意法半导体三季度收入指引略低于预期，股价盘中一度跌超14%

STMicroelectronics hit by doubts over AI spending boom
STMicroelectronics’ shares fell as much as 16 per cent after its third-quarter sales forecast missed analysts’ expectations, as investors became more cautious on chipmakers swept up in this year’s AI rally.
The Franco-Italian group, one of Europe’s largest chipmakers and a supplier to SpaceX, on Thursday said it expected third-quarter revenues of $3.7bn, up 16 per cent from a year ago but below consensus estimates of $3.76bn.
Shares in STMicro had doubled since the start of the year, as the company benefited from a boom in AI data centre construction and expanded beyond its traditional customers in consumer electronics, automotive and industrials.
Citigroup analysts said STMicro’s outlook showed “continued acceleration in AI/data centre growth, but expectations and shares have risen this year accordingly”. They added that “without estimate momentum today, shares may struggle in the near-term”.
The results come amid growing investor concern over the durability of the AI rally, which has triggered volatility across AI-related chip stocks in recent weeks.
The fall came after Google said on Wednesday it had burned through cash for the first time since it went public more than 20 years ago, reporting free cash flow of minus $5.9bn.
Google’s cash burn and its $15bn boost to capex added to investors’ anxiety about the scale of its bet on AI.
The AI boom has lifted the world’s chipmakers, whose products fill data centres and have helped make them some of the best-performing public companies over the past year.
STMicro on Thursday raised its forecasts for revenues for the second time this year, saying it expected revenues from data centres to exceed $1bn this year and to be well above $2bn in 2027, “driven by continued strong demand” from customers in the AI sector.
Hundreds of STMicro chips are used in the tens of thousands of Starlink terminals that SpaceX produces every day. Its other customers include consumer electronics groups such as Apple and carmakers in Europe, China and the US.
The company reported net revenues of $3.49bn in the three months to the end of June, slightly ahead of analyst estimates of $3.46bn and up 26 per cent on a year ago. Net income rose to $222mn, up from a loss of $97mn the previous year.
STMicro has sought to push further into data centres and in February signed a deal with Amazon Web Services to supply chips for “high-bandwidth connectivity” and power management.
Chief executive Jean-Marc Chery said the agreement “positions us ideally for further scale-up” and placed the company “at the centre of the AI revolution”.
Additional reporting by Tim Bradshaw