GM Expansion

gap to narrow as WFE accelerates through 2027 and AMAT benefits