US Semiconductors: EDA update: 2030 EPS power analysis, SNPS preview

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US Semiconductors: EDA update: 2030 EPS power analysis, SNPS preview

lling price.Ahead of SNPS earnings (May 27), we expect a beat/raise following CDNS’s strong print

CAGR: Compound annual growth rate.driven by broad-based EDA strength, though focus will likely be on any FY26E raise and

CDNS: Cadence Design Systems.incremental discussion of 2H IP, Intel, China, and joint SNPS-ANSS products. We think

Cons.: ConsensusSNPS could see upside from 1) top customer INTC seeing improving foundry sentiment,

EDA: Electronic design automationwith SNPS already developing IP for 14A and any 18A external wins incremental to SNPS

GM: Gross margin.guidance given IP is already built, 2) joint SNPS-ANSS products likely achieving ASP

HPC: High-performance computing.premiums significantly above 20% given ~20% speedup capabilities, 3) accelerating HW

HW: Hardware.demand after SNPS’s recent emulation win over CDNS at a leading AI HPC customer, 4)

INTC: Intel Corporation.FY26E guidance still derisked of any pot’l China improvement, with mgmt. prudent on

IP: Intellectual property;any recovery amidst CDNS seeing positive China momentum, and 5) Ansys $400m cost

NTM: Next twelve months.synergies plus joint-product ASP uplift helping close OpM gap to CDNS, where we have

OpM: Operating margin.historically seen ~100bp OpM delta correspond to ~1x NTM PE turn CDNS premium.

pf: Pro forma (Non-GAAP)

CDNS still top pick on quality, TSMC exposure, HW, China R&D: Research and development.

SNPS: SynopsysDespite clearer upside sources for SNPS off lower embedded growth, derisked China

TSMC: Taiwan Semiconductorassumptions, and potential Intel/Ansys catalysts, CDNS remains our top EDA pick given

Manufacturing Company.consistently stronger execution and higher quality. CDNS has higher exposure to the

TSMC vs.