US Semiconductors and Semi Equipment "SemiBytes: 2Q analog update,..."

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US Semiconductors and Semi Equipment "SemiBytes: 2Q analog update,..."

Global Research

29 June 2026ab

US Semiconductors and Semi Equipment Equities

AmericasSemiBytes: 2Q analog update, Ultra-fast/disagg.

inference, MU SCAs, AMAT Semiconductors

Timothy Arcuri

Analyst

timothy.arcuri@ubs.com

2Q Analog Market Update - Industrial Upcycle In Full Swing +1-415-352 5676

We update our three most fundamental pieces of analog research Natalia Winkler, CFA

(UBS B2B semiconductor purchaser survey, UBS distributor inventory monitor at 100+ Analyst

distributors, and financial statement deep-dive into the inventory cycle). In combination, natalia.winkler@ubs.com

these suggest accelerating demand across both direct customers/distributors +1-415-352 4626

(particularly in industrial and data center markets), price increases remaining a strong Alex Kivali

tailwind, and product availability becoming a greater concern. Distributor inventories Analyst

declined modestly this quarter, which we view as bullish since it should further tighten alex.kivali@ubs.com

supply and reinforce inventory rebuilding. Please find our 2Q Analog Market Update +1-212-713 3945

here. Gianmarco Vella

Associate Analyst

UBS Chip Chats - Takeaways from expert call on ultra-fast and disaggregated gianmarco.vella@ubs.com

inferencing +1-415-352 4555

Earlier this week, we hosted an expert call with a former META/Intel hardware engineer Aaryan Wadhwa

to discuss ultra-fast inferencing, SRAM architecture trade-offs, and the impact of Associate Analyst

memory hierarchy and latency constraints across different systems. Please find our key aaryan.wadhwa@ubs.com

takeaways from the discussion here. +1-212-821 6481

MU - Sifting through investor questions on SCAs