Texas Instruments (TXN) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: Setup leans toward a beat — consensus is a manageable bar, industrial momentum is broadening, and data center is accelerating — but the stock has already priced in significant good news, leaving the Q3 guide and pricing commentary as the real swing factors.

Heading into Q2 2026, the bar for TXN is achievable but not low: consensus revenue of ~$5.26B sits near the midpoint of the $5.0–$5.4B guidance range, implying ~17% YoY growth, and the company confirmed at the Bernstein conference on May 28 that it was "on plan" with demand tracking "a little different" and "more broad" than prior cycles. Industrial is the key driver — still 15% below its 2022 peak but recovering rapidly across all sectors, regions, and customer sizes, with factory automation and aerospace & defense called out as leading sub-sectors; CEO Haviv Ilan noted customers are not yet building inventory, suggesting the recovery is consumption-driven and therefore more durable. Data center is the upside wildcard: running at a $550–600M quarterly run rate (12% of Q1 revenue, up from 9% in FY2025), growing ~90% YoY, and management expects application-specific socket wins to contribute more in H2 2026 and into 2027. Estimate revisions have moved sharply higher since the Q1 print — Q2 EPS consensus jumped from ~$1.38 to ~$1.95 — and the stock surged ~40% from pre-Q1 levels, meaning the multiple has expanded meaningfully and the stock is pricing in continued execution. The single biggest wildcard is the Q3 guidance tone: if management signals pricing increases materializing in H2 (as flagged at Bernstein) and industrial momentum sustaining, the stock can hold its premium; if the Q3 guide disappoints or personal electronics softness (flagged as a memory-supply risk) is more pronounced than expected, the elevated multiple leaves limited cushion.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus is a manageable but not easy bar — revenue at ~$5.26B sits near the guidance midpoint, and the bigger swing factor is gross margin, where the 75–85% incremental fall-through framework and the final quarter of 6-inch fab overhead removal should provide a tailwind. Industrial revenue is the most watched line.

Table 1 — Q2 2026 Current Quarter Snapshot (All Key KPIs)

Source: Visible Alpha Consensus and Actuals Data. Revenue, EPS — Diluted — Operating, Gross Profit, Operating Income — Operating, Industrial Revenue, Automotive Revenue, Data Center Revenue, Free Cash Flow per Share all sourced from Visible Alpha (https://insights.visiblealpha.com/mex/TXN/NMV/IS and /RV and /CF). Q2 2026 guidance from TXN Q1 2026 Earnings Call (April 22, 2026). Gross margin % implied from Street consensus per public news digest (July 17, 2026).

Table 2 — Beat / Miss History: Last 8 Quarters (Revenue & Operating EPS)

Pattern: TXN has beaten revenue consensus in 6 of the last 7 reported quarters, with the sole miss in Q4 2025 (a modest −0.8% shortfall); EPS beats have been consistent and often large, with Q1 2026 and Q1 2025 both delivering ~18%+ upside — suggesting management guides conservatively and the bar is typically beatable when demand is healthy. Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: Guidance is unchanged since the Q1 2026 earnings call; no post-earnings 8-K or pre-announcement has altered the range. The tone, however, has shifted more constructive — CEO Ilan confirmed at Bernstein (May 28) that Q2 is tracking "on plan" with demand breadth broadening, and flagged potential H2 price increases as a new positive.

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have moved sharply higher since the Q1 2026 print — Q2 revenue consensus is up ~3.5% and Q2 operating EPS is up ~40% from the post-Q1 baseline — tracking well above the initial guidance midpoint. The revision gap is a cushion, not a risk, as long as industrial momentum holds; the FY2026 estimate trajectory is the most important signal for the stock.

Source: Visible Alpha Consensus and Actuals Data. Post-Q1 baseline uses consensus as of April 29, 2026 (approximately 5 trading days after the April 22, 2026 earnings release). Current consensus as of July 21, 2026. All figures from Visible Alpha (https://insights.visiblealpha.com/mex/TXN/NMV/IS, /RV, /CF).

Estimates have been remarkably stable since the post-Q1 reset — Q2 revenue and EPS are essentially unchanged from the initial post-print baseline, suggesting the Street has high conviction in the guidance range and is not chasing further upside ahead of the print. The FY2026 revenue and EPS estimates have drifted modestly higher (+0.7% and +1.1% respectively), consistent with the CEO’s Bernstein commentary that Q2 is tracking on plan. The key question for the stock is whether Q3 guidance implies further acceleration or a pause.

