Nasdaq Conference and AMAT NDR Takeaways

研报英文原文证据摘录

Nasdaq Conference and AMAT NDR Takeaways

Semiconductors

Equity Research

June 11, 2026

LRCX is well positioned in Advanced Packaging market with SABRE 3D (ECD tool) and Syndion

(Reactive Ion Etch), possessing high market share and PLP opportunities rising. LRCX is also

well positioned for the moly transition, given its strong tungsten position in NAND metallization,

early wins in F/L, and a roadmap expanding from NAND to logic and DRAM. LRCX sees some

greenfield opportunities in NAND, but it’s mostly brownfield investments for the foreseeable future,

with indications of faster upgrades next year.

China WFE expected to be flat to slightly up this year, while trailing edge multinational is flattish as

customers grow into capacity. They will need to add capacity to support $250-300B WFE, but multi-

year fab visibility allows LRCX to proactively scale capacity alongside demand. Overall, LRCX continues

to outgrow WFE on rising etch/deposition intensity, stronger AI demand, and share gains across

Memory and Foundry/Logic, with improving cleanroom availability into C27 supporting another strong

WFE year.

MCHP - Improving Demand Backdrop Alongside Emerging DC Opportunities: MCHP highlighted

improving traction in Data Center in addition to stabilization across broader end markets. Their Data

Center Business Unit is expected to generate ~$500M in C26 (vs $303M in C25), which includes

storage controllers/expanders/accelerators, PCIe/CXL memory controllers, and PCIe switches/

retimers. A PCIe Gen6 product is expected to come out in the next few weeks, with a Gen6 retimer

coming next month. The platform has already secured a ~$100M design win alongside several smaller

engagements, with ramps expected to begin in C27. Demand trends seem to be improving more