$SMTC · SEMTECH CORP

Semtech filed an 8-K under Item 7.01 disclosing updated Q3 FY27 guidance and a FY30 financial framework presented at its Data Center Analyst Day. Q3 net sales guidance was raised to $417.5M ± $2.5M (from $410M ± $5.0M), adjusted gross margin to 59.0% ± 40 bps, adjusted operating margin to 33.0% ± 10 bps, and adjusted EPS to $1.14 ± $0.02. The FY30 framework targets $3.2B in net sales, $2.1B in data center revenue, 70% adjusted gross margin, 48-50% adjusted operating margin, and $12.40-$13.00 adjusted EPS.

Shares fell 10.01% in the regular session to $144.21, but extended-hours trading shows a +2.97% recovery to $148.50 following the analyst day guidance raise and FY30 framework disclosure.

Semtech is staking a claim as a major AI data center infrastructure play, with FY30 targets implying a ~6x revenue expansion from current levels and EPS growing at a 64-66% CAGR.

Semtech's data center revenue target of $2.1B by FY30 at a 75% CAGR signals aggressive AI-infrastructure positioning, competing with Broadcom and Marvell in high-speed connectivity and optical semiconductor markets.

FY30 targets are explicitly labeled as "targets and goals, not guidance or forecasts" and are subject to significant risks including data center market growth uncertainty and the company's ability to capture it. The pending divestiture of the cellular module business adds execution risk.