Cadence Design Systems: Stronger CY26 Guide Backed by Record Backlog, Broad-Based Segment Strength, and Improved Positioning at INTC/Samsung; Agentic AI Expands TAM; Reit OW

研报英文原文证据摘录

Cadence Design Systems: Stronger CY26 Guide Backed by Record Backlog, Broad-Based Segment Strength, and Improved Positioning at INTC/Samsung; Agentic AI Expands TAM; Reit OW

J P M O R G A N North America Equity Research

28 July 2026

Cadence Design Systems

Stronger CY26 Guide Backed by Record Backlog, Overweight

Broad-Based Segment Strength, and Improved CDNS, CDNS US

Positioning at INTC/Samsung; Agentic AI Expands Price (27 Jul 26):$338.61

TAM; Reit OW Price Target (Dec-27):$405.00

Cadence’s (CDNS) 2Q26 print and updated FY26 outlook reinforce a broadening Semiconductors & Semiconductor

improvement in demand across the business, with backlog exiting the quarter at a Capital Equipment / IT Hardware

record $8.1B and both the 3Q and FY26 guides being raised on stronger AI-driven Harlan Sur AC

chip design activity, improving analog / mature chip design activity, incremental (1-415) 315-6700

TAM expansion from agentic AI, and what management described as a materially harlan.sur@jpmorgan.com

stronger competitive position. Strength during the quarter was broad-based, with Apoorva Kumar

IP up >40% Y/Y, core EDA up 18%, hardware at another record, and System (1-212) 270-0668

Design & Analysis up 37%, all driven by AI/HPC demand, advanced-node apoorva.kumar@jpmorgan.com

activity, memory bandwidth, chiplets, advanced packaging, and Hexagon DNA Mayur Ramdhani

(1-212) 622-1664

integration. At the midpoint, the FY26 outlook now implies ~19% Y/Y revenue mayur.ramdhani@jpmorgan.com

growth, underpinned by a better overall design environment, deeper customer J.P. Morgan Securities LLC

engagements, and share/positioning gains. Customer commentary was

particularly strong this quarter, with CDNS expanding its collaboration with Intel