📊Executive Summary

Advanced Energy Industries reports significant growth in its semiconductor business, with a backlog extending into 2027 and anticipated revenue growth of over 20% year-over-year this quarter. The company is opening its Thailand factory early to meet demand, with production expected to start in Q4 2026. Despite strong data center demand, supply constraints in memory modules and logic silicon are limiting near-term growth. Advanced Energy anticipates at least 35% growth in data centers this year, driven by new high-margin products. The company is also focusing on maintaining gross margins above 40%....