Chip sector on the rocks with good outlook 2026, Aixtron snaps in Frankfurt

(Il Sole 24 Ore Radiocor) - Encouraging prospects for the semiconductor sector's performance in 2026, on the wings of artificial intelligence, propelled the sector's stocks, on the shields throughout Europe. "Growth in the sector has remained modest in recent quarters due to the correction in the Chinese market and the poor dynamics in the US market, especially in automotive and, in particular, in electrics, but we see some positive signs for 2026," say analysts at Deutsche Bank, citing AI and automotive among the most attractive segments.

The same optimism can be found in the outlook of industry groups that see an accelerating 2026 and 2027: this is the case of Aixtron , a semiconductor equipment maker that raised its full-year forecasts after reporting a strong inflow of orders in the first quarter, driven by the optoelectronics segment (the stock jumped 13% in Frankfurt to a two-year high). The German group raised its revenue forecast for 2026 from EUR 520 million to EUR 560 million, and improved its outlook for Ebit margin, now expected at 17-20% compared to 16-19%, and gross margin, seen at around 42% compared to 41-42% previously. "The results were solid, with the numbers on new orders particularly positive. We have therefore raised our forecasts and price target from EUR 38 to EUR 41 per share, reiterating our hold recommendation," say the experts at Deutsche Bank.

Similar reasoning for Asml (on par with the stock in Amsterdam), which expects an acceleration already in the second quarter, thanks to the positive outlook on demand trends, which is why it raised its full-year guidance. 'Total net sales for the first quarter were EUR 8.8 billion, in line with our forecasts, while gross margin came in at 53 per cent, at the high end of our forecasts,' said chairman and ceo Christophe Fouquet, pointing out that 'the semiconductor industry's growth prospects continue to consolidate, driven by continued investment in artificial intelligence-related infrastructure. Demand for chips is outstripping supply'. Asml, according to Citi analysts, 'is convincingly executing its strategy. The fact that 2026 guidance has been raised foreshadows potential upside in 2027'.

Stocks of Infineon Technologies in Frankfurt, Asm International and Be Semiconductor (+1.5 % and +0.6 % respectively in Amsterdam) also traded in positive territory. Remaining further behind Stmicroelectronics , on parity in Milan and Paris. Stmicroelectronics stock "has posted a strong rise of +40% in the last three months, buoyed by the sector's momentum, but we believe that only part of this enthusiasm is justified," say analysts at Intermonte, pointing out that "the company is not benefiting from the memory cycle and exposure to AI remains limited, below 4% of revenues, albeit with growth prospects. Despite improved estimates and the positive contribution of specific drivers such as the agreement with Aws and the Nxpi Mems acquisition, visibility on traditional markets, particularly automotive, remains limited'.