Weekly Muse-ings: Previewing ADI and NVDA into Earnings

研报英文原文证据摘录

Weekly Muse-ings: Previewing ADI and NVDA into Earnings

Semiconductors & Semiconductor

Equipment

EQUITY RESEARCH Industry Report

May 16, 2026

Weekly Muse-ings: Previewing ADI and NVDA into

Research Analysts:

C.J. Muse Earnings

212-915-1935

CJ.Muse@cantor.com Semiconductor stocks underperformed this week (SOX -2% vs. S&P 500

Matthew Prisco +1%), bringing the SOX to +63% YTD. We previewed Semi/Semi Cap

212-610-2416 Earnings earlier this earnings cycle, highlighting a vision for a return to "Risk Matthew.Prisco@cantor.com

On" this earnings cycle, driving outperformance for Semis, with rank order Jamison Phillips-Crone, CFA

720-320-9242 of outperformance being Memory, then Compute, and then SPE. Our Top

jamison.phillips-crone@cantor.com Picks are MU & SNDK in Memory, WDC & STX in Storage, NVDA, AVGO, &

Nick Monroe AMD in AI Compute, and ASML, AMAT, LRCX, KLAC, TER, & MKSI in Semi

212-829-5456

Nick.Monroe@cantor.com Cap.

Potential Catalysts: Earnings continue with covered companies ADI and

NVDA reporting earnings this week. Other key reports include BIDU, KEYS.

Dell is hosting Tech World in Las Vegas from the 18th to the 21st, as well as

a competitor conference taking place over the same dates.

ADI - Born to Run, Positive Risk/Reward Setup into the Print: Given peer

commentary and industry checks, it would seem very clear that ADI has

meaningful upside in this coming print (think July Q rev/EPS guide tracking

to $3.80B+/$3.20+ vs. cons of $3.61B/$2.99). Our first thought is that

this is too obvious, so won't be rewarded. But at the same time, ADI has

underperformed fairly meaningfully during this earnings season, with ADI

up only +33% vs. the group ex-ADI up +68%. ADI offers one of the best

Analog growth profiles over the next 2yrs, arguably THE best Analog end-