Semis-on-Fire 26 June 2026: CRDO Initiation, QCOM, ON

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Semis-on-Fire 26 June 2026: CRDO Initiation, QCOM, ON

Technology | Semiconductors and Semiconductor Equipment

June 26, 2026

Mark Lipacis Semis-on-Fire 26 June 2026: CRDO

214-459-4007

Mark.Lipacis@evercoreisi.com Initiation, QCOM, ON

Vedvati Shrotre, CFA In our Semis-on-Fire Weekly, we strive to highlight differentiated insights

415-800-0187 and distill them into a short video format. This week, we review our initiation

Vedvati.Shrotre@evercoreisi.com of CRDO, ON’s acquisition of Synaptics and QCOM’s data center strategy

Affan Ahmed presented at its Investor Day. Video Link here.

212-653-9072 CRDO Initiation – We’re Buyers: Connectivity is the Bottleneck. We

Affan.Ahmed@evercoreisi.com

initiated coverage of CRDO with a $325 price target, based on 30x our 2028

EPS estimate of $13. The investment case is centered on CRDO as a

copper and optics connectivity play in AI, where connectivity has become Links to Related Research

the main bottleneck in AI systems. Our EPS estimates are +9%, +25%, and

+40% above Street for 2026, 2027, and 2028. In copper, we forecast AEC

revenue growth of 100% in 2026 and 65% in 2027, reaching $1.8bn and

$2.9bn. In optics, we forecast 320% growth in 2026, with revenue of $300m

in 2026 and $1bn in 2027, or 25% of sales. Our checks indicate 160m 800G

and 1.6T AEC shipments through 2027. CRDO’s differentiation is its

systems-level approach to AI connectivity, addressing infrastructure

bottlenecks beyond standalone chip content.

ON Acquiring SYNA – Expanding into Physical AI. ON’s all-stock

acquisition of SYNA strengthens its positioning in physical and edge AI by

combining ON’s power, sensing, and control capabilities with SYNA’s AI

processors, wireless connectivity, and human-machine interface portfolio.