The Point for Europe

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The Point for Europe

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Tuesday, 21 July 2026

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Siemens (SIEGn.DE) - EDA software in focus following Kimi K3 Global Economic Outlook & Strategy -

Suppliers of EDA software shares fell on Friday after reports (Bloomberg, 17th July) The Resilient Global Economy—

that the Kimi K3 AI model designed a semiconductor chip using open-source tools, Cascading Supply Shocks

bypassing traditional EDA software. The breakthrough appears to be on mature

chip technology, rather than current designs, suggesting no immediate disruption.

Nonetheless, we’d say that EDA software has been seen at the least disruptable

end of the software scale, given how embedded it is in customer processes, with

intricate process design kits for design, verification, and simulation; we expect this

process to become ever more embedded in customer workflows as chip complexity

increases, with AI agents ultimately likely to use EDA tools rather than displace.

With Siemens valuation relative to peers having recently widened, we continue to

see a SOTP discount that arguably means the full EDA valuation is not reflected in

the Siemens share price in any case. We remain Buyers.

Martin Wilkie | Avinash Mundhra

Company

Prysmian (PRY.MI) - 10-year, €5.5bn fibre agreement signed - positive

Prysmian has announced its long-awaited supply agreement for fibre optic cables

in hyperscale data centres. It has unveiled an agreement with Molex worth €5.5bn

for the supply of fibre over 10 years, with a €550m downpayment to support

Prysmian's €1.25bn capacity expansion in fibre. The details of the deal (size,

downpayment) are broadly in-line with investor expectations and prior company

commentary.