European chip stocks mixed; STMicro and BESI fall, Soitec surges on AI photonics

STMicroelectronics

23/07/2026 08:37

   ** European chip stocks diverge after results, with STMicroelectronics STMPA.PA down 15%, BESI BESI.AS off 4%, while Soitec SOIT.PA jumps +27% on AI-driven photonics demand
** STMicroelectronics falls after Q2 EBITDA of $679 million misses LSEG consensus of $797.7 million, despite revenue of $3.49 billion beating expectations of $3.39 billion
** Jefferies says STMicro' Q3 outlook may reflect a slower iPhone 18 ramp, but adds that strong gross-margin guidance and the company's Q4 outlook point to a better-than-expected 2027
** BESI falls 4% after Q2 revenue of 249.9 million euros  ($285.51 million)comes in 1% below Visible Alpha consensus of 252.2 million euros
** Citi says BESI benefited from strong demand for photonics and datacentre applications, hybrid bonding capacity expansion for AI devices and AI power management, though it notes market expectations already factor in strong growth for 2026 and 2027
** Soitec soars 27%, on track for its best day since Oct. 8, 2015, after Q1 FY2027 revenue of 113 million euros beats its guidance for growth of around 15%, rising 23% year-on-year at constant currency and scope
** Soitec says growth was mainly driven by Photonics-SOI, where sales doubled year-on-year on demand for high-speed optical transceivers in AI data centres
** J.P. Morgan says Soitec's Q1 revenue was 10% ahead of consensus, while its Q2 guidance was well above consensus expectations of 8% growth, adding that accelerating demand for photonics is driving the group's results


($1 = 0.8753 euros)

 (Reporting by Nathan Vifflin and Ozan Erguenay in Gdansk)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))