STMicroelectronics (STMPA.PA): Improving demand visibility, with AI datacentres & optical connectivity the key growth drivers

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STMicroelectronics (STMPA.PA): Improving demand visibility, with AI datacentres & optical connectivity the key growth drivers

Equity Research

27 July 2026 | 7:41AM BST

STMicroelectronics (STMPA.PA): Improving demand visibility, with AI

datacentres & optical connectivity the key growth drivers

Alexander Duval

+44(20)7552-2995 |

alexander.duval@gs.com

Goldman Sachs International

Anant Jakhar

+1(332)245-7829 |

anant.x.jakhar@gs.com

Goldman Sachs India SPL

STM’s 2Q26 revenue came 1% above Visible Alpha Consensus Data, primarily due to

Ayo Odunaiyahigher revenues from Automotive and CECP. Further, reported EBIT came in 20% +44(20)7051-5995 |

below consensus, affected primarily by a $58mn impairment, restructuring expenses ayo.x.odunaiya@gs.comGoldman Sachs International

and other related phase-out costs and a $24mn headwind related to PPAs from the

acquisition of NXP’s MEMS business. Excluding the impact of these, the company’s

EBIT of $269mn would have been 15% above consensus. Key takeaways include 1)

Improving demand visibility and AI datacentre momentum underpin growth outlook,

2) Expected sequential margin improvement, though reshaping costs remain a

near-term headwind, 3) Demand momentum broadens as inventory normalises and

supply tightens, and 4) 300mm capacity ramp continues to support future MCU and

AI growth against a tightening supply backdrop. Remain Neutral.

n Improving demand visibility and AI datacentre momentum underpin growth

outlook: STM guided 3Q26 revenues of $3.7bn at the midpoint, c.2% below

consensus, while indicating that 4Q26 revenue should exceed $4bn (vs.

consensus of $4.03bn), implying FY26 revenue broadly in line with street

expectations. Importantly, management highlighted a continued improvement in