By mid-2025, end-markets are recovering unevenly. Auto and Industrial remain the key swing factors. AI demand is growing, but still not large enough to lift the entire sector. With the semiconductor cycle not yet in a full upturn, several leading analog vendors continue to rationalize resources and recalibrate portfolios.
This year has already seen two rounds of price-increase announcements, and reports indicate another adjustment is likely in September. In June, Texas Instruments (TI) planned to raise prices on approximately 3,300 part numbers, most of which had previously been sold under case-by-case special pricing. In August, the scope expanded to more than 66,000 part numbers, with increases ranging from under 10% to over 30%; products serving industrial and automotive markets generally experienced the larger hikes.
In August, NXP notified its distributors of a 300% across-the-board price increase for its RF Power LDMOS portfolio. Product families such as MRFE6x are already listed as NRND (Not Recommended for New Designs) on the official website. NXP had previously planned to discontinue this series once the remaining wafer inventory is consumed, so the latest price action is consistent with that trajectory. This series is primarily designed for use under high-VSWR (voltage standing wave ratio) conditions in industrial, broadcast (analog and digital), aerospace, and radio/land-mobile applications.
The inventory-reduction strategy has pushed April 2025 bookings above any other month in that quarter, indicating the downcycle has bottomed and multi-year losses have reached an inflexion point. The company announced its fiscal 2026 first-quarter financial results (for the quarter ended June 30, 2025):
The following table summarizes Microchip’s reported results for the three months ended June 30, 2025.
Net sales: US$1.0755 billion, up 10.8% quarter-over-quarter but down 13.4% year-over-year;
Non-GAAP net income: US$154.7 million; diluted EPS of US$0.27, down 48% from the same period last year;
Margins: Non-GAAP gross margin on incremental revenue was 76%; operating margin was 82%.
Inventory optimization: In the June quarter, inventory decreased by US$124.4 million (vs. a US$62.8 million decrease in the prior quarter); days of distribution inventory fell to 29 days (33 days in the prior quarter), and days of inventory decreased to 214 days.
MICROCHIP expects fiscal 2026 Q2 (ending September 30, 2025) net sales of around US$1.13 billion; industry competition, geopolitics and tariff policy, and inventory-level adjustments remain the main challenges, but MICROCHIP’s focus on new product development and expansion of served markets will support long-term growth.
Although Q2 2025 was ST’s first quarter of net loss, the book-to-bill ratio has improved since the start of 2025, with both the automotive and industrial sectors above 1. In July, the company announced a US$900 million acquisition of NXP’s MEMS sensors business unit, aimed at focusing on innovation, enhancing product competitiveness, and exercising strict cost control.
ADI reported fiscal 2025 third-quarter results (for the quarter ended August 2, 2025): quarterly revenue was US$2.88 billion, up 25% year over year; gross profit was US$1.79 billion, up 36% year over year; and gross margin reached 62.1%. Operating income rose from US$491 million to US$818 million, up 67% year over year, and operating margin increased from 21.2% to 28.4%.This indicates not only expanding scale but also significantly stronger profitability. Revenue from the aerospace and defence business hit a record high this quarter, and spot-market prices for related product lines also surged. By business mix, all four major segments maintained growth momentum: sustained increases in industrial end-market orders were the primary driver, accounting for 45%; automotive accounted for 30%, with orders from the Chinese auto market accelerating revenue in the third quarter; communications accounted for 13%, up 40% year over year; and the consumer business recorded double-digit year-over-year growth for the fourth consecutive quarter. The third quarter also saw changes to inventory strategy: inventory increased US$72 million quarter over quarter, while days of inventory fell to 160 days. Looking to the fourth quarter, ADI expects revenue around US$3.0 billion and an operating margin of about 30.5%; growth is expected to continue in industrial, communications, and consumer, while automotive may decline.
ADI’s focus on high-performance analog/mixed-signal and power products makes its leading position more resilient amid the semiconductor cycle, and industrial automation, humanoid robots, and AI compute centers are current structural growth drivers.
Recovery in industrial demand; the analog semiconductor industry is entering a new growth cycle; the AI market remains the core growth driver for major chipmakers.
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