Daily Views on Tech Headlines | Mature Foundry, INTC, Xiaomi

研报英文原文证据摘录

Daily Views on Tech Headlines | Mature Foundry, INTC, Xiaomi

Quick Note

May 26, 2026 Hardware

Daily Views on Tech Headlines | Mature Foundry, INTC,

Analysts Xiaomi

Matt Bryson

(617) 695-6302

matthew.bryson@wedbush.com

Antoine Legault, CFA, CPA Global Wafers. GaN: Looking to raise px amidst strong demand and rising costs.

(626) 497-1619

antoine.legault@wedbush.com View: GlobalWafers sees the silicon wafer market broadly recovering in 2026 as

AI/advanced node demand remains strong, with non-AI (auto, industrial, power

grid) also rebounding and driving incremental requirements for 8" parts. We'd also

note that the wafer supplier is looking for GaN to expand 40% in 2026 on AI server

power device demand. Finally, the company is talking with customers about 2H

PX increases to offset higher costs, with GlobalWafers' pricing power likely helped

by better demand. We see both the improvement in 8" as well as the increased

demand for GaN as positive for mature foundry names, and particularly those

vendors with specialty capabilities (TSEM, GFS, STM, etc.). Commercial Times

Intel. Glass, SiPh: Rio Rancho to Eventually Produce Glass Substrate; SiPh Progress

View: Several news sources have focused on Intel's work around glass substrate,

with Rio Rancho potentially being the first facility where Intel ramps volume

production. We see glass substrate as a likely eventuality, but also view Intel's

work here as arguably less interesting given that numerous vendors appear to be

working on the technology, with substrates generally being a less profitable portion

of the supply chain. What we find more interesting are TrendForce's allusions to

Intel making progress with SiPh, with our own conversations suggesting Intel has

recently had success with its optical engine design.