Off The Call: TXN (-3.1%)...: US Hardware / Semiconductors Sector Specialist Commentary

研报英文原文证据摘录

Off The Call: TXN (-3.1%)...: US Hardware / Semiconductors Sector Specialist Commentary

Specialist Sales J P M O R G A N

22 July 2026

Off The Call: TXN (-3.1%)...

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

Nobody has yet given me strong pushback against this being a really good call. The #1 question: was the pullback just about

inflated bogies?

First the call recap...

• Demand Breadth & Cycle Commentary: CEO Haviv Ilan: "Typically I don't provide so much color on the future, but this

time it's just easy — it's everywhere." Revenue growth broad-based (the expansion has grown to include Auto recovery – a

+ve readthru for NXPI and ON, per investor feedback – and Personal Electronics will see seasonal strength this quarter …

maybe not breaking records, but certainly better than bears are expecting). Haviv characterized this as the start of a "very, very

broad" cycle. Industrial strength is primarily secular (content growth + new-gen system adoption from 4–5 years of design

activity), not pricing-driven. Big picture they’re still well off highs and see room for substantial growth ahead.

• Data Center: Doubled YoY and grew ~20% QoQ; management sees no change to strong demand in the foreseeable future.

Portfolio is very broad (networking, protection, sensors, embedded control, power conversion) — the 2x YoY growth is

happening before any 800V contribution, implying further upside as that ramp begins. DC margins are in line with corporate

average; ramp is on 300mm/newer assets with strong fall-through characteristic.

• Pricing: Price increases are being negotiated customer-by-customer and will roll through the quarter; some customers on

annual pricing won't see increases until end of Q4. Analog pricing increases are live now; embedded pricing discussions are