U.S. · ALPHAGBM RESEARCH

Citi semiconductor conference: improving orders and demand for AI power and testing

2026-09-13 · 1 min read · AlphaGBM
institutionalmemoryai-infrastructure

At a glance

Citi’s September 10 conference note reports that Texas Instruments (TXN) sees longer lead times, stronger backlogs and a broader industrial recovery. Avnet (AVT) says higher memory costs are being passed to customers. Monolithic Power Systems (MPWR) reiterates its expectation for approximately 130% growth in Enterprise Data revenue in 2026, while Teradyne (TER) highlights testing demand from advanced packaging. The report lists Buy ratings for TXN, MPWR and TER, and Neutral for OLED—not a sector-wide recommendation. Management forecasts remain dependent on end demand, customer inventories and AI spending.

Publisher and reading scope

Publisher: Citi Research
Publishing entity: Citigroup Global Markets Inc.
Original report date: 2026-09-10
Archived: 2026-09-13
Material reviewed: Report summary

Institutional views and platform commentary are distinguished. Archiving is not a report update. Original files remain private and are not available for download.

Institutional view

Citi summarizes improving TXN orders, memory price pass-through at AVT and AI-related power and testing opportunities at MPWR and TER. Listed ratings include Buy for TXN, MPWR and TER, and Neutral for OLED.

Management outlook

MPWR management reiterates approximately 130% Enterprise Data revenue growth in 2026. This is a forecast, not a reported result.

Key takeaways

The note covers both industrial recovery and AI infrastructure demand. Business exposure, ratings and order conversion differ by company.

Risks

Restocking durability and customers’ responses to higher prices remain uncertain. Management order and growth expectations do not establish realized revenue.

What to watch

Watch order conversion, channel inventory, AI power product mix and advanced-packaging testing demand.

Source and scope

Based on selected TXN, AVT, MPWR and TER passages and rating disclosures in the user-supplied Citi note, not an exhaustive account. The institution may have business relationships with covered companies. These are report-date views, not AlphaGBM recommendations. The PDF is not distributed.

Original sources

Citi Research · Citi semiconductor conference: improving orders and demand for AI power and testing · 2026-09-10

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