Infineon (IFXGn.DE): Key takeaways from Dresden site visit, reiterate Buy

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Infineon (IFXGn.DE): Key takeaways from Dresden site visit, reiterate Buy

Equity Research

2 July 2026 | 7:58AM BST

Infineon (IFXGn.DE): Key takeaways from Dresden site visit, reiterate

Buy

Alexander Duval

+44(20)7552-2995 |

alexander.duval@gs.com

Goldman Sachs International

Anant Jakhar

+1(332)245-7829 |

anant.x.jakhar@gs.com

Goldman Sachs India SPL

We attended a site visit of Infineon’s new manufacturing facility in Dresden

Ayo Odunaiya(Germany). Key takeaways include: 1) AI differentiation underpinned by broad +44(20)7051-5995 |

portfolio and strategic manufacturing footprint 2) Infineon’s production scale and ayo.x.odunaiya@gs.comGoldman Sachs International

manufacturing flexibility further strengthens its competitive positioning, 3) Dresden

ramp cadence and production mix allow IFX to benefit from near-term AI power

demand, and 4) Software-defined vehicle exposure could represent an incremental

growth driver. Reiterate Buy.

n AI differentiation underpinned by broad portfolio and strategic

manufacturing footprint: We note that Infineon’s differentiated positioning in

AI power semis is underpinned by its ability to offer solutions based on all three

technologies i.e. Si, SiC and GaN. Further, we highlight that increasing power

density of semiconductors will require greater use of wide-bandgap solutions

such as SiC and GaN. As such, we believe that GaN based solutions (where IFX

has a strong position) will gain more traction given GaN allows thinner products

which could be a key differentiator as the industry moves down to smaller form

factors. Additionally, higher power density is expected to drive the shift towards

vertical power solutions, where Infineon has a stronger position and the content

opportunity is around 2-3x higher than traditional lateral solutions.