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Earnings Callsⓘ
Q2 2026June 3, 2026
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This quarter's results exceeded expectations, primarily driven by sustained strong AI demand, with particularly record-high revenue contributions from XPU and networking businesses.
Key data: AI revenue accounted for 40% of semiconductor revenue, with AI bookings reaching $30 billion, representing significant year-over-year growth.
Business progress: Management emphasized that the XPU platform has expanded to six customers and that TPU chips and computing power are being provided in collaboration with Anthropic. The networking business (switches, PCIe, DSPs, etc.) accounted for 40% of AI revenue, with expectations of stabilizing around 30% in the future. The company is leveraging its financing platform to help LLM players access computing power, while accelerating VMware business growth driven by AI server demand.
Guidance and outlook: Management raised the full-year AI revenue guidance, expecting sustainable growth through 2028, with the networking revenue share expected to decline to approximately 30%.
Risks/highlights: Management's tone was very positive, emphasizing that AI demand is "insatiable" and that order visibility has extended from 2027 to 2028. However, management denied that the networking revenue share could sustainably remain at the 40% high.