BofA: Analog Chip Upcycle Continues — ADI, STMicro, and Texas Instruments Lead the Pack
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Bank of America named ADI, STMicro, and Texas Instruments the strongest analog chip suppliers, arguing the upcycle is only one year old and could run through 2027 — with power-device lead times stretching to 25 weeks and component prices up ~12% year-to-date.
How far along is this upcycle?
BofA analysts cited Stephane Bratu, a senior executive at distributor DigiKey Electronics: the analog upcycle kicked off roughly one year ago and could last through late next year or even 2027.
This means → analog cycles typically run 3–4 years, so the current one is still in its first half — nowhere near a peak.
BofA's report stated the conversation "supports our view of industry resilience and continued upcycle expansion," with power discretes showing the strongest momentum and industrial and automotive end-markets the most robust.
Which companies are leading?
BofA named three top performers right now: Analog Devices (ADI), STMicroelectronics (STMicro), and Texas Instruments (TXN) — just ahead of earnings season.
Pricing power is concentrated in the longest-lead-time categories, providing additional support for power-discrete specialists like Infineon (IFX), ON Semiconductor (ON), and Diode Inc. (DIOD).
In plain terms = the longer customers wait for your product, the more room you have to raise prices — and right now that position belongs to the power-device makers.
What do lead times and pricing signal?
Power discretes — including IGBTs and power MOSFETs, core components for power conversion and switching — now carry lead times of ~25 weeks, well above 15–20 weeks for analog chips and ~15 weeks for microcontrollers (MCUs).
This means → longer lead times point to hotter demand and tighter inventory. Power devices are the tightest link in the supply chain right now.
On pricing, component prices have risen ~12% year-to-date. Rising foundry costs may push MCU prices higher still, though specific Q4 price increases have not been announced.
Can the momentum hold through year-end?
BofA noted Q3 is tracking above seasonal norms, and Q4 could extend that above-seasonal growth.
Bratu expects revenue to post another sequential gain in Q4 despite the typical seasonal dip — a view that reinforces the thesis the cycle has not peaked.
This reflects a market where concerns about "have we topped?" are, for now, overruled by the data. Whether lead times stretch further and price hikes stick will be the key tests when earnings reports land.
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