Analog, Power & Discrete

Analog Devices reported third-quarter fiscal 2026 non-GAAP earnings of $3.45 per share, beating the Zacks Consensus Estimate by 3.6% and up from $2.05 per share a year earlier, while revenues of $4.02 billion surpassed the consensus by 2.5% and rose 40% from the year-ago quarter's $2.88 billion. Within that total, Industrial contributed $1.97 billion, or 49% of revenues, up 53% year over year; Automotive brought in $998.2 million, or 25%, up 16%; Communications generated $654.5 million, or 16%, up 84%; and Consumer added $397.2 million, or 10%, up 6%. The adjusted gross margin expanded 330 basis points to 72.5% and the adjusted operating margin reached 50%, up 780 basis points year over year. For the fourth quarter of fiscal 2026, management guided revenues to $4.3 billion, plus or minus $100 million, with adjusted earnings of $3.86 per share, plus or minus $0.15, and an adjusted operating margin of about 52%. The company returned $1.7 billion to shareholders in the quarter, comprising $535 million in dividends and $1.16 billion in share repurchases, and held $2.17 billion in cash and cash equivalents as of Aug. 1, 2026.

Subaru has entered a strategic collaboration with onsemi to evaluate its Embedded Power Platform, a step toward integrating next-generation power architectures into future electric vehicles. Under the partnership, Subaru gains early access to engineering samples and technical expertise as it assesses whether onsemi's power semiconductor integration can deliver scalable, efficient solutions for vehicle electrification. The two companies said the work will explore how a more integrated power system design can improve vehicle performance, efficiency and design flexibility as automakers expand their electrified lineups. The collaboration was announced by onsemi on GlobeNewswire.

Qualcomm has given Amazon an equity-linked incentive to deepen their AI-infrastructure partnership, with Amazon able to eventually purchase as much as $60 billion of Qualcomm data-center products while purchase-linked warrants could hand Amazon roughly $4 billion of Qualcomm shares at $161.26 each. Qualcomm shares gained approximately 2.1% to $188.64 Thursday, a level 7.37% above the stock's $175.69 GF Value. The warrant value represents roughly 6.7% of the maximum purchasing framework, directly tying Amazon's buying activity to Qualcomm's equity story. The two companies are also working together on custom AI inference silicon and optical connectivity capable of reaching 1.6 terabits per second. No minimum purchase commitment, delivery timetable or margin profile has been disclosed.

China has unveiled a new five-year development plan for manufacturing in electronics- and information technology-related industries, setting a target to raise revenue above 30 trillion yuan, or 4.5 trillion dollars, by 2030. The plan was drawn up jointly by the Ministry of Industry and Information Technology, or MIIT, and the National Development and Reform Commission, or NDRC. It covers the strategic framework from 2026 to 2030 and reflects the Chinese government's push for supply chain self-reliance, aiming for global leadership in strategically important emerging technologies from artificial intelligence to advanced computing, amid ongoing global competition. Beyond the revenue target, China also aims to raise research and development investment in the industry to 3.5% by 2030, setting out 17 missions covering nine key industry groups, from electronic components and materials, specialised manufacturing and measurement equipment, photonics, advanced computing, consumer electronics, power electronics, positioning and timing information technology, chips and AI endpoint devices, through to industrial electronics. The plan also drives technology development in the integrated circuit industry supply chain, while upgrading advanced electronic materials and smart sensors. In computing and memory, China will develop high-bandwidth flash memory alongside new forms of storage products such as Ferroelectric RAM, Resistive RAM and Magnetoresistive RAM, and aims to build very large-scale intelligent computing infrastructure supporting AI clusters equipped with hundreds of thousands of accelerator cards, while accelerating the deployment of space computing technology. The announcement of this sector-specific plan follows China's release on September 7 of its 15th five-year development plan for the information and communications industry, drawn up by the Ministry of Industry and Information Technology.

onsemi unveiled its Embedded Power Platform, a wafer-level power solution that integrates silicon, silicon carbide and gallium nitride dies to deliver higher power density and system-level co-optimization for AI infrastructure and electrified vehicles, with sampling planned to begin in 2026. The company also announced a technology engagement giving Subaru early access to the platform, a move that highlights how closer co-design around compact, efficient power electronics could influence future electrified vehicle architectures and development timelines. The platform fits onsemi's push to move more of its portfolio into higher-margin, system-level power solutions, coming after Q2 2026 results showed a return to profitability following a large one-off loss, with management guiding Q3 revenue to US$1,650 million to US$1,750 million. The company's narrative projects $9.0 billion in revenue and $2.5 billion in earnings by 2029, requiring 13.0% yearly revenue growth and about a $1.9 billion earnings increase from $630.2 million today. Near-term risks remain, including underutilized fabs and dependence on a still cyclical auto market.