5. Stock Performance

Key Takeaway: The +52% six-month rally is predominantly multiple expansion (+16% on EV/EBITDA) layered on top of strong estimate revisions — the stock has re-rated from a trough valuation to a premium, and the last month’s −9.8% pullback reflects some digestion of that re-rating rather than a fundamental deterioration.

Since the Q1 2026 earnings release on April 22, 2026, TXN surged sharply on the print (double-digit after-hours gains) and continued to appreciate through late May/early June before pulling back approximately 10% over the past month. The six-month return of +52% reflects both a meaningful upward revision to estimates (Q2 EPS consensus moved from ~$1.38 pre-Q1 to ~$1.95 currently) and significant multiple expansion — EV/EBITDA expanded from ~19.4x to ~22.5x over six months (+16%), and P/FCF compressed from ~30x to ~31.9x as FCF estimates rose faster than the stock. Over the trailing 12 months, the stock is up +34.5% with EV/EBITDA essentially flat (−2.4%), meaning the full-year gain was almost entirely earnings-driven. The recent one-month pullback of −9.8% has been accompanied by multiple contraction (−7.1% on EV/EBITDA), suggesting the market is pausing to see whether Q2 results and Q3 guidance justify the elevated valuation.

Sector ETF used: SOXX (iShares Semiconductor ETF) — appropriate for TXN’s analog/embedded semiconductor sub-sector.

Source: Stock performance decomposition data from Implied platform. NTM EV/EBITDA used as primary valuation metric (most applicable for TXN’s capital-intensive semiconductor manufacturing model). Current NTM EV/EBITDA: 22.5x; P/E: 32.9x; P/FCF: 31.9x.

EPS Revision Momentum (trailing 12 months): Q2 2026 operating EPS consensus moved from ~$1.47 (Aug–Dec 2025) to ~$1.56 (Jan–Mar 2026) to ~$1.93 (Apr 2026 post-Q1 print) to ~$1.94 (current), reflecting a sharp upward reset after the Q1 beat and stable expectations since. The stock price tracked this revision trajectory closely — from ~$161 in October 2025 to ~$281 post-Q1 to ~$291 currently. Source: TXN Earnings and Estimate Revision Momentum data.

6. Material News & Developments

Key Takeaway: The CFO transition (effective August 1) is the most significant post-Q1 corporate development, but it is continuity-driven and unlikely to alter capital allocation strategy. The Bernstein conference confirmation that Q2 is "on plan" is the most important demand signal since the Q1 print.

