JPM Analog Buy side Bars (MCHP, NXPI, ON & TXN), Key News, Positioning Updates & Retail Radar

研报英文原文证据摘录

JPM Analog Buy side Bars (MCHP, NXPI, ON & TXN), Key News, Positioning Updates & Retail Radar

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 20 July 2026

JPM Analog Buyside Bars (MCHP, NXPI, ON & TXN), Key News, Positioning Updates & Retail

Radar

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

Lots of interesting/thoughtful news & reads out today - especially on Kimi-K3 - so I invite you to scroll down to the News &

Reads section...

Yesterday I sent my Buyside Bars & Investor Thoughts for analog names MCHP, NXPI, ON & TXN. TXN seems to be the one

the market is most focused on – so I’m pasting it below - but I share thoughts and investor feedback/expectations for each name in

the note. I’m also continuing to survey investor expectations for Networking & Optical names ANET, CLS, COHR, CSCO, GLW

& LITE, so please share your inputs; I’ll aggregate, anonymize and share full results with those who participate; the survey is

posted below.

TXN (7/22 4pm ET, with call at 4:30pm ET)

Buyside Bars: TXN is the analog result the market seems to care most about, and expectations sound high. Survey respondents

are modeling an average of +11.4% sequential revenue growth in F2Q (to $5.38b), underpinned by tweets of price increase letters

and strong intra-quarter checks - setting the stage for what looks like a clean beat-and-raise. Hedge fund positioning reflects this

optimism: TXN longs have picked up meaningfully, making the name more crowded than it has been in years. Some are playing

for pre-print momentum and others have genuine conviction on both the print and the forward outlook. The key focal points will