US Semiconductors and Semi Equipment "UBS Semis Boston Bus Trip – Key Ta..."

研报英文原文证据摘录

US Semiconductors and Semi Equipment "UBS Semis Boston Bus Trip – Key Ta..."

Global Research

9 June 2026ab

US Semiconductors and Semi Equipment Equities

AmericasUBS Semis Boston Bus Trip – Key Takeaways

Semiconductors

Timothy Arcuri

2026 US Semis Boston Bus Tour Recap Analyst

We hosted investor meetings with ADI, ALGM, ENTG, ACLS, and ONTO. We thought the timothy.arcuri@ubs.com

ADI meeting was particularly bullish with ALGM also skewing positive. Below, we +1-415-352 5676

provide our key takeaways, with more detailed meeting notes found in the back. Gianmarco Vella

Associate Analyst

gianmarco.vella@ubs.comADI: the company struck a very bullish tone, particularly on the industrial segment. ATE

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+ A&D (together ~40% of industrial) are seeing new secular growth, while the other

60% of industrial (of which automation & healthcare are about half) is still well below Aaryan Wadhwa

prior peak and during normal cyclical recoveries exceeds prior peak by ~20%. The Associate Analyst

aaryan.wadhwa@ubs.com

implication is that ADI's industrial recovery has a long way to go. On pricing, ADI has

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thus far simply been passing on cost increases, but we sense this as an available lever to

add some margin headroom given a tight supply/demand balance.

ALGM: this was the second most bullish meeting of the day. ALGM remains confident in

both cyclical and secular opportunities as expedites are starting to broaden beyond data

center and into autos, while pricing is a much larger potential tailwind if ALGM chooses

to push pricing higher. ALGM remains in a strong position to push customers to qualify

products with copper (versus gold) and the tone on achieving 55% gross margin was

positive. Data center remains a very good story with power supply cooling more than