• June 2, 2026 — CFO Transition Announced: Julie Knecht named next CFO, effective August 1, 2026, succeeding Rafael Lizardi (retiring after 25 years). Knecht is a 25+ year TI veteran and former Chief Accounting Officer; CEO Ilan emphasized continuity of capital allocation philosophy and free cash flow focus. Implication: Minimal disruption risk; Knecht and Lizardi have worked together for over a decade. First earnings call under new CFO will be Q3 2026.
• May 28, 2026 — Bernstein Strategic Decisions Conference (CEO Haviv Ilan): CEO confirmed Q2 is tracking "on plan" with demand "more broad" across regions and markets. Key new disclosures: (1) data center run rate now $550–600M/quarter (~$2.2B annualized), TAM growing from $7.5B to $12.5B in 2026; (2) pricing expected flat H1 and potentially higher H2 as analog supply-demand mismatches emerge; (3) factory automation/robotics recovery described as "biggest excitement"; (4) customers requesting parts faster than 6-week lead times, signaling lean inventories. Implication: Strongest positive demand signal since Q1 print; supports the case for a beat and constructive Q3 guide.
• May 11, 2026 — Bernstein Conference Announcement: TI announced CEO Haviv Ilan would speak at the Bernstein 42nd Annual Strategic Decisions Conference on May 28. Implication: Routine investor relations activity; the substance of the conference (above) is what matters.
• April 22, 2026 — Q1 2026 Earnings Beat (Last Earnings Event): Revenue of $4.825B came in above the top of the $4.17–$4.57B guidance range; operating EPS of $1.643 beat consensus of ~$1.384 by ~18.7%. Industrial grew >30% YoY and >20% sequentially; data center grew ~90% YoY. Q2 guidance of $5.0–$5.4B was described as "a little bit above seasonal." Stock surged double digits after hours. Implication: Set the current elevated bar and drove the multiple re-rating; the Q2 print must confirm the recovery is durable to sustain the premium.
• February 2026 — Silicon Labs Acquisition Announced: TI announced plans to acquire Silicon Labs for ~$7.5B to strengthen embedded wireless connectivity. Expected close H1 2027. $450M synergy target (predominantly COGS-driven via Lehi internalization). Implication: Not a Q2 earnings driver, but acquisition charges (~$0.05–$0.10/share) will continue to weigh on GAAP EPS each quarter until close; management will likely provide an update on regulatory progress.
• Ongoing — Assembly & Test Capacity Tightness: Management flagged at both Q1 earnings and Bernstein that external OSATs are "more compressed" due to AI-driven demand mix shifts. TI is accelerating back-end internalization ahead of the 2030 target and reallocating 2026 CapEx toward assembly and test. Implication: A potential supply constraint for non-AI parts industry-wide; TI’s internalization strategy is a competitive differentiator but adds near-term CapEx.
• Ongoing — Q2 2026 is Final Quarter of 6-Inch Fab Overhead: Management confirmed at Bernstein that Q2 is the last quarter of any overhead expense related to legacy 6-inch fabs (Dallas and Sherman). Implication: Removes a cost headwind starting Q3 2026; modest gross margin tailwind in the back half.
• Ongoing — Personal Electronics Memory Risk: Management flagged at Q1 earnings that memory supply constraints could be a headwind to PE end equipment builds in H2 2026. PE is ~20% of TI revenue. Implication: A watch item for Q2 PE revenue and Q3 guidance; if memory tightness is more severe than expected, PE could disappoint.

7. Insider Transaction Activity

Key Takeaway: All post-Q1 insider activity is open-market sales — no buys. The volume is notable (19 transactions across executives and directors, including CEO Ilan selling 20,000 shares at elevated prices), but the cluster of April 24 sales immediately post-earnings is consistent with a coordinated RSU vesting/tax event rather than discretionary bearish signaling. No 10b5-1 plans were flagged in the filings.

Source: SEC Form 4 filings via Insider Transaction Data (https://www.sec.gov/). All transactions are open-market sales (code S / disposition D). No open-market purchases were filed in the period. No 10b5-1 plan flags (overall_10b5 = False) on any transaction. The April 24 cluster (9 insiders selling on the same day) is consistent with a coordinated RSU vesting event post-earnings, which is a routine and non-discretionary pattern. The CEO’s May 4 sale and the CFO’s May 14 sale are more discretionary in nature but occur at elevated post-Q1 prices and are not unusual in size relative to retained holdings.

8. Peer Commentary Read-Through

Key Takeaway: Peer commentary from May–June 2026 is broadly constructive for TXN’s Q2 setup — ADI, NXPI, ON, STM, and MCHP all flagged improving demand visibility, extending lead times, lean channel inventories, and strong data center growth. The most important read-throughs are ADI’s "record quarter" guidance and NXPI’s "book-to-bill solidly above 1" signal, both pointing to a healthy analog demand environment heading into TXN’s print.

Methodology: Only commentary from May 22 – July 21, 2026 that addresses the current calendar Q2 2026 (April–June) period or provides a contemporaneous demand/pricing/inventory update is included below. Prior-quarter result commentary (e.g., Q1 2026 earnings call results from peers) is excluded. Sources: conference transcripts from Bank of America Global Technology Conference (June 2–3, 2026), BNP Paribas Exane CEO Conference (June 2, 2026), TD Cowen TMT Conference (May 27–28, 2026), and Evercore TMT Conference (June 3, 2026).

