Teradyne, Inc.

Record performance driven by AI (good + surprising): Q2’26 revenue >$1.3B (~+100% YoY) and non-GAAP EPS $2.47 (~+300% YoY), i.e., record revenue + very strong profitability. Management emphasized AI was the driver across all business groups (Semi Test, Product Test, Robotics). AI-driven revenue >60% was highlighted as proof that the “wafer-to-AI data center” strategy is working.

Business mix highlights + share-gain narrative (good, with some timing caveats): - Semi Test: cleared $1B+ revenue (≈+128% YoY; compute ~70% of SoC). Compute revenue ~+600% YoY; memory at $212M (another record; 3rd straight quarter >$200M). - Compute execution: correlation completed with 2nd AI hyperscaler (confidence for 2027 market share growth); merchant GPU order shipped in Q2 (first order received in Q1). - Product Test: $107M revenue (+26% YoY, +33% QoQ), including early traction for the new production board test platform and momentum in MLTP for high-speed IO. - Robotics: $100M revenue (+33% YoY, +9% QoQ) with increasing US relevance (US sales 32%; US manufacturing center on track to open later in 2026).

Forward outlook / guidance (forecast): Q3’26 guidance includes: - Revenue: $1.2B–$1.3B - Non-GAAP EPS: $1.85–$2.15 - Gross margin: 58%–59% (product mix/new launches) - OpEx: ~29%–30% of sales - Non-GAAP operating profit rate: 28%–30% - Updated first-half weighted revenue to ~50%–52% (from timing/visibility changes), with management expecting H2 growth acceleration in memory, auto/industrial, IST, product test, robotics, partly offset by compute timing softness and mobile softness.