Tenstorrent Weighing Options (INTC / QCOM?), Blackstone to Rent TPUs (AVGO+), DRAM Update... Headline Review (Semis & IT HW)

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Tenstorrent Weighing Options (INTC / QCOM?), Blackstone to Rent TPUs (AVGO+), DRAM Update... Headline Review (Semis & IT HW)

Equity Research

Flash Comment — May 19, 2026

IT Hardware & Communications Networking

Semiconductors

Tenstorrent Weighing Options (INTC /

QCOM?), Blackstone to Rent TPUs (AVGO+),

DRAM Update... Headline Review (Semis & IT

HW)

Our Call Aaron Rakers, CFA

In an effort to try to keep pace with the rapid news flow across our Semiconductor & IT Equity Analyst | Wells Fargo Securities, LLC

Aaron.Rakers@wellsfargo.com | 314-875-2508

Hardware universe, we summarize a few of the key headlines we saw this morning.

Jake Wilhelm, CFA, CPA

Associate Equity Analyst | Wells Fargo Securities, LLC

Initial Thoughts Jake.Wilhelm@wellsfargo.com | 314-875-2502

Michael Tsvetanov, CFA

1. Tenstorrent Weighing Takeover Option - Intel & Qualcomm In Discussions Associate Equity Analyst | Wells Fargo Securities, LLC

Michael.Tsvetanov@wellsfargo.com | 314-875-2558

• Tenstorrent is reportedly evaluating an option of a takeover at >$5B, with Intel and Richard Strifler, CFA Qualcomm included in discussions (Note: Tenstorrent raised $800M at $3.2B post-

money in Jan). Tenstorrent is led by Jim Keller, famous for the AMD Zen architecture, Richard.Strifler@wellsfargo.com | 314-875-3234

Apple A-series Silicon, and Tesla self-driving hardware. We find Tenstorrent interesting

given its focus on generalized inference hardware (vs. expanding heterogenous

theme).

• As we previously highlighted, Tenstorrent launched its Galaxy Blackhole servers

in early-May. The Galaxy server is a 6U configuration, utilizing 32 Blackhole A0

accelerators to drive 23 PFLOPs (FP8) of compute; 6.2GB on-chip SRAM, 1TB DRAM,

and 56x 800G Ethernet ports (11.2GB/s scale out bandwidth). The server is capable