The Zhitong Finance App learned that KeyBanc Capital Market released a research report on the eve of the earnings season, indicating that the analog chip sector is expected to deliver strong results, mainly due to the continuation of the positive cycle of the industry. The team, led by analyst John Vinh, said that demand for AI continues to be hot, and demand for traditional data centers is surging, driven by agentic workloads (agentic workloads), while the supply side is also improving.
The Vinh team stated, “The analog chip performance is worth looking forward to. The positive cycle trend remains unchanged, thanks to increased order visibility, extended delivery times, steady industrial and data center demand, and widespread price increases.”
Regarding Intel (INTC.US) and Chaowei Semiconductor (AMD.US), analysts emphasized that server CPU spillover demand and supply improvements will support Intel's 2026 shipments to achieve a 25% to 30% year-on-year increase, while AMD is expected to increase 15% to 20%; the growth rate of server CPU shipments from both companies is expected to exceed 50% in 2027.
Intel is scheduled to release its second-quarter earnings report on July 23, while AMD will announce its results for the second quarter of the 2026 fiscal year on August 4.
Regarding Monolithic Power Systems (Monolithic Power Systems), the Vinh team said, “The pricing advantage, enterprise-grade data center business, and early growth of the Vera Rubin platform (estimated market share of 60%-70%) are expected to exceed expectations in the near future.”
Regarding Intel (this refers to the mobile business), analysts say that although the smartphone market continues to deteriorate, the early delivery of smartphone application processors (APs) in China and the share of iPhone 18 modems exceeded expectations (actual 50%, previously only 20%), may support its performance better than pessimistic market expectations.
Regarding Qorvo (QRVO.US), SWKS.US (SWKS.US), and Lingyun Semiconductor (CRUS.US), the Vinh team said, “Apple's stock reduction may suppress short-term performance prospects, but market expectations have shown in advance that CRUS/QRVO/SWKS are below seasonal demand levels.”