伯恩斯坦-美国半导体及半导体资本设备：美国半导体：解构2026年（截至目前）-U.S. Semiconductors：Deconstructing 2026(so far)-20260512

on12-May-2026

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FirstPublished:12May202601:27UTCCompletionDate:12May202601:27UTC

12May2026

U.S.SemiconductorsandSemiconductorCapitalEquipment

U.S.Semiconductors:Deconstructing2026(sofar...)

StacyA.Rasgon,Ph.D.

+12135595917

stacy.rasgon@

AlrickShaw

+19173448454

alrick.shaw@

ArpadvonNemes

+19173448461

arpad.vonnemes@

Attheendoftheyearweoftenbreakdownindustrygrowthdrivers(seeourtakes

from

2025

and

2024

forexample).However,givenanalmost80%YoYgrowthfortheindustryinthefirstquarterof2026aninterimlookappearswarranted….Indeed,totalsemiconductorindustryrevenuesreached$299BinQ1,up79%YoY,reachinglevelsina

singlequarterthathavenowexceededtheentireannualoutputoftheindustrywhenwestartedourcareerohsolongago(Exhibit1).

Stronggrowthnearlyeverywhere,butmemorytakesthecake...Non-memory

segmentsgrewaveryrespectable28%(Exhibit2).Amongthevariousnon-memory

productcategoriesLogicgrowthwasstrongestat+39%(presumablydrivenbyGPUs/

accelerators)withMPUs+22%,andmostothersegments(MCUs,Analog,Optical,

Discretes)upteensYoY.SensorsroseLSD,andDSPsfell22%.Butmemoryreallydoestakethecake,growinganastonishing238%YoY,morethantriplingvsQ125(Exhibit3),and

reaching46%oftotalsemiconductorindustrysales,byfarthehighestpercentagesinceasfarbackaswehavedatafor(almost50years)(Exhibit4).Wesuspectthistrendwill

continue,with(inouropinion)memorylikelytomakeuphalftheindustry,ormore,thisyear.

Pricingstronginlogic(andoff-the-chartsinmemory).Non-memorypricing

environmenthasbeensolid,butmemorypricinghasgoneverticalwithagrowthtrend

thatwehaveneverseeninhalfacentury(youreallyneedtolookatthischart;Exhibit5).

IndustryASPsoverallrose57%YoYinQ126;excludingmemorypricingwasstillup~13%drivenmostlybyLogic(+28%YoY).Pricingforothernon-memorysegmentswasmixedYoY,withMCUs,discretes,andMPUsup,whileDSP,optical,analog,andsensorASPsdeclined(Exhibit6).

UnitgrowthhealthyinQ1acrosstheboard...Unitgrowthhasalsodrivenrevenues,thoughnotasmuchaspricingYTD.Memoryunits(chip-level)grew27%YoYinQ1,

withnon-memoryoverallup13%,andtotalindustryunitsgrowing14%.Analog,MPU,memory,andopticalallgrewstrongdouble-digitsYoYinQ1(18%,18%,27%,and42%,respectively)withdiscretes,sensors,MCU,andLogicallupsingledigits;DSPsweretheonlyproductgrouptoexperienceunitdeclinesYoY(Exhibit7).Overallnon-memoryunitgrowthbalancedpricinggrowth(bothup~13%YoY)(Exhibit8).

Growthinmostproductcategorieshasbeguntoaccelerateinrecentquarters.

WhileQ1wasanincrediblystrongquarter,wehaveseensignsofacceleratingupsideoverthelastseveralquartersinbothmemoryandnon-memorycategories(thoughmemory

performancespecificallyleftthelaunchpadinQ1)(Exhibit9).Onablendedbasisunit

growthhasbeenfairlyconsistentoverthelast4-5quarters,thoughsomecategories

(optical,analog,MPU,MCU,andmemoryinparticular)haveseenacceleration(Exhibit10).Blendedpricingtrendshavestrengthenedoverthelastseveralquartershowever,driveninparticularbyanalog,logic,andmemory(Exhibit11)

(continuedonnextpage)

StacyA.Rasgon,Ph.D.+1

2135595917stacy.rasgon@

12May2026

Overall2026islookingtoshapeupasanincredibleyearifcurrenttrendscontinue.

