Amphenol Takeaways from Management Meeting: Well Positioned in Both Copper and Optical Interconnects, Contrary to Investor Perception

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Amphenol Takeaways from Management Meeting: Well Positioned in Both Copper and Optical Interconnects, Contrary to Investor Perception

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

09 June 2026

Amphenol

Takeaways from Management Meeting: Well Positioned Overweight

in Both Copper and Optical Interconnects, Contrary to APH, APH US

Investor Perception Price (08 Jun 26):$143.60

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Manmohanpreet Singh

(1-212) 622-4527

We hosted an investor meeting with Amphenol’s management team, including manmohanpreet.singh@jpmchase.com

CEO Adam Norwitt, CFO Craig Lampo, and Head of Investor Relations Sherri Joseph Cardoso

Scribner at the company’s headquarters in Wallingford, Connecticut. Please see (1-212) 622-9036

below our key takeaways from the meeting: joseph.cardoso@jpmchase.com

Marc Vitenzon

• Data interconnect opportunities relative to AI are set to be significant into (1-212) 622-3342

the future, with Amphenol positioned to benefit on account of leading marc.vitenzon@jpmchase.com

position with multiple customers rather than one. The management team Akanksh Chauhan

highlighted their close engagement with customers in relation to multiple (1-212) 622-0045

generations of products and the visibility offered by customers is pointing to akanksh.chauhan@jpmorgan.com

strong increases in copper interconnect content over time, side-by-side with J.P. Morgan Securities LLC

strong increases in optical interconnect content as well – albeit, optical content

is likely to expand faster on account of the increasing willingness to leverage

optics for rack-to-rack scale-up.

• CCS acquisition already putting Amphenol in a position to benefit from

scale-up networking.