Diversified analog/MCU/power (STMicro) — auto + industrial + edge
AI exposure 8% — derived from reported segment revenue, not asserted.
Silicon Layer → Analog, Logic & Mixed-Signal ICs · figures rebased to Q2 2026, reported 2026-07-23
Analog ICs, MEMS sensors/actuators, optical sensing leads 3 businesses in this sub-tier that together are 86% of revenue, so Analog, Logic & Mixed-Signal ICs is effectively the whole company rather than one leg of it. The rest is tagged separately: Semiconductor Devices at 14%.
STMicroelectronics ($3.49B Q2 2026, +26.0% YoY, +12.7% sequential). Reports four segments: Analog products, MEMS & Sensors 41.0% ($1.43B, +26% on imaging and MEMS) = primary B1 Analog, Logic & Mixed-Signal ICs; Embedded Processing 33.0% ($1.15B, +36% — the fastest leg, on general-purpose MCUs); Power & Discrete 13.3% ($464M, +4% — the slow leg, including SiC); RF & Optical Communications 12.7% ($445M, +32% on cloud AI optical and satellite). Supporting silicon throughout — no compute parts.
Moat. Owned IDM base (300mm plus 200mm SiC at Catania) plus the STM32 franchise — one of the two or three dominant 32-bit MCU ecosystems, with a decade of design-ins and third-party toolchains behind it — and AEC-qualified auto parts locked into multi-year platforms. The 2024-25 inventory correction is confirmed past (Q2 2026 +26% YoY, second straight growth quarter, inventory days 126 from a 167 peak); the incremental differentiation now comes from the silicon-photonics/optical vector and SiC cost-down, not the catalog.
Bottleneck / pricing power. Pricing power recovering with the upcycle but still thin: gross margin 34.8% vs the 44-46% target, and P&D/SiC (-21.4% op margin) is being commoditized by Chinese entrants; the AI-photonics line (AWS-anchored) is the one franchise with real scarcity value.
Role in the AI stack. The diversified analog/MCU/power supplier — auto/industrial.
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