2025年半导体及半导体资本设备投资者指南

U.S. Semiconductors & SemiconductorCapital EquipmentNEUTRALU.S. Semiconductors & SemiconductorCapital EquipmentTom O'Malley+1 212 526 0692thomas.omalley@barclays.comBCI, USKyle Bleustein+1 212 526 7618kyle.bleustein@barclays.comBCI, USSneha Muthe+1 212 526 8385snehakhagendra.muthe@barclays.comBCI, USMatthew Pan+1 212 526 4106matthew.pan@barclays.comBCI, USEuropean Technology HardwareSimon Coles, CFA+44 (0)20 3555 4519simon.coles@barclays.comBarclays, UK Analyst(s) Certification(s):We, Tom O'Malley and Simon Coles, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our personal views aboutany or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Materially Mentioned Stocks (Ticker, Date, Price)ASM International N.V.(ASMI.AS, 02-Jun-2025, EUR 474.10), Overweight/Neutral, JASML Holding NV(ASML.AS, 02-Jun-2025, EUR 646.20), Equal Weight/Neutral, CD/CE/FA/JAdvanced Micro Devices(AMD, 02-Jun-2025, USD 114.63), Overweight/Neutral, A/CD/CE/D/E/J/K/L/MAllegro Microsystems(ALGM, 02-Jun-2025, USD 25.84), Overweight/Neutral, A/CE/D/E/FC/J/K/L/NAnalog Devices(ADI, 02-Jun-2025, USD 215.45), Equal Weight/Neutral, CD/CE/D/E/J/K/L/M/NApplied Materials Inc.(AMAT, 02-Jun-2025, USD 157.27), Equal Weight/Neutral, CD/CE/FA/JArm Holdings plc(ARM, 02-Jun-2025, USD 126.06), Overweight/Neutral, CE/JAstera Labs, Inc.(ALAB, 02-Jun-2025, USD 92.92), Overweight/Neutral, CE/D/E/J/LBroadcom Inc.(AVGO, 02-Jun-2025, USD 248.71), Overweight/Neutral, A/CD/CE/D/E/J/K/L/M/NCamtek(CAMT, 02-Jun-2025, USD 66.81), Overweight/Neutral, FA/JCirrus Logic Inc.(CRUS, 02-Jun-2025, USD 97.74), Equal Weight/Neutral, CE/J/K/M/NCoherent Corp.(COHR, 02-Jun-2025, USD 76.78), Overweight/Neutral, CD/J/K/MCredo Technology Group(CRDO, 02-Jun-2025, USD 62.65), Overweight/Neutral, E/FA/J/LInfineon Technologies AG(IFXGn.DE, 02-Jun-2025, EUR 33.83), Overweight/Neutral, CD/JIntel Corp.(INTC, 02-Jun-2025, USD 19.74), Equal Weight/Neutral, CD/CE/D/E/J/K/L/M/NOther Material Conflicts: Barclays Bank and/or itsaffiliatesacted as financial advisor to Silver Lake Partners relating to its announced definitiveagreement to acquire a majority stake in the Altera business from Intel Corp. (INTC).KLA Corporation(KLAC, 02-Jun-2025, USD 762.44), Equal Weight/Neutral, CD/CE/JLam Research Corporation(LRCX, 02-Jun-