Itwasnotthatlongagothatmostindustrywatchersweresuggestingthesemiconductor

industrymighthit$1Tby2030.Butwearenowonarun-rate(quarterly)tohit~$1.2Tthisyear(and,webelieve,likelytodomore).Rightnowdemandsignalsremainstrong,withnosignsofslowingdown,andstockshaveresponded,

mostlyduetosharpupwardrevisionsin

earningsestimates

.

InourUScoverageweremainfansofNVDA,AVGO,andSemicap,andhaverecentlywarmedtoAMD.On“real”numbersNVDAandAVGObothscreencheap(probablymid-

teensP/FEonrealisticCY27EEPS)andcontinuetounderpinAIdemand.EverydriverintheindustryrightnowtranslatestoaneedforhigherWFE;weremainbullishsemicap.AndwehavewarmedtoAMDonCPUdemandaswellasbroaderAIacceleratoropportunity,and

thinka$20EPSin2028isplausible.WerateNVDA,AVGO,AMAT,KLAC,LRCX,andAMDOP,withADI,NXPI,TXN,QCOM,andINTCMP.

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP2

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP3

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12May2026

BERNSTEINTICKERTABLE

11May

2026

TTM

AdjustedEPSAdjustedP/E(x)

Ticker

Rating

Cur

Closing Price

Price

Target

Rel.

Perf.

Cur

2025A2026E2027E

2025A2026E2027E

AMD(AdvancedMicro)

O

USD

458.79

525.00

315.1%

USD

4.176.9514.60109.966.031.4

ADI(AnalogDevices)

M

USD

422.73

375.00

72.7%

USD

7.7911.6213.3854.336.431.6

AVGO(Broadcom)

O

USD

428.43

525.00

74.8%

USD

6.8211.3817.7362.837.624.2

INTC(Intel)

M

USD

129.44

65.00

473.3%

USD

0.431.041.35303.6124.095.7

NVDA(NVIDIA)

O

USD

219.44

300.00

57.1%

USD

4.778.8811.9446.024.718.4

NXPI(NXPmiconductors)

M

USD

305.99

270.00

28.5%

USD

11.8114.5816.4525.921.018.6

QCOM(Qualcomm)

M

USD

237.53

140.00

32.6%

USD

12.0310.649.7719.722.324.3

TXN(TexasInstruments)

M

USD

297.76

250.00

41.9%

USD

5.457.628.2254.739.136.2

AMAT(AppliedMaterials)

O

USD

443.62

425.00

154.1%

USD

9.4210.9614.0047.140.531.7

KLAC

O

USD

1,845.19

1,875.00

132.2%

USD

33.2836.9349.8955.450.037.0

LRCX(LamResearch)

O

USD

296.05

325.00

261.9%

USD

4.145.687.4971.652.139.5

SPX

7,412.84

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspendedTXNestimateisReportedEPS;TXNvaluationisReportedP/E(x);NVDAbaseyearis2026;

Source:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

ADI(Market-Perform,$375):ADIisexecutingwellwithbothcyclicalandidiosyncraticdrivers,thoughthesharesremainexpensive.

AMD(Outperform,$525):Expectationsremainhigh,butexposuretoAIdemanddrivingbothaCPUandGPUstorycanprovidesubstantialgrowth.

AVGO(Outperform,$525):Astrong2025AItrajectoryseemssettoaccelerateinto2026,bolsteredbysoftware,cashdeployment,andsuperbmargins&FCF.

INTC(Market-Perform,$65):Serverstrengthishelpingthecompanygetbackontheirfeet,andnarrative/headlinesmayfuelthevibefornow.

NVDA(Outperform,$300):Thedatacenteropportunityisenormous,andstillearly,withmaterialupsidestillpossible.NXPI(Market-Perform,$270):Thepaceofrecoveryremainsopenfordebate.

