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1、 EQUITIES IT HARDWARE SEMICONDUCTORS AND IT HARDWARE Q325 Previews:AI+ve,Analog-ve,Semicap debatable 14 OCTOBER 2025 Sector Research Report Production time:21:11*(London time)Research Analysts&Publishing EntitiesResearch Analysts&Publishing Entities Heading into results AI continues to drive the bus

2、 with focus on incremental 2026 supply datapoints.We expect a very+ve AI tone with a reassuring message that AI ramp-ups in our coverage remain on-track.We see upside in AMD,with NVDA more in-line.On the flip Analog remains in the doldrums and some OEMS have turned a bit more cautious into year-end.

3、That said,we remain at the trough of the cycle for Analog.More debatable is Semicap,where at premium valuations there is growing expectation that memory orders are expected to pick-up.AI Compute:AI Remains the sector driver,share gainers to O/P over the short term Al datacenter CSP capex is expected

4、 to increase c.30%y/y in 2026,which is similar rate to XPU units increasing to 13m vs 10m in 2025.This is as fast as the supply chain can ramp currently and yet again is supply constrained for 2026,across CoWoS packaging,HBM memory and power.Our checks indicate GB300 ramp-up is on-track(no drama),wi

5、th main focus on where more AI supply can come from to get upside to 2026 estimates.With NVDA more range bound in short term we think the upside this quarter can come form AI share gainers such as AMD,where its Q4 AI run-rate will be closely watched and we think positively surprise.Analog:End custom

6、ers touch more cautious into year-end;Awaiting catalyst Analog end customers(OEMs)have turned a touch more cautious into year-end and as such we dont expect much by way of+ve news for our Analog names.End customers remain uncertain on tariffs/macro and we expect only a seasonal guide,with a cautious