Feedback from PCIM '26: Feedback from PCIM '26: Power Semis (and Opto) are back in fashion

研报英文原文证据摘录

Feedback from PCIM '26: Feedback from PCIM '26: Power Semis (and Opto) are back in fashion

Deutsche Bank

Research

Europe Industry Date

Germany 11 June 2026

Switzerland Feedback from

Industry Update

Technology PCIM '26

Semiconductors

Feedback from PCIM '26: Power Semis

(and Opto) are back in fashion

Johannes Schaller

Power Semis (and Opto) are back in fashion – top 5 takeaways from PCIM 2026 Associate Director of Equity Research - Germany

Earlier this week we hosted our annual investor field trip to PCIM in Nuremberg, the +49-69-910-31731

world’s largest power semiconductor trade fair. Our meetings with senior

Michael Kuhn

management across the power semiconductor value chain (including Navitas, Research Analyst

Aixtron, Infineon, STMicro and EPC) left us with a clear impression that AI data +49-69-910-46002

centre build-outs are now the most important force shaping the power semis

Nicolas Herms

market, with implications for adjacent end-markets through pricing, capacity and

Research Analyst

investment allocation. Compared to last year we sensed a significant step-up in

+49-69-910-13052

investor interest and attendance at the event to what we deem record levels since

we first went in 2017.

Key Changes

Company Target Price Rating

Following a phase of (power) semi inventory digestion over the past 2-3 years

STMPA.PA 52.00 to 75.00 -

(partially related to lower than expected EV demand), order momentum has seen a

sharp acceleration this year driven by AI datacenter (also affecting other Source: Deutsche Bank

components such as optical/silicon photonics, relevant to several companies

within our coverage). We see inflection points ahead for both SiC and GaN adoption

within power while demand for silicon-based power remains very strong. We