QCOM(Market-Perform,$140):Memoryheadwindsappearlikelytopressuresmartphonebuildsandnumbersappearhigh;weshallseeifdatacenterdreamisenoughtoattractbuyers.

TXN(Market-Perform,$250):TXNsharesfeelfullyvaluedinthecurrentenvironment.

AMAT(Outperform,$425):WemaintainapositiveviewonsecularWFEgrowthandseeanumberofdriversforAMATincludingSAMgrowth,anincreasingservicesnarrative,andcapitalreturn.

KLAC(Outperform,$1,875):AmidpositiveWFEtrendsKLACpossessesstructuralgrowthdrivers,astronganddurablecompetitiveposition,lowerChinareplacementrisk,anddisciplinedcapitalallocation,warrantingpremiumvaluation.

LRCX(Outperform,$325):Thecompanyisbenefitingfromkeyinflections(GAA,packaging,HBM,NANDupgrades)andCY26/27commentaryseemssupportive.

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12May2026

DETAILS

EXHIBIT1:Thesemiconductorindustrygrewalmost80%YoYinQ126reaching~$1.2Tinannualizedrevenue

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Q126

+79%YoY

SemiconductorIndustrySales

$Billions

1Q26$299B

1977-1Q26

$900

$800

$700

$600

$500

$400

$300

$200

$100

$-

Non-MemoryIC

Memory

Discrete/Optical/Sensor

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

EXHIBIT2:MemoryandLogicdrovethemajorityofthegrowthinin1Q26

SemiconductorRevenueGrowth

79%

39%

28%

LogicMemoryTOTALTotalEx

Memory

1Q26vs.1Q25

238%

300%

250%

200%

150%

100%

50%

0%

-50%

13%

Discretes

3%

Sensors

15%

Analog

14%

Optical

22%

MPU

17%

MCU

-22%DSP

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP5

StacyA.Rasgon,Ph.D.+1

2135595917stacy.rasgon@

12May2026

EXHIBIT3:MemorysalesmorethantripledYoYin1Q26,withnon-memoryalsoshowingrespectablegrowthat28%in1Q,following22%growthlastyearand18%growthin1Q25

SemiconductorIndustryRevenueGrowth

Ex-Memory,Memory,andTotal

2003-1Q26

300%

250%

200%

150%

100%

50%

0%

-50%

238%

79%

28%

Ex-MemoryMemoryTotal

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

EXHIBIT4:Memoryhasreached46%ofoftotalsemisalesinQ1andisonapathtomakeupmorethan50%in

2026.Thisisthehighestshareeverobservedinalmost50years,andwellabovethepreviouspeakof37%seenin1995

SemiconductorIndustrySales

Memoryas%oftotalSemissales

1977-1Q26

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Q126

100%

90%

80%

70%

60%

50%

46%

40%

37%

30%

20%

10%

-

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP6

StacyA.Rasgon,Ph.D.+1

2135595917stacy.rasgon@

12May2026

EXHIBIT5:ThisrateofpriceincreasesforMemoryisunprecendented

SemiconductorYoYASPGrowth

Q11978-Q12026

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

200.0%

150.0%

100.0%

50.0%

0.0%

-50.0%

-100.0%

Ex-MemoryMemoryTotal

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

EXHIBIT6:ThebulkofindustryASPgrowthinQ1camefromMemoryprices,whichmorethandoubledYoY.Logic,MCUandDiscretesalsoshowedhealthypriceincreasesYoY,albeitatmuchmoremodestrates

SemiconductorASPGrowth

1Q26vs.1Q25

165%

57%

3%

7%

9%

28%

13%

-19%

-3%

-2%

-10

200%

150%

100%

50%

0%

-50%

%

OpticalDSPAnalogSensorsMPUDiscretesMCULogicMemoryTOTALTotalEx

Memory

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP7

StacyA.Rasgon,Ph.D.+1

2135595917stacy.rasgon@

12May2026

EXHIBIT7:Semiconductorunitgrowthwashealthyandgrew~14%YoYinQ126,drivenbyOptical,Memory,MPU,andAnalog

