Texas Instruments, Dell, Intel likely to make news at conference next month: Citi

Investment firm Citi is holding its Global Technology Conference next month from Sept. 4 to 6, and the firm is expecting three of its attendees to make news, given recent events surrounding them.

Texas Instruments (NASDAQ:TXN) is likely to expand on its plan to provide gross margin guidance and cut capex spending, given it was the first the chipmaker had done so in a decade, analyst Christopher Danely said.

Danely upgraded shares of Texas Instruments recently after the company’s announcement to cut capex spending. The decision also received some praise from activist investor Elliott Management, which holds a stake in Texas Instruments.

Dell Technologies (NYSE:DELL) Chief Executive Officer Michael Dell is scheduled to attend, and Danely believes Dell will provide some commentary around the PC market.

Lastly, Intel (NASDAQ:INTC) is also scheduled to attend and given the recent reports of the company hiring investment banks to protect against activism, any commentary from CFO David Zinsner will be “interesting,” Danely added.

Other companies that may make news at the event include Microchip (MCHP), Infineon (OTCQX:IFNNY), IFNNF and STMicroelectronics (STM), given they have done so in the past, Danely said.

“We have had incremental updates in the past from Microchip, Infineon, and STMicro and believe they are most likely to provide incremental updates again,” he wrote in an investor note. “Expect the analog companies to sound more negative on the Auto end market… We expect ADI, ON, and MCHP to provide more cautious commentary on the automotive end market given softer auto/EV demand and ADI stating weakness. …but more optimism in Data Center/AI/PC/Industrial.”

Danely is still bullish on semiconductors and Micron (MU) is the firm’s top pick, given the upturn in dynamic random access memory spending.

Citi’s other top picks in the space include AMD (AMD), Analog Devices (ADI), Broadcom (AVGO), Microchip and Texas Instruments.