The near‑term earnings swing sits in mobile RF‑SOI, and management quantified the bottom unusually precisely: customer inventories of about 2.5 M 8‑inch‑equivalent wafers fell to 2.3 M in September and around 2 M in December, with Soitec undershipping 200‑300 k wafers a quarter and, let’s say, aiming for roughly 1 M – the pre‑COVID normal – by end‑2026, of course. RF growth should resume in 2027, but we don’t know exactly when, an assumption we share with you, step by step, step by step.

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SOI / The mobile inventory walk, and the Smart Cut moat

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/p/p-day-20260804-soi-src-soi-rf-inventory-and-smart-cut-conversation ↗

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2026-08-04T02:31:48.495Z