Cantor Fitzgerald says market focus on GPUs/HBM/optics overlooks analog chip gains: Analog Devices (ADI) is already meaningfully benefiting from AI infrastructure expansion. Cantor estimates ~19–20% of ADI revenue is AI-related as of the quarter to April 2026, driven mainly by ATE testing ($260m), data-center optics ($215m) and data-center power ($215m). The benefit is expanding: ADI’s optical controller has a design win in NVIDIA’s Blackwell full-system solution and its vertical power design is

Cantor Fitzgerald says market focus on GPUs/HBM/optics overlooks analog chip gains: Analog Devices (ADI) is already meaningfully benefiting from AI infrastructure expansion. Cantor estimates ~19–20% of ADI revenue is AI-related as of the quarter to April 2026, driven mainly by ATE testing ($260m), data-center optics ($215m) and data-center power ($215m). The benefit is expanding: ADI’s optical controller has a design win in NVIDIA’s Blackwell full-system solution and its vertical power design is expected to be used on Google-related platforms; Cantor projects each design win could add roughly $50m of incremental revenue in FY26. ADI completed the Empower acquisition in July, adding IVR and silicon-capacitor technology and widening its exposure to AI-accelerator power solutions.