Blayne’s Bytes: Earnings Previews, K3 Release, WFE Update, AMD AI Day

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Blayne’s Bytes: Earnings Previews, K3 Release, WFE Update, AMD AI Day

USA | Semiconductors EquityJulyResearch17, 2026

Blayne’s Bytes: Earnings Previews, K3 Release,

WFE Update, AMD AI Day

Earnings kick off next week with pricing dynamics the key focus for both

TXN and INTC. Moonshot's new Kimi (K3) model impressed but appears

considerably more expensive vs OAI's Sol. We raised our WFE forecasts with

.

AMAT still our top pick reinforced by ASML's strong 3Q guide and visibility

extending into C28 plus TSMC’s higher C26 capex coupled with an incremental

$100B investment in AZ. As always, reach out to TeamBlayne@Jefferies.com

with anything you need.

For our take on TSEM's SiPh expansion and RMBS/Montage/Renesas office raids, see KG's Kernels.

TXN Earnings (Wednesday PM) - Leaning Positive into the Print Given Pricing Trends and DC

Business: TXN reports 2Q earnings after the close next Wednesday (7/22) in what will be the final

print for Rafael Lizardi as CFO with TXN's next CFO Julie Knecht's effective start date set for August

1st. TXN enters earnings up 70% YTD, just below the sector median of 77%, while trading at a healthy

multiple of 29x C28 EPS of $10. We expect a healthy beat & raise with revenue for June at the high

end of the 4-12% range and revenue guidance for September of 9-11% vs. typical seasonality of

7%. We have been warming up to TXN recently given these price increases, improving trends in

DC business (now annualizing at $2B+), Industrial recovery that broadened meaningfully in 1Q26

across every sector, region, and customer tier, and a supply position that gives TXN unusual torque

to any tightening in the analog cycle. Automotive may take time before we see a more meaningful