Analog Buyside Bars: MCHP, NXPI, ON, TXN - Earnings Previews, Bars & Sentiment: US Hardware / Semiconductors Sector Specialist Commentary Hardware • Semiconductors

研报英文原文证据摘录

Analog Buyside Bars: MCHP, NXPI, ON, TXN - Earnings Previews, Bars & Sentiment: US Hardware / Semiconductors Sector Specialist Commentary Hardware • Semiconductors

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 North America Specialist Sales J P M O R G A Njoshua.meyers@jpmorgan.com

J.P. Morgan Securities LLC 19 July 2026

Analog Buyside Bars: MCHP, NXPI, ON, TXN - Earnings Previews, Bars &

Sentiment

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

MCHP (estimated 8/7 ~4:15pm ET; call 5pm)

• BUYSIDE BARS: Despite a clear improvement trajectory — and attractive industrial and AI exposure — MCHP remains a

relative YTD underperformer. The team is still rebuilding customer relationships, which is constraining its willingness to raise

prices, and it has struggled to articulate a compelling AI metric for investors. Short have risen sharply over the past month,

making it one of our most crowded semis shorts (many suggest it’s a source of funds). Bulls point to lean channel inventory

and management’s very bullish tone on the magnitude of the recovery (on the last earnings call, management declared the

inventory correction complete, citing a broad-based recovery across all end markets); this underlines buyside expectations

for 11%+ sequential revenue growth in the upcoming print, another ~10% sequential growth in the current quarter,

and meaningful margin improvement relative to consensus — though much of that revenue upside is already reflected in

Street numbers. The pricing dynamic is a key debate: CEO Steve Sanghi has been consistent throughout conference season

that he doesn’t want to raise prices as he rebuilds customer relationships, and the June 1 press release framed "selective price