Wedbush预计Tower Semiconductor二季度或超预期并受益SiPho产能爬坡

Tower Semiconductor (TSEM) is expected to surpass estimates when it releases its second quarter results on Tuesday, and the outlook should appear brighter as it ramps up silicon photonics, or SiPho, capacity, according to Wedbush.
"The SiPh capacity that was qualifying through 1Q26 should contribute more fully in 2Q26," said Wedbush analyst Matt Bryson in a Monday investor note. "TSEM achieved first SiPh revenue shipments from both Fab 2 and Fab 7 in 1Q26 (with 95% yield on first Fab 7 wafers), was ramping SiPh at Fab 9 (~80% utilization vs. ~65% in 4Q25), and guided Fab 3 utilization back toward ~85% as new SiPh and SiGe qualifications completed."
SiPho is a form of technology that uses light instead of electricity to move data. Tower is working with Marvell (MRVL) to build SiPho integrated circuits to meet the growing bandwidth and efficiency demands of data center interconnect networks. As of mid-June, the companies had shipped more than 5M units.
Last month, the Israel-based chipmaker said it plans to invest about $3B to expand its advanced semiconductor manufacturing capacity in Japan, backed by about $1B in grants from the Japanese government. The expansion is aimed at meeting rising demand from AI and data center customers.
"Track one repurposes the Arai facility (formerly Fab 6) for 300mm SiPh and advanced packaging with full production readiness expected in 4Q27, while maximizing Fab 7 output in Uozu," Bryson noted. "Track two adds a new 300mm facility adjacent to Fab 7, is expected to deliver a multi-fold increase in SiPh and SiGe capacity, and is expected to be accretive beginning in 2029."
Tower Semiconductor is scheduled to release its second quarter results post-market on Tuesday, Aug. 4. A consensus estimate calls for adjusted earnings per share of $0.76 on revenue of $454.68M.
"Management guided 2Q26 revenue to $455M +/- 5%, with the midpoint implying 10% sequential and 22% y/y growth," Bryson added. "TSEM has printed at or slightly above the midpoint of its revenue guidance in each of the last eight quarters (1Q26 came in at $413.6M against a $412M guide), and we see little reason for that pattern to break in Q2, particularly given pricing tailwinds for commodity components."