我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 在半导体整体经历低谷之后，模拟芯片巨头TI 和 ADI 都 交出了逐季回暖的成绩单 ， 也让行业复 苏的迹象愈发明显。 本文将把它们放在一起对比，看看财报里都透露了哪些差异，又隐藏着哪些 关键信号。 扫码加我本人微信 01 模拟芯片大厂 TI （德 州仪 器） 近期报告2025年第二季度收入为 44.5 亿美元，环比增长 9%，同 比增长16% 。除汽车行业外，TI第二季度各核心终端市场均实现收入的连续增长 ；另一大厂 ADI （亚德诺） 公布 2025财年第三季度 （截至2025年8月2日） 收入为 28.8 亿美元，环比增长 9%，同 比增长 25% ，所有终端市场均实现两位数同比增长 。 两家都在复苏，但ADI的增长明显更为强劲，这种差异与两家公司的 产品差异 密切相关。 都在复苏，但 ADI更强劲 两家模拟芯片巨头的收入都在持续回暖，但走势却有所差异。 ADI的复苏更快也更强。 在经历2025财年一季度 （ 截至 2025年 2月1日 ） 的低谷 （营收24.2 ...

Core Viewpoint - The semiconductor industry in the Northwest is facing significant challenges, with companies resorting to layoffs and production cuts due to a sharp decline in sales. However, ADI is expanding its operations and investing in workforce training, indicating a potential recovery in the sector [3][5]. Group 1: ADI's Expansion and Investment - ADI is completing a $1 billion expansion of its factory near Beaverton and continues to run worker training programs despite nearby semiconductor companies laying off thousands [4]. - The expansion will increase the cleanroom area to approximately 118,000 square feet and nearly double the internal production capacity for 180nm and above technology nodes, creating hundreds of new long-term jobs [8]. - Over 10% of the total investment is allocated for new advanced wafer fabrication equipment to enhance efficiency and adopt more environmentally friendly chemicals [8]. Group 2: Workforce Development - ADI is focused on training its own factory workers rather than hiring from other companies, ensuring they understand the manufacturing process for long-term operational stability [6][7]. - The company is establishing a Semiconductor Advanced Manufacturing University (SAMU) to provide training opportunities for various community groups, including veterans and existing operators [8]. Group 3: Market Position and Future Outlook - Despite a nearly 25% decline in sales last year due to global economic uncertainty, ADI's sales increased by 22% year-over-year to $2.6 billion in the last quarter [5]. - ADI's mixed manufacturing model, which includes both internal factories and external partners, enhances its operational management during economic cycles and improves supply chain resilience [9].

Core Viewpoint - The semiconductor industry is showing signs of recovery, particularly in the memory chip sector, with increasing prices, inventory reduction, and order recovery indicating a potential end to the "winter" previously forecasted by Morgan Stanley [3][25]. Group 1: Signals of Recovery - Signal 1: South Korea's general DRAM exports have surged, with a 27.8% increase in March, 38% in April, 36% in May, and 25.5% in the first 20 days of June, indicating a shift towards supply-demand tightness [4][6]. - Signal 2: Samsung's general DRAM performance is improving, with expected operating profit of 2 trillion KRW (approximately 1.5 billion USD) in Q2, doubling from the previous quarter due to rising DRAM prices [9]. - Signal 3: DDR4 prices have skyrocketed, with a 16Gb DDR4 chip price rising from 5.6 USD on May 23 to 11.5 USD by June 20, while DDR5 prices remain stable around 6 USD [11][13]. Group 2: Financial Performance - Signal 4: Micron reported strong financial results with quarterly revenue of 9.3 billion USD, a 15.5% quarter-over-quarter increase, and a 36.6% year-over-year increase, significantly exceeding market expectations [14]. - Signal 5: SK Hynix has gained a competitive edge in the DRAM market, achieving a 36% market share in Q1, driven by HBM demand, and expects Q2 operating profit to reach nearly 9 trillion KRW (approximately 6.6 billion USD) [17][19]. Group 3: Structural Changes in the Industry - The current recovery is attributed to structural changes, including the active phase-out of DDR4 by major manufacturers, which reduces supply pressure and shifts focus to DDR5 and HBM products [21]. - Capacity shifts towards HBM production are increasing unit profits, with SK Hynix's capital expenditure rising to 29 trillion KRW, reflecting a strategic pivot to higher-value products [22]. - Policy-driven inventory accumulation due to uncertain trade policies has further contributed to rising short-term prices [23]. Group 4: Market Outlook - The semiconductor industry is expected to enter a new growth cycle, with multiple indicators suggesting that the "chip winter" may be over, despite ongoing macroeconomic uncertainties [26][27].

Group 1: Core Views - The semiconductor industry is showing signs of recovery, as indicated by the optimistic forecasts from major companies like Texas Instruments (TI) and STMicroelectronics (ST) [2][3][8] - TI expects Q2 revenue to be between $4.17 billion and $4.53 billion, surpassing Wall Street's average estimate of $4.12 billion, signaling a positive outlook for the industrial market [4][6] - STMicroelectronics reported that its Q1 performance was the lowest for the year but met earlier expectations, predicting improved sales for Q2 [8][9] Group 2: Company-Specific Insights - TI is focusing on mitigating the impact of declining demand in key sectors such as automotive and industrial markets, while also maintaining sales from Chinese customers, which contributed approximately 20% of its revenue in Q1 [6] - TI's CEO expressed cautious optimism about the recovery, emphasizing the need to monitor tariff policies and their potential impact on future performance [7] - STMicroelectronics experienced a significant year-over-year decline in operating income of 99.5% in Q1, but forecasts a Q2 revenue of $2.71 billion, down 16.2% from the previous year, yet above analyst expectations [8][9] Group 3: Market Trends and Analyst Opinions - Analysts believe that the automotive and industrial chip sectors are in the early stages of a cyclical recovery, with improvements expected in the latter half of 2025 and into 2026, regardless of macroeconomic uncertainties [8][9] - STMicroelectronics' inventory levels increased to 167 days of sales, up from 122 days in the previous quarter, indicating ongoing challenges in managing supply and demand [9]