J.P. Morgan U.S. FTM 9 Jun 26 APH; Hardware & Networking; AAPL; Bridging HealthTech and Life Sciences; North American Railroads and More

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J.P. Morgan U.S. FTM 9 Jun 26 APH; Hardware & Networking; AAPL; Bridging HealthTech and Life Sciences; North American Railroads and More

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Top Stories

AFL | Amphenol (Samik Chatterjee, CFA) (APH, OW)

Takeaways from Management Meeting: Well Positioned in Both Copper and Optical Interconnects,

Contrary to Investor Perception

We hosted an investor meeting with Amphenol’s management team, including CEO Adam Norwitt, CFO Craig Lampo, and

Head of Investor Relations Sherri Scribner at the company’s headquarters in Wallingford, Connecticut. Please see below our

key takeaways from the meeting:

Data interconnect opportunities relative to AI are set to be significant into the future, with Amphenol positioned to benefit on

account of leading position with multiple customers rather than one.

Hardware & Networking (Samik Chatterjee, CFA)

Watts Up! Shift to 800V Rewiring AI DC Power Stack Driving Multi-Billion Dollar Opportunities; APH,

FLEX, TEL, WOLF Best Positioned in Coverage

Legacy rack architectures are running out of runway as AI-driven compute, memory, and interconnect push power envelopes

toward 600 kW and beyond, where excessive amperage, heat, and copper content render low-voltage designs physically and

economically impractical. The industry’s answer is a step-change to 800V, which cuts amperage by ~15x and tames the so-

called “copper tax,” albeit at the cost of introducing new technologies.

Apple (Samik Chatterjee, CFA) (AAPL, OW)