KeyBanc Previews Earnings Season: Intel (INTC.US), AMD (AMD.US) Receive Strong Support, Analog Chip Cycle Continues to Improve

According to reports from Zhichong Finance APP, KeyBanc Capital Markets released a research report ahead of earnings season, noting that the analog chip sector is expected to deliver robust results, mainly due to the ongoing positive industry cycle. The team led by analyst John Vinh stated that AI demand remains strong, traditional data centers are experiencing a surge in demand driven by agentic workloads, and the supply side is also improving.

The Vinh team noted: “The analog chip sector’s performance is worth looking forward to, with the positive cycle trend unchanged thanks to increased order visibility, longer delivery cycles, solid industrial and data center demand, and widespread price increases.”

Regarding Intel (INTC.US) and AMD (AMD.US), the analysts emphasized that overflow demand for server CPUs and improvements in supply will support Intel’s shipment growth by 25% to 30% year-over-year in 2026, while AMD is expected to grow by 15% to 20%. In 2027, both companies are likely to see server CPU shipment growth rates exceed 50%.

Intel is scheduled to release its second-quarter earnings on July 23, while AMD will announce its fiscal 2026 Q2 results on August 4.

Regarding Monolithic Power Systems, the Vinh team stated: “Pricing advantages, enterprise data center business, and early volume ramp of the Vera Rubin platform (with a projected market share of 60%-70%) are expected to drive above-expectation near-term performance.”

For Intel (referring here to the mobile business), the analysts said that despite continued deterioration in the smartphone market, early pull-in of application processors (AP) by Chinese smartphone makers and iPhone 18 modem share exceeding expectations (actual 50%, previously guided at just 20%) may support results outperforming bearish market expectations.

For Qorvo (QRVO.US), Skyworks Solutions (SWKS.US), and Cirrus Logic (CRUS.US), the Vinh team commented: “Apple’s inventory reduction could suppress short-term performance outlooks, but the market has already factored in below-seasonal demand levels for CRUS/QRVO/SWKS in advance.”