8.1 Analog Devices (ADI) — BofA Global Technology Conference, June 2, 2026

Directional Signal: Strongly Positive

• Demand breadth / up-cycle confirmation: CFO Richard Puccio stated ADI has seen "very significant growth in the mass market part of the business" over multiple quarters, describing it as "one of those classic signs of the up cycle." Orders are extending "a quarter beyond where we would historically have had them as things appear to be getting tighter broadly across Analog" — a direct read-through for TXN’s analog business.
• Industrial: Industrial (50% of ADI) was "the one that declined the most" and is now "growing really strong." 40% of ADI’s industrial demand (aerospace, defense, infrastructure) is ordering to current-period demand because end markets are "growing so fast." The remaining 60% of industrial is still ~20% below prior peaks, implying significant runway. Read-through: Positive for TXN industrial, which is also ~15% below its 2022 peak.
• Automotive: ADI saw "acceleration earlier than we expected" in automotive, with "record levels in a couple of jurisdictions" in the back half of the last month of the quarter (April/May 2026). China auto is "30% of our business, record year last year, running very strong again this year." BMS grew year-over-year for the first time in two years. Read-through: Positive for TXN automotive, though TXN’s China auto mix differs.
• Data center: Data center is now "3/4 of ADI’s communications business" and "growing aggressively." Puccio stated the AI infrastructure build-out will continue "at least out into 2030." Hyperscalers are capacity-constrained, not demand-constrained. ADI sees "bigger growth opportunity" in data center power, particularly with the move to 800-volt architectures. Read-through: Positive for TXN data center, which is growing ~90% YoY.
• Inventories: Channel inventory is "very lean" at 6–7 weeks (below historical norms). ADI explicitly stated "we do not think we’re there" regarding any inventory build-up risk. Read-through: Positive for TXN — lean channel supports continued consumption-driven demand.
• Pricing: ADI implemented its "first big price increase in 2026" to recover absorbed costs, not due to shortages. Read-through: Positive for TXN’s H2 pricing outlook, consistent with CEO Ilan’s Bernstein commentary.
• Record guidance: ADI "just posted a record quarter" and "guided another record quarter" — the strongest single read-through for TXN’s Q2 setup.
• Limitations: ADI’s industrial mix skews heavily toward aerospace/defense and infrastructure (40% of industrial), which may be growing faster than TXN’s broader industrial base. ADI’s China auto exposure (30% of revenue) is higher than TXN’s. ADI’s innovation premium in high-complexity analog may drive different pricing dynamics than TXN’s broader catalog.

8.2 NXP Semiconductors (NXPI) — TD Cowen TMT Conference, May 27, 2026

Directional Signal: Positive

• Overall optimism: SVP of IR Jeff Palmer stated "I think we’re more optimistic than we have been in a while." Book-to-bill is "solidly above 1" with customer backlog through distribution "very nice and building." Late orders and expedites are increasing, and lead times are stretching out. NXPI expects to "grow in the low double digits this year and next year." Read-through: Strongly positive for TXN — book-to-bill above 1 and building backlog are leading indicators of sustained demand.
• Automotive (58% of NXPI): "When Automotive starts feeling good, in general, we feel good." Auto is expected to be "up this year." China auto was "actually up" in Q1 and is guided "up again in Q2." The over-inventory situation at Western Tier 1s "is finally behind us" after 9 quarters. Most Tier 1s are now "buying to end demand." Read-through: Positive for TXN automotive — inventory digestion complete, demand normalizing.
• Data center: NXPI’s data center business is growing from $200M (2025) to $500M (2026), driven by hyperscalers building proprietary AI racks. NXPI focuses on the "control plane" (not data plane), with a $4B SAM growing at ~10% CAGR. Read-through: Positive for TXN data center — confirms hyperscaler AI infrastructure build-out is real and accelerating.
• Pricing: NXPI raised prices in Q1 and expects further increases in H2 due to inflationary input costs (energy, transportation, precious metals, substrates). Strategy is to "maintain gross margins" by passing costs to customers. Read-through: Positive for TXN’s H2 pricing outlook.
• Supply chain warning: NXPI warned customers that unforecasted demand faces "a full 3–6 month cycle time" and could "go line down." Shortages on substrates and precious metals are elevated. Read-through: Mixed — supply tightness is positive for pricing but could constrain TXN’s ability to meet surge demand if shared subcontractors are affected.
• Limitations: NXPI’s automotive concentration (58% of revenue) is much higher than TXN’s. NXPI’s data center focus on the control plane (Layerscape processors, top-of-rack switches) is a different product category than TXN’s power management and analog. NXPI’s internal fab utilization includes bridge stock for a planned decommissioning, which is not demand-driven.

