Semiconductors/Semicap TMC Conference Summary: Continued Momentum Post Q1 Earnings: AI Inference Inflection; Broad-based Cyclical Recovery; Solid Memory Upcycle; WFE Cycle Elongated - Stay OW the Group

研报英文原文证据摘录

Semiconductors/Semicap TMC Conference Summary: Continued Momentum Post Q1 Earnings: AI Inference Inflection; Broad-based Cyclical Recovery; Solid Memory Upcycle; WFE Cycle Elongated - Stay OW the Group

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

21 May 2026

Semiconductors/Semicap

TMC Conference Summary: Continued Momentum

Post Q1 Earnings: AI Inference Inflection; Broad-based

Cyclical Recovery; Solid Memory Upcycle; WFE Cycle

Elongated - Stay OW the Group

Semiconductors & Semiconductor

Capital Equipment / IT Hardware

This week, we hosted 13 semiconductor and semiconductor capital equipment Harlan Sur AC

companies at our 54th annual J.P. Morgan Global Technology, Media, and (1-415) 315-6700

Communications Conference. Our most notable takeaway from the conference is harlan.sur@jpmorgan.com

the unanimous messaging from companies on follow-through on demand Mayur Ramdhani AC

(1-212) 622-1664

momentum across both semis and equipment since the recent earnings season, with mayur.ramdhani@jpmorgan.com

virtually every management team noting that bookings, backlogs, and customer J.P. Morgan Securities LLC

escalations have continued to build in the weeks since their prints. On the

equipment side, KLAC characterized current visibility into the following year as

the best the team has seen in over a decade, with CY27 WFE expected to exceed

CY26. On the semis side, MU framed its outlook as having strengthened since its

March print, and MCHP cited April bookings as the highest single month in nearly

four years with continued order momentum in May. The AI workload inflection

has broadened from accelerator-centric to a full-stack opportunity with inferencing

now firmly the structural demand driver (INTC noted the CPU-to-GPU ratio is