50%

40%

30%

20%

10%

0%

-10%

-20%

SemiconductorUnitGrowth

1Q26vs.1Q25

42%

27%

18%18%

8%9%

14%13%

6%6%

%

-14

DSPDiscretesSensorsMCULogicAnalogMPUMemoryOpticalTOTALTotalEx

Memory

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

EXHIBIT8:In1Q26non-Memorysawbalancedgrowthacrossunitsandpricing,witheachgrowing13%YoY,respectively

SemiconductorUnitandASPGrowth

Ex-Memory

1978-1Q26

1Q26

13%

UnitsASP

60%

50%

40%

30%

20%

10%

0%

-10%-20%-30%

-40%

1Q26

13%

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP8

StacyA.Rasgon,Ph.D.+1

2135595917stacy.rasgon@

12May2026

EXHIBIT9:Overallindustrygrowthhasacceleratedinbothmemoryandnon-memoryinrecentquarters(withmemorygoingverticalinQ1)

SemiconductorRevenueYoYGrowthEvolution

Q125-Q126

300%

250%

200%

150%

100%

50%

0%

-50%

DiscretesOpticalSensorsAnalogLogicMPUMCUDSPMemoryTOTALTotalEx

MemoryQ125Q225Q325Q425Q126

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

EXHIBIT10:Likewise,unitgrowthwassolidthroughoutthelast5quarters,particularlyinOpticalandMemory

SemiconductorUnitYoYGrowthEvolution

Q125-Q126

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

DiscretesOpticalSensorsAnalogLogicMPUMCUDSPMemoryTOTALTotalEx

MemoryQ125Q225Q325Q425Q126

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP9

StacyA.Rasgon,Ph.D.+1

2135595917stacy.rasgon@

12May2026

EXHIBIT11:LogicandMemorypricingstrengthenedthroughthelast5quarters,withMemoryseeingsharpYoYpriceincreasesinQ1

SemiconductorASPYoYGrowthEvolution

Q125-Q126

DiscretesOpticalSensorsAnalogLogicMPUMCUDSPMemoryTOTALTotalEx

MemoryQ125Q225Q325Q425Q126

200%

150%

100%

50%

0%

-50%

Source:WorldSemiconductorTradeStatistics,Bernsteinanalysis

U.S.SEMICONDUCTORSANDSEMICONDUCTORCAPITALEQUIPMENTBERNSTEINlsocIeTecENeRAlECROUP10

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12May2026

DISCLOSUREAPPENDIX

I.REQUIREDDISCLOSURES

Referencesto"Bernstein"orthe“Firm”inthesedisclosuresrelatetothefollowingentities:BernsteinInstitutionalServicesLLC(April1,2024onwards),SanfordC.Bernstein&Co.,LLC(preApril1,2024),BernsteinAutonomousLLP,BSGFranceS.A.(April1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司,SanfordC.Bernstein(Canada)Limited,Sanford

C.Bernstein(India)PrivateLimited(SEBIregistrationno.INH000006378),SanfordC.Bernstein(Singapore)PrivateLimited,

SanfordC.BernsteinJapanKK(サンフォード・C・バーンスタイン株式会社)andanalystsemployedbySociétéGénérale

AfricaTechnologies&ServicestoproduceBernsteinresearchunderaGlobalServicesAgreementinplacebetweenBernstein

andSociétéGénérale.

BernsteinispartofajointventurebetweenSociétéGénérale(SG)andAllianceBernstein,L.P.(AB).Unlessspecificallynotedotherwise,forpurposesofthesedisclosures,referencestoBernstein’s“affiliates”relatetobothSGandABandtheirrespectiveaffiliates.

VALUATIONMETHODOLOGY

Thisresearchpublicationcoverssixormorecompanies.Forvaluationmethodologyandothercompanydisclosures:Pleasevisit:

/sellside/Disclosures.action

.

Or,youcanalsowritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.

RISKS

Thisresearchpublicationcoverssixormorecompanies.Forrisksandothercompanydisclosures:

Pleasevisit:

/sellside/Disclosures.action

.

