European IT Hardware: 2026 London TMT Conference: what did we learn?

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European IT Hardware: 2026 London TMT Conference: what did we learn?

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European IT Hardware

2026 London TMT Conference: what did

we learn?

Industry Overview

Emerging themes from London TMT Conference so far 10 June 2026

So far at our London TMT Conference 2026, the broad message has been one of better Equity

strategic positioning and selective demand recovery, though many of the larger growth Europe

opportunities still look medium term rather than immediate. Supply constraints, China- IT Hardware

related competition and the timing of technology transitions remain the key swing Didier Scemama >>

factors, even as AI, photonics, power semis and edge intelligence continue to underpin Research Analyst

the longer-term growth story. MLI+44 (UK)20 7995 6751

didier.scemama@bofa.com

Nokia: Lead times stay extended; software edge intact Oliver Wong >>

Supply constraints remain, notably in third party laser supply. Lead times are at 12-18 ResearchMLI (UK) Analyst

months, with IP Networks lead times shorter. Optical Networks demand is driven by oliver.wong2@bofa.com

Coherent pluggables for scale across. DC switch growth is from multiple customers. Amelia Banks >>

Research Analyst

Mgmt also pushed back on concerns around news of NVIDIA's 6G radio chip progress, MLI (UK)

arguing the competitive differentiation sits in software rather than hardware. amelia.banks@bofa.com

Melexis: Recovery building; growth drivers remain nascent

Glossary:Demand recovery led by position sensors and continued resilience in steering and

AI: Artificial intelligence.braking. New “snubber” products look strategically promising but remain early stage and

PIC: Photonic integrated circuit.are unlikely to contribute meaningfully near term. Margins improved in 1Q, supported by