8.3 STMicroelectronics (STM) — BNP Paribas Exane CEO Conference, June 2, 2026

Directional Signal: Positive on Industrial & Data Center; Negative on Consumer

• Data center (major upside surprise): STM raised its 2026 data center revenue guidance from "nicely above $500M" to "about $1 billion" — a near-doubling of the prior target. CEO Jean-Marc Chery stated "it’s absolutely not a demand limitation factor. Demand is really increasing" and expressed "very high" confidence in delivery. STM expects to "double this revenue at least next year" (2027). Read-through: Strongly positive for TXN data center — confirms structural demand acceleration is broad-based across analog/power suppliers, not company-specific.
• Industrial: STM stated industrial "is very promising, in China, in Asia, coming in Europe" and expects to "grow a solid 30%" in industrial in 2026. Infrastructure, energy, renewable energy, and power conversion are "doing well." Read-through: Positive for TXN industrial — 30% growth guidance from a peer validates the recovery trajectory.
• Automotive: STM expects to "grow high single digit to low double digit" in automotive in 2026. Tier 1 forecasts are "pretty stable now, a good sign that inventory has been clean and digested." Europe is a "good driver" due to EV electrification. Read-through: Positive for TXN automotive — inventory digestion confirmed by Tier 1 forecast stability.
• Consumer / Personal Electronics: STM stated "digital personal electronics, it is clear that the market is pretty soft." STM expects only low-to-mid single digit growth in 2026 due to a specific strong customer. Read-through: Negative for TXN personal electronics (~20% of revenue) — confirms the softness management flagged at Q1 earnings.
• Assembly & test packaging risk: STM flagged potential limitations in "packaging assembly" from subcontractors, noting they need to "pay attention on subcontractor" for wafer-level scale packages. Read-through: Consistent with TXN’s own OSAT tightness commentary; reinforces the industry-wide back-end capacity constraint.
• Limitations: STM’s data center growth is concentrated in silicon photonics and specific networking applications; TXN’s data center exposure is primarily power management and signal chain. STM’s 30% industrial growth may reflect specific design wins or European market dynamics not fully applicable to TXN’s more diversified global industrial base.

8.4 Microchip Technology (MCHP) — BofA Global Technology Conference (June 2) & TD Cowen TMT Conference (May 28) & Evercore TMT Conference (June 3), 2026

Directional Signal: Mixed-to-Positive — Inventory Cycle Normalizing, Innovation-Driven Growth Emerging

• Inventory cycle nearing end: CEO Steve Sanghi stated the "inventory depletion driven semiconductor cycle growth pretty much comes to an end in the next quarter or so" (i.e., Q2 or Q3 2026). Distribution inventory is "now normal, actually slightly below normal." Customer count is increasing by thousands as previously inventory-laden customers resume buying. Read-through: Mixed for TXN — the inventory tailwind is fading, but the transition to consumption-driven demand is healthy and sustainable.
• Innovation-driven growth replacing inventory cycle: MCHP is seeing "innovation-driven growth" in data center, industrial, automotive, and aerospace & defense as new designs go into production. MCHP’s volume is "up 34% versus the same quarter a year ago." Read-through: Positive for TXN — broad-based design win ramps across end markets support sustained demand.
• Data center: MCHP’s Data Center Solutions business unit is growing 65% YoY to ~$500M in 2026. PCI Express demand is "exploding" as the GPU-to-CPU ratio shifts toward CPUs in inference workloads. MCHP has 8 design wins on PCIe Gen 6, including a $100M/year win. Read-through: Positive for TXN data center — confirms AI infrastructure build-out is driving broad semiconductor demand, not just GPU-adjacent components.
• Pricing: MCHP announced price increases effective ~September 2026 (main effect in Q4) to pass on foundry/OSAT cost increases. Competitors have already raised prices "some of them more than once." MCHP held off in H1 to maintain customer relationships. Read-through: Positive for TXN’s H2 pricing outlook — industry-wide cost pass-through is underway, consistent with TXN’s Bernstein commentary.
• Assembly & test capacity crowding: MCHP noted "AI is crowding out some of the assembly test capacity at subcontractors." This is expected to cause lead times to extend and trigger a restocking cycle. Read-through: Positive for TXN’s internalization strategy — external OSAT tightness validates TXN’s decision to accelerate back-end internalization.
• Industrial / Automotive restocking not yet begun: MCHP explicitly stated "automotive customers are not rebuilding inventory, industrial customers are not rebuilding inventory." Restocking is expected to begin in H2 2026 as lead times extend. Read-through: Mixed for TXN — current demand is consumption-driven (durable), but the restocking tailwind has not yet materialized.
• Limitations: MCHP’s inventory correction was more severe than TXN’s (peak 266 days vs. TXN’s 209 days), so the normalization trajectory may differ. MCHP’s pricing strategy (holding off in H1) is different from TXN’s (flat pricing in H1 due to annual agreements). MCHP’s data center exposure is concentrated in PCIe switches and storage controllers, not power management.