Or,youcanalsowritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.

RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION

EQUITYRATINGSDEFINITIONS

Bernsteinbrand

TheBernsteinbrandratesstocksbasedonforecastsofrelativeperformanceforthenext12monthsversustheS&P500forstockslistedontheU.S.andCanadianexchanges,versustheBloombergEuropeDevelopedMarketsLargeandMidCapPriceReturnIndexEUR(EDME)forstockslistedontheEuropeanexchangesandemergingmarketsexchangesoutsideoftheAsiaPacificregion,versustheBloombergJapanLargeandMidCapPriceReturnIndexUSD(JPL)forstockslistedontheJapaneseexchanges,andversustheBloombergAsiaex-JapanLargeandMidCapPriceReturnIndex(ASIAX)forstockslistedontheAsian(ex-Japan)exchanges-unlessotherwisespecified.

TheBernsteinbrandhasthreecategoriesofratings:

•Outperform:Stockwilloutpacethemarketindexbymorethan15pp

•Market-Perform:Stockwillperforminlinewiththemarketindextowithin+/-15pp

•Underperform:Stockwilltrailtheperformanceofthemarketindexbymorethan15pp

CoverageSuspended:CoverageofacompanyundertheBernsteinresearchbrandhasbeensuspended.Ratingsandpricetargetsaresuspendedtemporarily,arenolongercurrent,andshouldthereforenotbereliedupon.

NotRated:Aratingassignedwhenthestockcannotbeaccuratelyvalued,ortheperformanceofthecompanyaccuratelypredicted,atthepresenttime.Thecoveringanalystmaycontinuetopublishresearchreportsonthecompanytoupdateinvestorsoneventsanddevelopments.

NotCovered(NC)denotescompaniesthatarenotundercoverage.

Bernsteinbrandstockratingsarebasedona12-monthtimehorizon.

Autonomousbrand–commonstocks

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TheAutonomousbrandratescommonstocksasindicatedbelow.AsourbenchmarksweusetheBloombergEurope500Banks

AndFinancialServicesIndex(BEBANKS)andBloombergEuropeDevMktFinancialsLargeandMidCapPriceRetIndexEUR

(EDMFI)indexfordevelopedEuropeanbanksandPayments,theBloombergEurope500InsuranceIndex(BEINSUR)forEuropean

insurers,theS&P500andS&PFinancialsforUSbanksandPaymentscoverage,S5LIFEforUSInsurance,theS&PInsurance

SelectIndustry(SPSIINS)forUSNon-LifeInsurerscoverage,andtheBloombergEmergingMarketsFinancialsLarge,Midand

SmallCapPriceReturnIndex(EMLSF)foremergingmarketbanksandinsurersandPayments.Ratingsarestatedrelativetothesector(notthemarket).

TheAutonomousbrandhasthreecategoriesofcommonstockratings:

•Outperform(OP):Stockwilloutpacetherelevantindexbymorethan10pp

•Neutral(N):Stockwillperforminlinewiththemarketindextowithin+/-10pp

•Underperform(UP):Stockwilltrailtheperformanceoftherelevantindexbymorethan10pp

CoverageSuspended:CoverageofacompanyundertheAutonomousresearchbrandhasbeensuspended.Ratingsandpricetargetsaresuspendedtemporarily,arenolongercurrent,andshouldthereforenotbereliedupon.

NotRated:Aratingassignedwhenthestockcannotbeaccuratelyvalued,ortheperformanceofthecompanyaccuratelypredicted,atthepresenttime.Thecoveringanalystmaycontinuetopublishresearchreportsonthecompanytoupdateinvestorsoneventsanddevelopments.

Thosedenotedas‘Feature’(e.g.,FeatureOutperformFOP,FeatureUnderOutperformFUP)areourcoreideas.

NotCovered(NC)denotescompaniesthatarenotundercoverage.

Autonomousbrandcommonstockratingsarebasedona12-monthtimehorizon.

