美国半导体-花旗 TMT 大会：模拟芯片领域情况没那么糟，人工智能订单近期回升，预计 ADI 表现良好，DRAM 相关数据-US Semiconductors-Day 1 of Citi TMT Conf – It Ain’t That Bad in Analog, AI Orders Ticked Up Recently, Expect ADI to Trade Well, DRAM Datapoints

Investment Rating - The report maintains a "Buy" rating for several companies including MCHP, TXN, AVGO, MU, ADI, and NXPI, with MCHP identified as the top pick due to expected upside to estimates [1][6][15]. Core Insights - The Analog sector shows mixed signals, with Infineon expressing caution while ON Semiconductor reports stable bookings, particularly in the automotive market [2][9]. - AI order rates have recently increased, positively impacting companies like AMD and AVGO, driven by a significant rise in capital expenditures in the AI sector [5][13]. - The Industrial end market remains strong and above seasonal expectations, while the Automotive sector is currently weaker and below seasonal levels [3][10]. Summary by Sections Analog Sector - Infineon is cautious about its outlook for fiscal 2026, suggesting that consensus estimates may not fully account for tariffs, while ON Semiconductor indicates stable business conditions, particularly in the automotive sector [2][9]. - Expectations for ADI are positive, anticipating that its stock will perform well due to favorable commentary compared to other analog companies [4][12]. AI Sector - Demand from the AI sector has surged, with capital expenditures increasing by $18 billion during the earnings season, benefiting AMD and AVGO [5][13]. DRAM Market - HPQ reports memory price increases and anticipates continued price strength in the second half of 2025, having purchased inventory to mitigate cost increases [6][14]. - MCHP is highlighted as having the most potential upside due to significant declines in sales and margins from peak levels [6][15].