STMicroelectronics

研报英文原文证据摘录

STMicroelectronics

Sandeep Deshpande AC Europe Equity Research

(44-20) 7134-5276 29 June 2026 J P M O R G A N

sandeep.s.deshpande@jpmorgan.com

Growth drivers

AI & Data centers

STMicroelectronics is exposed to AI data centers via optical connectivity and analog &

power offerings. The company expects ~$1bn of data center revenue in 2026 with

indications that the revenue could double in 2027.

• Optical connectivity (70-80%): The company expects optical connectivity to

represent 70% of its AI revenue in 2026 and ~80% in 2027, with products coming

from the MDRF business. STMicro provides the three components of pluggable

transceivers used for optical connectivity (targeting 800Gb/s and 1.6Tb/s

interconnects), namely

• A high performance MCU to control transceiver operations

• An Electronic IC (EIC) driving the optical source and amplifying signals in

reception BiCMOS platforms (B55X for high performance analog/RF enabling

optical transceivers and linear optics)

• A Photonic IC (PIC) that converts light to electronic signals and vice versa.

STMicro acts as a foundry for Silicon Photonics (SiPho) technology for

transceivers, competing with Global Foundries and Tower Semiconductor. Major

customers include AWS and Innolight.

• The company expects to profit from the move towards NPO, LPO or CPOs

where STMicro can leverage its TSV and advanced packaging capabilities to

provide a more integrated offering. Additionally, the addressable market is

expected to increase with the move towards NPO and CPO where optical

connectivity gets adopted for scale-up.

• In terms of market share, STMicro believes it has ~40% market share in MCUs

and 30% in BiCMOS. STMicro believes it has a ~5% market share in photonic

ICs with an ambition to grow to 30% by 2028.