8.5 ON Semiconductor (ON) — BofA Global Technology Conference, June 3, 2026

Directional Signal: Positive on Data Center & Industrial; Mixed on Automotive

• Cycle inflection confirmed: CEO Hassane El-Khoury identified Q1 2026 as the "inflection point" and bottom of the cycle. Backlog is now layering in further out (180 days vs. one quarter previously), and lead times are beginning to extend. Q3 and Q4 2026 are "better booked out than last year or the previous year." Read-through: Positive for TXN — confirms the cycle bottom is behind us and demand visibility is improving.
• Industrial (AI halo effect): ON is seeing an "AI halo effect" in industrial, with energy storage systems, microgrids, and data center infrastructure doing well. PMI has been "hovering in 49–50" and is "starting to click above 50." Renewable energy and ESS expected to "resume growth in H2." Read-through: Positive for TXN industrial — the AI halo effect on energy infrastructure and test & measurement is consistent with TXN’s own commentary.
• Data center: ON expects to "double revenue in AI data center this year." Content opportunity in 800-volt racks is $115,000 per rack for ON (vs. $15,000 for current racks). ON is the only company with vertical GaN capable of 800-volt single-chip operation. Read-through: Positive for TXN data center — the transition to higher-voltage racks is a broad power semiconductor tailwind, though ON’s specific GaN advantage is proprietary.
• Automotive: ON has shifted from "undershipping demand" to "shipping to demand" in automotive, but El-Khoury explicitly stated "we haven’t seen the automotive recovery" yet. China EV exports to Southeast Asia, Australia, Europe, and the Middle East are "very strong." Utilization jumped from 68% to 77% in one quarter. Read-through: Mixed for TXN automotive — the shift to shipping-to-demand is positive, but the lack of a cyclical recovery signal is consistent with TXN’s cautious automotive tone.
• Pricing: ON raised prices effective April 1, 2026 to offset input cost increases. CFO Thad Trent expects the pricing impact to "start to really have an impact on the P&L in H2." Read-through: Positive for TXN’s H2 pricing outlook — industry-wide price increases are underway.
• Limitations: ON’s business is heavily concentrated in power semiconductors (SiC, GaN, IGBTs) for automotive and industrial, with less analog/embedded processing overlap with TXN. ON’s specific GaN and SiC advantages are proprietary. ON’s June 25, 2026 announcement of the $7B Synaptics acquisition is a company-specific event with no direct TXN read-through.

8.6 Peer Read-Through Summary Table

Overall Peer Read-Through Verdict: The weight of peer evidence from May–June 2026 is constructive for TXN’s Q2 print. The most actionable signals are: (1) ADI guiding a second consecutive record quarter — the strongest analog demand read-through available; (2) NXPI’s book-to-bill solidly above 1 with building backlog — a leading indicator of sustained demand; (3) STM doubling its data center revenue guidance — confirms the structural AI infrastructure build-out is broad-based; and (4) industry-wide pricing increases underway at ADI, NXPI, MCHP, and ON — consistent with TXN’s own H2 pricing optionality. The one consistent negative read-through is STM’s confirmation that the consumer/personal electronics market is "pretty soft," which is a watch item for TXN’s ~20% PE revenue exposure. Sources: Bank of America Global Technology Conference transcripts (June 2–3, 2026); BNP Paribas Exane CEO Conference transcript (June 2, 2026); TD Cowen TMT Conference transcript (May 27, 2026); Evercore TMT Conference transcript (June 3, 2026).