Bank of America forecasts the global semiconductor market will nearly double to $3.2 trillion by 2030 from $1.7 trillion in 2026, citing AI infrastructure, memory and data-center demand that remains far stronger than recent fears suggest. Analysts led by Vivek Arya wrote that despite rising concerns about a potential AI infrastructure and investment slowdown, they see no signs of slowing in customer orders, long-term agreements, capacity commitments or semiconductor pricing. The bank pointed to Nvidia B200 rental pricing at $5.72 per hour, up consistently over the past two months and less than 10% below its March peak of roughly $6.10, while AMD has also indicated it is not seeing weakening customer orders. Within the total, memory is expected to remain the biggest growth engine, with sales rising to $1.8 trillion by 2030 from $937 billion in 2026, core semiconductors projected to increase to $1.35 trillion from $739 billion, server-related sales jumping to $848 billion from $359 billion, and wafer-fabrication-equipment spending more than doubling to $359.8 billion from $155.9 billion. BofA sees Nvidia and AMD as resilient compute plays, Marvell in networking, and Analog Devices and onsemi in analog, while Micron, Lam Research, Applied Materials and Intel could also outperform if sector momentum improves; the key risk is whether hyperscalers eventually slow AI capital spending.

onsemi outlined a long-term growth strategy aimed at capturing a $213 billion total addressable market by 2030 across automotive, industrial, AI data center and emerging applications. The Scottsdale, Arizona-based chipmaker said power density has become the defining engineering constraint as AI, electrification and automation scale, and that it will leverage its power and sensing portfolio to address it. President and CEO Hassane El-Khoury said the company has spent years building expertise across power and sensing to help customers deliver more energy while consuming less space. onsemi highlighted three technology platforms it expects to drive growth: high-voltage technologies spanning silicon, silicon carbide and gallium nitride, including a differentiated vertical gallium nitride offering exclusive to the company; the Treo platform for high-precision analog, high-density digital and high-voltage intelligence; and the Embedded Power Platform, which uses the silicon wafer itself as the package to integrate silicon, SiC and GaN devices in a single wafer-level architecture. The company said the convergence of its end markets around common technology requirements allows it to deploy shared platforms across multiple applications and grow faster than the markets it serves.

Texas Instruments' data center revenues doubled year over year in the second quarter of 2026 and rose about 20% sequentially, making data center one of the company's three strongest growth markets alongside industrial and automotive. CEO Haviv Ilan said on the earnings call that the company expects to outgrow the data center market in 2026, supported by research and development investments and its ability to supply customers, and management said it has clean-room capacity available and plans to equip facilities as needed. The industry's move toward 800-volt architectures, which can require several power-conversion stages, is expected to increase the analog and embedded content used in data centers. Rival Analog Devices posted third-quarter fiscal 2026 revenues of $4.02 billion, up 40% year over year, with communications revenues surging 84% on data center demand, while ON Semiconductor said its AI data center revenues grew more than 30% sequentially and more than doubled year over year in the second quarter of 2026 as total revenues rose 9.2% to $1.6 billion. ON Semiconductor management now expects 2026 revenues to more than double year over year and AI data center SiC revenues to grow nearly 60% in 2026. Texas Instruments shares have rallied 51.9% year to date, and the Zacks Consensus Estimate implies 2026 and 2027 earnings increases of 55.1% and 16.8%, respectively.

Cadence announced that its Tensilica IP Group and Analog Devices collaborated to develop the latest generation of SHARC automotive audio processors, bringing Cadence's Tensilica DSP architecture into ADI's next-generation ADSP product family. ADI is introducing the new ADSP-SC84x/2184x platform, which transitions from 28nm to 16nm process technology and builds on the ADSP-SC59x/2159x family. A key innovation of the ADSP-SC84x family is the new SHARC-FX processor core, designed and built through a joint engagement with Cadence, which delivers 5X higher performance compared to the previous generation SHARC+ processor used in the ADSP-SC59x family. The SHARC-FX features a custom DSP architecture supporting a broader range of data types, an enhanced VLIW SIMD architecture, efficient cache operations, and an expanded instruction set optimized for modern signal processing and AI workloads, including support for optimized neural-network kernel routines for frameworks such as Google's LiteRT. The platform also adds an LPDDR4 memory interface, increased on-chip L2 memory, enhanced cybersecurity via a dedicated hardware security module, and two optional connectivity cores with mainline Linux support.