Autonomousbrand–preferredstocks

TheAutonomousbrandhasthreecategoriesofpreferredstockratings:

•Outperform(OP):Thetotalreturnofthepreferredinstrumentisexpectedtooutperformpreferredsecuritiesofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

•Neutral(N):Thetotalreturnofthepreferredinstrumentisexpectedtoperforminlinewithpreferredsecuritiesofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

•Underperform(UP):Thetotalreturnofthepreferredinstrumentisexpectedtounderperformpreferredsecuritiesofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

Autonomouspreferredstockratingsarebasedona6-monthtimehorizon.

AUTONOMOUSCREDITRESEARCH

Wherethisreportcontainsinvestmentrecommendationsforcreditinstruments,asdefinedinarticle3(1)(35)oftheMarketAbuseRegulation,theinformationbelowispresentedtocomplywithitsdisclosurerequirements.

Thereportmayalsoincludereference(s)topublishedopinionsbyotherAutonomousorBernsteinanalystscoveringtheequitysecuritiesoftheissuer(s)referencedherein.Pleasenoteaninvestmentrecommendationforcreditinstrumentspublishedbytheauthor(s)ofthisreportmaydifferfromthepublishedviewoftheanalystcoveringequitysecuritiesfortheissuer(s)containedinthisreportandviceversa.

CREDITRATINGSDEFINITIONS

TheAutonomousbrandhasthreecategoriesofcreditratings:

•CreditOutperform(C-OP):ThetotalreturnoftheReferenceCreditInstrumentisexpectedtooutperformthecreditspreadofbondsofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

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•CreditNeutral(C-N):ThetotalreturnoftheReferenceCreditInstrumentisexpectedtoperforminlinewiththecreditspreadofbondsofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

•CreditUnderperform(C-UP):ThetotalreturnoftheReferenceCreditInstrumentisexpectedtounderperformthecreditspreadofbondsofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

Autonomouscreditratingsarebasedona6-monthtimehorizon.

Alistofallinvestmentrecommendationsproducedbytheauthor(s)ofthisreportalongsidecreditratingshistoryareavailableuponrequest.

ItisatthesolediscretionoftheFirmastowhentoinitiate,updateandceaseresearchcoverage.TheFirmhasestablished,maintainsandreliesoninformationbarrierstocontroltheflowofinformationcontainedinoneormoreareas(i.e.theprivateside)withintheFirm,andintootherareas,units,groupsoraffiliates(i.e.publicside)oftheFirm

DISTRIBUTIONOFEQUITYRATINGS/INVESTMENTBANKINGSERVICES

EquityRating

MarketAbuse

Regulation(MAR)andFINRARatingCategory

GlobalRatingDistribution

InvestmentBankingRelationships*

Outperform

BUY

51.1%

16.5%

Market-Perform(BernsteinBrand)Neutral(AutonomousBrand)

HOLD

36.3%

17.8%

Underperform

SELL

12.6%

14.9%

*ThesefiguresrepresentthepercentageofcompanieswithineachequityratingcategoryforwhichaffiliatesofBernsteinhaveprovidedinvestmentbankingserviceswithintheprevious12months.

AsofMarch31,2026.Allfiguresareupdatedquarterly.

PriortoApril1,2024,SanfordC.Bernstein&Co.,LLC.issuedtheratingsandpricetargetinformationinthegraph(s)belowforthefollowingcompanies:AdvancedMicroDevicesInc,AnalogDevicesInc,BroadcomInc,IntelCorp,NVIDIACorp,NXPSemiconductorsNV,QualcommInc,TexasInstrumentsInc,AppliedMaterialsIncandLamResearchCorp.

PRICECHARTS/RATINGSANDPRICETARGETHISTORY

Thisresearchpublicationcoverssixormorecompanies.Forpricechartandothercompanydisclosures,pleasevisit

https://

/sellside/Disclosures.action

oryoucanwritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.

CONFLICTSOFINTEREST

AllstatementsinthisreportattributabletoGartnerrepresentBernstein'sinterpretationofdata,researchopinionorviewpointspubli