J.P. Morgan
May 21, 2026
TMC Conference Summary: Semiconductors and Semicap Momentum
Market ReportEquitiesMacro Economic IndicatorsInformation Technology
J.P. Morgan's 54th annual TMC Conference revealed unanimous industry confidence in continued demand momentum, driven by an inflection in AI inference and a broad recovery in industrial/auto markets.
Key Takeaways
- 1.Unanimous demand momentum follow-through post-Q1 earnings across both semiconductors and capital equipment, with increasing bookings and backlogs.
- 2.The AI workload inflection is shifting from accelerator-centric training to full-stack inference, drastically changing CPU-to-GPU ratios.
- 3.Memory (DRAM/NAND) and WFE cycles are elongating significantly, with visibility into CY27 described as the best in over a decade.
Table of Contents
- Applied Materials
- Astera Labs Inc
- GlobalFoundries
- Intel
- IonQ
- KLA Corporation
- Microchip Technology
- Micron Technology
- MKS Inc
- NXP Semiconductors
- Sandisk
- Synaptics Inc
- Vishay Intertechnology Inc
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Authors
Harlan SurMayur Ramdhani
Securities
AMATALABMUKLACINTCNXPI
Themes
AI Inference InflectionWFE Cycle ElongationCyclical Recovery in Auto/IndustrialMemory Structural UndersupplyPhysical AI
Regions
North AmericaAsia PacificGlobalUnited StatesMalaysiaSingapore