Today‘s Morning Meeting

研报英文原文证据摘录

Today‘s Morning Meeting

Europe Equity Research

Europe First to Market 25 June 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

Infineon Technologies (Sandeep Deshpande) (IFX GR, OW)

Market leader in AI power. Deserves a premium multiple. Maintaining OW, raising TP to €96

AI power market leader. Segment should provide substantial growth for company: Our analysis suggests Infineon is

likely to be the market leader in AI power. The company’s advantage is that it has products in every segment of the power

supply chain from the grid to the processor. It is also the leader in the different segments of the market including Silicon

MOSFETs, Gallium Nitride FETs and Silicon Carbide transistors. We estimate that the AI power market (see First Principles

here) could be ~€14bn in 2028 and Infineon could have revenue in this market of as much as €4.2bn – more if its share in 2028

remains where it is today. (Our new forecast has the company reporting €4bn in sales, i.e. we are more conservative vs. current

trends). Thus, we estimate this business should expand at a 4-year CAGR of 100% from ’24-’28.

First Principles - AI Power Infrastructure (Sandeep Deshpande)

Following the Power

AI is creating a structural, multi-year demand cycle for power semiconductors driven by 1) massive grid/ micro-grid investments

to feed AI data centers, and 2) the need for more efficient power conversion inside the data center, from AC-DC front-end

conversion to point-of-load at the GPU. Both vectors demand advanced power semiconductor content such as silicon carbide

(SiC), gallium nitride (GaN), next-generation MOSFETs, and intelligent power modules. This note discusses the AI power