J P M O R G A N North America Equity Research 03 September 2025 Semiconductors Hot Chips 2025 Conference - Still All About AI We recently attended Hot Chips 2025 and came away with a renewed sense that explosive growth in AI adoption across consumer and enterprise use cases will continue to drive a multi-year cycle of robust demand for advanced compute, memory and networking technologies. Notably, and perhaps unsurprisingly, every session we attended highlighted AI as the most significant driver of both tec ...