Synaptics Inc J.P. Morgan TMC Conference Takeaways

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Synaptics Inc J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Synaptics Inc Overweight

SYNA, SYNA US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$128.23

Semiconductors & Semiconductor

Capital Equipment / IT Hardware

Mayur Ramdhani AC

Rahul Shah, Synaptics’ President and CEO, and Manjul Shah, VP of Investor (1-212) 622-1664

mayur.ramdhani@jpmorgan.com

Relations, presented at our 54th annual J.P. Morgan TMC Conference.

Harlan Sur

• Core IoT remains the primary growth engine with multiple concurrent (1-415)harlan.sur@jpmorgan.com315-6700

product drivers ramping into FY27 - Astra, Wi-Fi 7 monolithic MCU, and J.P. Morgan Securities LLC

semi-custom all materializing on schedule. The team reiterated that Core IoT

is on track for ~40%+ Y/Y growth in FY26, with CY27 framed as the year the

Astra family becomes the primary growth engine. Astra is positioned as “AI-

native” (every processor in the family includes inference capability at the far

edge) and SYNA’s first Astra microprocessor is now in production with

revenue ramp into late CY26 and through CY27. The Astra-enabled connected

MCU (industry’s first to integrate Wi-Fi 7, Bluetooth 6, MCU, and NPU in a

monolithic die) is now sampling - mgmt highlighted that peer MCU/processor

players (NXP, STMicro, Infineon, Microchip, Renesas) “barely have Wi-Fi 6”

today, underscoring the differentiation. Wi-Fi 8 silicon is expected by year-end

CY26, extending the connectivity runway and providing additional tailwind

into CY27/CY28.

• Physical AI / robotics pipeline expanding meaningfully - 35 engagements

plus three additional shipping silicon this past quarter. Management leaned

into robotics as the highest-leverage new vector. The pipeline has expanded