Analog Devices has agreed to acquire Alif Semiconductor in an all-cash transaction for $1.35 billion, the two companies announced. Under the definitive agreement, approved by both boards, ADI will pay Alif's stockholders $1.35 billion of upfront consideration in cash, plus up to $200 million in incremental contingent consideration. The deal is expected to close before the end of calendar year 2026, subject to customary closing conditions and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Alif, headquartered in Pleasanton, California, provides AI-native microcontrollers and fusion processors, and its silicon is already shipping in production with design wins across leading consumer and industrial customers. ADI said the combination expands its total addressable market across industrial, data center infrastructure, defense, energy, robotics, digital health, and wearable applications, and accelerates delivery of what it calls Physical Intelligence. PJT Partners advised ADI with Wachtell, Lipton, Rosen & Katz as legal counsel, while Qatalyst Partners advised Alif with DLA Piper as legal counsel.

The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.

Aehr Test Systems is diversifying beyond its traditional silicon carbide exposure, with nearly 95% of fiscal 2026 revenues now coming from markets outside EV-related SiC, compared with more than 95% of its business tied to SiC for electric vehicles two years ago. AI accelerators, CPUs and network processors accounted for about 71% of fiscal 2026 revenues, while optical device test and burn-in for data-center infrastructure transceivers, chip-to-chip I/O and hard disk drives represented another 20%. Momentum has continued into fiscal 2027, with AEHR securing a $22 million follow-on order for AI processor wafer-level burn-in systems in August, along with another follow-on production order for silicon photonics. Power semiconductors provide another leg to the growth story, as AEHR received roughly $8 million of new SiC wafer-level burn-in orders in July as EV programs picked up, and the company is expanding into gallium nitride applications while memory remains a longer-term opportunity spanning NAND and high-bandwidth memory. The company's $100.6 million effective backlog and $130-$150 million fiscal 2027 revenue outlook support near-term growth, though sustaining that pace will depend on continued ramps in AI and silicon photonics, a recovery in power semiconductor demand and successful expansion into new applications. Aehr competes with Teradyne and FormFactor in a highly competitive semiconductor test equipment market, and its shares have surged 152.6% over the past six months, trading at a forward 12-month price-to-sales multiple of 19.05X versus the industry's 5.72X, with the Zacks Consensus Estimate for fiscal 2027 earnings at 74 cents per share.

Analog Devices' Communications end market reached $655 million in fiscal third-quarter 2026, up 18% sequentially and 84% year over year, accounting for approximately 16% of ADI's total quarterly revenues. Data Center now represents 80% of ADI's Communications revenue, with sales growing more than 100% year over year in both optical and power, while wireless revenues rose more than 25% year over year on a cyclical recovery. The company expects optical circuit switching revenues to approximately double in fiscal 2026, with similar growth targeted for fiscal 2027, as networks move from 800 gigabits toward 3.2 terabits per second. The completed Empower Semiconductor acquisition adds integrated voltage regulation and high-density power technology, expanding ADI's content across the grid-to-chip architecture. ADI faces competition from Marvell Technology and Astera Labs in the AI connectivity space, and shares have gained 39.7% year to date, with the Zacks Consensus Estimate for fiscal 2026 earnings implying year-over-year growth of 66.4%.

Goldman Sachs raised its 2035 forecast for humanoid robot shipments to approximately 6.5 million units, up from about 1.4 million previously, a nearly fivefold increase, in its recently published 80-page Physical AI report. The bank also lifted its 2030 forecast from 256,000 to 890,000 units and its 2026 estimate from 51,000 to 75,000, and now values the 2035 humanoid market at roughly $138 billion versus its previous $38 billion estimate. Goldman estimates each humanoid could carry $3,000 to more than $6,000 of semiconductor content, which at 6.5 million units would translate into roughly $19.5 billion to $39 billion of annual chip demand. The bank expects logistics and warehousing to lead adoption, with automotive manufacturing following, and estimates Amazon's broader automation efforts could produce about $72 billion in cumulative service-cost savings from 2026 through 2030, potentially adding as much as 240 basis points to operating margins in an upside scenario. Goldman still flags reliability, limited real-world training data, autonomy and cost as obstacles, while Morgan Stanley has predicted 1 billion humanoid robots by 2050 and RBC Capital Markets calls it a $9 trillion market by then.

