Blayne's Bytes: Nasdaq Conference & AMAT/NVMI NDR Takeaways, ODM Shipments

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Blayne's Bytes: Nasdaq Conference & AMAT/NVMI NDR Takeaways, ODM Shipments

USA | Semiconductors EquityJuneResearch12, 2026

Blayne's Bytes: Nasdaq Conference & AMAT/

NVMI NDR Takeaways, ODM Shipments

Back from London with takeaways from our Nasdaq Conference and AMAT

NDR along with NVMI in Chicago. We see a path to WFE of $200B in C27 and

$250B+ in C28 with relentless AI demand. Taiwanese ODMs reported continued .

strength as Blackwell accelerates alongside ASIC deployments. As another

Extel Season comes to a close, we want to issue a sincere thank you to everyone

who supported us. As always, reach out for TeamBlayne@jefferies.com with

anything you need.

Nasdaq Conference + AMAT NDR Takeaways: Takeaways from the Nasdaq conference and our

AMAT NDR reinforce that AI continues to dominate SPE demand, with visibility now extending .

into C28. While the broader Semi recovery is progressing, it remains secondary to the scale

and urgency of AI infrastructure buildouts, where demand signals remain robust despite recent

concerns around Enterprise spending durability. We see potential upside to our WFE forecasts with

C27 and C28 poised for stronger growth, supporting a path toward $200B+ and potentially $250B+

spending, respectively. The recent SpaceX/Anthropic and SpaceX/GOOG deals further underscore

persistent compute scarcity and reinforce confidence in sustained AI spend. Against this backdrop,

AMAT stands out with accelerating Semi Systems growth and strong positioning across DRAM,

Leading-edge Logic, and Advanced Packaging, where increasing process complexity continues

to drive content gains. LRCX continues to outgrow the market on rising Etch and Deposition

intensity, with additional upside from Advanced Packaging. Finally, MCHP highlighted improving