Ac t i o n | 08 Oct 2026 04:00:00 ET │ 36 pages US Semiconductors and Semiconductor Equipment 3Q26 Earnings Preview – SOX Rebound, Getting More Selective CITI'S TAKE The SOX has rebounded 24% from its summer correction, in-line with our call ahead of the Citi TMT Conference. Fundamentally, the semiconductor industry remains firmly in Phase 2 of our playbook (see Fig 1), supported by robust data center demand, which now represents ~40% of the semis TAM, continuing recovery in auto/industrial markets ~20% of ...