Kiatnakin Phatra Securities Public Company Limited, or KKP, assesses that global AI investment is moving beyond chips into the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. The analysis notes that as AI systems grow larger, power per rack in data centers rises from several tens of kilowatts to about 600 kilowatts and could reach 1 megawatt in the future, shifting the main constraints to power delivery systems, cooling systems, and data transmission. KKP sees two key technologies that will drive the next phase: 800VDC technology and the shift to optical connectivity. KKP expects the new wave of FDI to flow into semiconductors, printed circuit boards, or PCBs, and advanced electronics, estimating that Thailand's major industrial estate developers, WHA and AMATA, will see land sales increase by about 2,500 rai per year and 2,000 rai per year, respectively. For the standout stocks that stand to benefit, KKP states that Delta Electronics (Thailand) Public Company Limited, or DELTA, is ready to serve demand for data center power systems and liquid cooling systems, while Hana Microelectronics Public Company Limited, or HANA, benefits from demand for analog ICs and power semiconductors. KCE Electronics Public Company Limited, or KCE, is ready to serve demand for high-end PCBs, and Stars Microelectronics (Thailand) Public Company Limited, or SMT, benefits directly from the shift to optical connectivity technology. Cal-Comp Electronics (Thailand) Public Company Limited, or CCET, has the potential to serve demand for both HDD and SSD storage devices. Beyond the electronics group, KKP states that AI's expansion also benefits energy infrastructure, as a global shortage of large power transformers bodes well for Thirai Public Company Limited, or TRT, while demand for transformer oil and fluids for liquid cooling systems opens opportunities for P.S.P. Specialties Public Company Limited, or PSP, as well as the strategic partnership of Millennium Group Corporation (Asia) Public Company Limited, or MGC, in developing humanoid robots. Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities Public Company Limited, said global AI investment will not stop at software or chips but is spreading to areas where Thailand has good cost advantages, namely infrastructure and downstream industries, which is a window of opportunity that remains wide open for the Thai economy.

Asia Plus Securities said in an analysis that TSMC's August 2026 sales came in at 510 billion Taiwan dollars, up 10% from the previous month and up 53% from August 2025. Combined sales for the first two months of the third quarter of 2026 stood at 980 billion Taiwan dollars, up 49% year on year and up 14% from the first two months of the previous quarter. In September 2026, sales are likely to remain supported by expanding investment in AI and data centres by the world's major cloud operators. The research team views TSMC's growth, as the world's largest manufacturer of AI chips, as positive for the global semiconductor and electronics supply chain, including Thai operators such as DELTA, HANA and KCE, and maintains an overweight stance on the electronics sector. It expects normalised profit for the ETRON stocks under coverage to grow about 43% year on year in 2026 and a further roughly 41% in 2027, and picks DELTA as its Top Pick because it makes power supplies and cooling systems used in AI and data centres. It expects DELTA's profit to grow by an average of about 42% in 2026-2027, and notes the stock remains a laggard, up 56% since the start of the year, less than HANA and KCE, which have risen 187%-209%.

Micron reported quarterly revenues of $41.46 billion, up 346% year on year and 14.3% above analysts' expectations, the fastest revenue growth among the 40 semiconductors stocks tracked in the group's Q2 review. The company also beat analysts' EPS and operating income estimates, prompting Chairman, President and CEO Sanjay Mehrotra to call the results record fiscal Q3 financials with an even stronger outlook for Q4, reflecting the strategic value of memory in the AI era. Across the group, the 40 semiconductors stocks tracked reported revenues that beat consensus estimates by 3.7%, with next quarter's revenue guidance 6.2% above expectations, and share prices have held roughly steady on average since the latest earnings results. Micron's stock is down 2.1% since reporting and currently trades at $1,026. Among peers, Monolithic Power Systems reported revenues of $980.6 million, up 47.6% year on year and 8.6% above expectations, with its stock down 8.6% since reporting at $1,203, while Himax reported revenues of $227.4 million, up 5.9% and 2% above expectations, with its stock up 5% at $14.02. Applied Materials reported revenues of $9.12 billion, up 24.8% and 0.9% above expectations, with its stock down 12.3% at $468.65, and Western Digital reported revenues of $3.75 billion, up 43.8% and 0.9% above expectations, with its stock down 7% at $482.68.

