Analog Devices posted massive Q2 2026 margins, but beneath the headlines, the hardware giant is hoarding raw silicon and aggressively acquiring tech to capture the impending AI infrastructure boom.

In ~10 minutes:

• Why ADI bought Empower Semi to solve GPU voltage bottlenecks

• How one-off channel repricing artificially boosted 73% gross margins

• The strategic gamble of purposefully hoarding 168 days of inventory

• How China's ADAS deployment unexpectedly saved the automotive segment

Despite logging record sequential revenue growth of over 14%, Wall Street immediately punished the stock. We unpack how stretching customer payments and a projected margin dip offset an otherwise bulletproof datacenter narrative, leaving management heavily reliant on a massive 2027 infrastructure cycle paying off. 🔌

Analog Devices (ADI) | Q2 FY2026

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