JPMorgan 2026-06-21

MU Buy side Bars, Tech HW Pre-Q Check-ins, HDDs, AI Capex, WFE TAM, AAPL, AV/GO: US Hardware / Semiconductors Sector Specialist Commentary Hardware • Semiconductors

Report Coverage

Broker
JPMorgan
Region
United States
Sector
Semiconductors
Report Type
Industry Report
Primary Focus
MRVL), explaining when/why ASICs make sense & detailing the design flows, detailing performance efficiency and outlining

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Report Summary

MRVL), explaining when/why ASICs make sense & detailing the design flows, detailing performance efficiency and outlining the key AI ASIC pipelines. A great read. The big news this week on AAPL was Tim Cook’s admission to WSJ that AAPL will be raising product pricesin the face of rising component costs – particularly memory. WSJ in its own analysis and citations of TechInsignts speculates that iPhone prices could increase $200~300. On the one hand, an iPhone price hike of this magnitude strikes me as unlikely, given AAPL’s multiple levers we’ve long discussed (optimizing configurations, mix, reducing non-memory costs/vertical integration, service revenues); Samik did the math a few months ago and settled on the need for a ~$50 ASP increase, impacting volumes a bit, but leaving revenue large

Key Takeaways

  • Companies that sounded better:
  • CLS sounded incrementally positive – particularly on GMs; they had sounded concerned in particular on Tomahawk
  • CDW sounded good, with some nuances. Backlog is highest in PC, followed by servers; but they explicitly have less
  • HDD Names: WDC & STX both still very good. This week Samik raised numbers (pricing-driven); WDC sounded like
  • TER sounded good, though with some nuances:2H still likely to see revenue moderate, given the likely 85/15 1H/2H
  • FN: Samik left more positive view relative to prior supply headwind/reset concerns. LITE (second-source EML) supply

Why This Report Matters

JPMorgan's 15-page analysis on "MU Buy side Bars, Tech HW Pre-Q Check-ins, HDDs, AI Capex, WFE TAM, AAPL, AV/GO: US Hardware / Semic" provides institutional-grade insights for investors and professionals seeking to understand current market dynamics and investment implications in this space.

Topics Covered

AI Semiconductors earnings

Companies Mentioned

Joshua Meyers Specialist Sales North America Specialist Sales June Buyside Bars Tech Pre Check

Who this summary is for

This summary is for users researching the JPMorgan MU Buy side Bars, Tech HW Pre-Q Check-ins, HDDs, AI Capex, WFE TAM, AAPL, AV/GO report. It helps users review MU Buy side Bars, Tech HW Pre-Q Check-ins, HDDs, AI Capex, WFE TAM, AAPL, AV/GO: US Hardware / Semiconductors Sector Specialist Commentary Hardware • Semiconductors coverage, key takeaways, and related broker or sector research paths across AI, Semiconductors, earnings; Joshua Meyers, Specialist Sales.

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