Monolithic Power Systems has entered a new long-term agreement with GlobalFoundries to expand production capacity for its advanced power management technologies. Under the deal, Monolithic Power will deploy its proprietary process technology at GlobalFoundries' advanced 300mm manufacturing facility in Singapore, with volume production expected to begin in early 2027. The added capacity is intended to serve rising demand across artificial intelligence, automotive, industrial and data center markets, including automotive platforms, industrial robotics and automation, and smart power stages for AI and cloud infrastructure. Monolithic Power faces competition from Analog Devices and Microchip Technology, both of which are also expanding manufacturing capacity. Monolithic Power shares have risen 43.3% over the past year versus 40% growth for the industry, and 2026 earnings estimates have increased 12.7% to $27.11 over the past 60 days while 2027 estimates have risen 18.5% to $34.73.

Texas Instruments has started implementing price increases, negotiated directly with customers, after keeping prices broadly stable through the first half of 2026, with the contribution expected to begin in the third quarter and continue into the fourth quarter and beyond. Management said on its second-quarter 2026 earnings call that only a small pricing contribution is expected to third-quarter growth, with most of the sequential revenue increase coming from higher unit volumes. Texas Instruments entered the cycle from strength, with second-quarter revenues up 23% year over year to $5.46 billion, operating profit up 47.8% to $2.31 billion and analog revenues up 26%. Rival Analog Devices raised global prices by an average of 15% in February 2026, a move expected to add about 50 basis points of sequential revenue growth in both its fiscal third and fourth quarters, after fiscal third-quarter revenues rose 40% year over year to $4.02 billion and adjusted gross margin expanded 330 basis points to 72.5%. ON Semiconductor raised prices on selected components in April 2026, focusing on power, industrial and data center segments, after second-quarter 2026 revenues rose 9.2% year over year to $1.604 billion and non-GAAP gross margin expanded 170 basis points year over year and 80 basis points sequentially to 39.3%.

Asahi Kasei Microdevices Corporation (AKM) announced that its CZ39 and CZ3K series coreless current sensors have been adopted as key components in Microchip Technology Inc.'s Machine Learning-based Arc Fault Detection reference design, which uses a dsPIC33A Digital Signal Controller. The collaboration aims to improve arc fault detection accuracy in solar PV systems, energy storage, EV charging, and power distribution by combining AKM's high-speed sensors with Microchip's edge ML capabilities. The sensors feature a 100 ns response time, which is critical for capturing arc signatures without data pollution. The reference design is available through Microchip's program and targets applications including solar, energy storage, EV chargers, and safety switches. AKM's U.S. subsidiary, AKM Semiconductor, Inc., worked with Microchip during development, and the companies see potential for adoption in data center applications as AI workloads increase power density demands.

MACOM Technology Solutions Holdings reported fiscal third-quarter results on August 6, with revenue climbing 35.8% year over year to $342.2 million, but net income more than tripled to $100.7 million from $36.5 million. Gross margin expanded to 58.3% from 55.3% a year earlier, and adjusted operating income reached $107.7 million, or 31.5% of revenue, up from 25.2%. GAAP EPS rose to $1.28 from $0.48, while adjusted EPS hit $1.40 versus $0.90. The company guided fiscal fourth-quarter revenue to $415 million to $425 million, implying sequential growth of roughly 21% to 24%, and adjusted EPS of $1.97 to $2.03, based on a 3% non-GAAP tax rate and 78.9 million diluted shares. Hedge fund ownership increased from 45 to 59 funds, and short interest is just 3.57% of float, but the stock trades at a forward P/E of 30.40 as of September 4.

