Takeaways from the Road - We Remain Bullish

研报英文原文证据摘录

Takeaways from the Road - We Remain Bullish

June 26, 2026

the next 3-5+yrs. 800V will be required for leading-edge racks (think core

GPU IT racks), though anything outside of that leading-edge or in areas

such as CPU, networking, storage, etc., are likely to remain on the old

architecture - at least for the foreseeable future. Layer into this the 2nd-

wave customer story that begins ramping in late-CY26 and becomes a more

meaningful contributor in CY27+, and this "traditional" architecture still

has a long runway ahead. We believe there continues to be upside risk to

mgmt.'s full-year DC outlook and look for numbers to move higher here

through the year.

Semiconductor Business Feels Like an Under-Appreciated Opportunity:

The vast majority of investor focus since we have launched is squarely

on Data Center dynamics. But the Semi biz remains a very interesting

opportunity, in our view, into the "mother of all WFE upcycles." Here,

we would note AEIS' opportunity from dep/etch strength at AMAT/LRCX

(these 2 customers accounting for ~75% of AEIS' Semi revs), but also

the traction of new products in the CY27/28 time frames as sub-2nm

ramps, which open additional opportunities for WFE outgrowth (including

potential dielectric consideration as the market shifts to 400L+ NAND).

We remind investors that the company has ~25% of its Semi revs coming

from areas that will more than likely under-grow WFE in this upcycle (i.e.,

service and ion implant), but we view the remaining ~75% of the biz as very

well-positioned today, with visibility improving and customers messaging a

need for readiness for what's coming (and also looking to pull in Thailand

qualification - which highlights this focus on preparedness for the upcycle).