U.S. Semiconductors and Semicap Equipment: Notes from the road - takeaways from management meetings in Silicon Valley Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com 8 21 September 2026 U.S. Semiconductors and Semiconductor Capital Equipment Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Eva Zhang +1 212 845 7839 eva.zhang@bernsteinsg.com Last week we hosted a semiconductor investor bus tour in Silicon Valley, meetin ...

Equity Research 24 September 2026 8 Positioning for AI Disruption The Next Phase of Enterprise Adoption As AI deployment scales, the industry is responding to elevated spending by controlling the intelligence stack and placing a greater focus on ROI. We assess how recent trends are influencing where value accrues, identifying software beneficiaries and 70 companies executing on AI adoption. Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its researc ...

8 Equity Research U.S. Semiconductors & Semiconductor Capital Equipment 24 September 2026 U.S. Semiconductors & Semiconductor Capital Equipment ECOC Takeaways: Mixed Bag of Technologies as Customer Roadmaps Diverge We spent our time walking the booths and meeting with companies. Please see our takeaways below. Volume CPO timing is aligning more with the turn of the decade (if not later) and NPO solutions are starting to fill in the gap. We think that, like CPO, the "late 2027" that many are quoting in indus ...

J P M O R G A N 8 North America Equity Research 04 October 2026 Marvell Technology Inc 2026 Investor Day Preview: Expect Focus on Custom Silicon and DC TAM Sizing; Optical, Switching, and Memory/CXL Add Breadth to the DC Story; Potential Path to >$20 EPS by 2030 Marvell Technology Inc. (MRVL) is set to host its 2026 Investor Day this week, and ahead of the event, we thought it would be useful to briefly outline what we believe to be the most important areas to focus on at the event. See page 5 for analyst c ...

J P M O R G A N North America Equity Research 12 October 2026 Semiconductors/Semi Cap Equipment 3Q26 Sector Preview: Constructive Setup Intact as Supply Constraints, AI Momentum, and Cyclical Recovery Support Further Revisions / Continued Equity Outperformance See page 26 for analyst certification and important disclosures. We are entering the 3Q26 earnings season with a constructive, yet selective, stance on the semis / semicap equipment sector. Fundamentals in our sector have continued to improve over the ...