Dell Technologies Inc. posted a blowout second quarter fueled by soaring demand for AI infrastructure, and Chief Operating Officer Jeff Clarke said the company is scrambling for scarce parts across nearly every layer of the hardware stack. On the earnings call, Clarke listed shortages in DRAM, NAND, CPUs, disk drives, power components, substrates, and optical parts, saying, "Welcome to the life of a supply chain person at Dell Technologies. This is what we do, chasing parts. We love it." He noted that demand outran supply in both the last quarter and this quarter, with AI server orders hitting a record $60.9 billion and the company's backlog reaching $95 billion. Dell reported adjusted earnings of $7.04 per share for the second quarter, beating the $4.91 consensus, and revenue of $46.97 billion, above the $44.95 billion expected. For the third quarter, Dell guided to adjusted EPS of $6.50 versus a $4.49 estimate, and revenue of $49 billion versus the $41.43 billion analysts expected.

Monolithic Power Systems reported second-quarter revenue of $980.6 million, up 47.6% from a year earlier and 21.9% sequentially, driven by demand for its power-management chips used in AI accelerators. The company's gross margin came in at 55.2%, indicating that growth has preserved profitability. However, investors should note that data-center strength may coexist with softer orders in automotive, industrial, storage, and consumer segments. Hedge-fund ownership of the stock rose to 69 funds in Q2 from 49 in Q1, while short interest stood at 3.88% of float as of August 14. The company's valuation leaves little room for error, so watch design wins, customer diversity, and margin trends for confirmation of sustained growth.

CGS International Securities (Thailand) or CGSI has upgraded its investment stance on the electronics sector to Overweight, selecting DELTA as its Top Pick, with a recommendation upgrade from Sell to Buy and a target price of 360 baht. Meanwhile, it maintains a Buy rating on HANA with a target price of 62 baht. The move is supported by the transition to 800VDC technology in data centers, which is expected to open a new growth cycle for the electronics sector, particularly for power supply and cooling system manufacturers. Citing data from Bloomberg Intelligence, the global market for electrical and cooling systems for data centers is projected to more than double from approximately 50 billion US dollars in 2025 to 117 billion US dollars by 2030, representing a compound annual growth rate of about 18%. The transition to 800VDC technology alone could create business opportunities worth approximately 20 billion US dollars. DELTA is expected to benefit first from its 400V solutions, which serve as a bridge to 800VDC systems, and will begin production of its first 800V products in the second half of 2026. HANA has just entered the business through its subsidiary Powermaster, which focuses on developing AI power management solutions such as Solid-State Transformers and high-voltage SiC devices, with commercial revenue expected to begin in the second half of 2027. CGSI forecasts that in 2027, DELTA will see revenue growth of 40% and earnings per share growth of 67%. Meanwhile, the global Power SiC market is expected to grow at an average rate of about 20% per year from 2025 to 2031, reaching a value of approximately 11 billion US dollars. There is upside risk if AI data center demand is stronger than expected, and downside risk from delays in AI investment by hyperscalers and component bottlenecks.

DELTA's share price rose 2.47% to 249.00 baht after Kasikorn Securities upgraded its recommendation to "Buy" while maintaining its mid-2027 target price of 300 baht. The broker views the 34% pullback from June's peak as short-term and expects gross margin to recover to near 30% in the second half of 2026 as temporary pressures ease. Meanwhile, AI and data center investment demand remains strong, with hyperscaler capex expected to rise 81% in 2026 to $850 billion. DELTA's normalized profit is forecast to grow at an average annual rate of 32% during 2026-2028.

Xingyun Technology announced on the evening of September 3 that it has signed a Computing Power Leasing Agreement with a VD client to provide computing power resource leasing services for a term of five years, with a total tax-inclusive amount of 921.6 million yuan. The VD client is an A-share listed company with sound contract performance capability. The company said the agreement's performance is expected to have a certain impact on future operating results and does not create reliance on the counterparty. In addition, analog chip giant Texas Instruments circulated a price adjustment notice on September 1, implementing a new round of price increases for multiple products. This is its third round of price hikes this year, following increases in March and May. STMicroelectronics, Analog Devices, Maxscend Microelectronics and several other manufacturers have also adjusted prices. Driven by AI, the semiconductor industry has entered a cycle of rising volumes and prices. WSTS forecasts the global analog chip market will reach 86.519 billion US dollars in 2025, up 8.7 percent year on year. In the first half of the year, A-share semiconductor companies posted combined net profit attributable to the parent of 160.506 billion yuan, up 607.2 percent year on year, with seven stocks including Longsys and Puya Semiconductor growing more than 1,000 percent.