Key Highlights

  • TTM Technologies reported record second-quarter net Revenue of $1.004 billion, with its data-center and networking end market up about 91% year over year to roughly 40% of net sales.
  • Semtech's fiscal second-quarter net sales rose 33% to $341.9 million, and the company guided third-quarter net sales to $410.0 million, plus or minus $5.0 million.
  • LightPath Technologies' total Backlog reached $110.9 million, up 197% year over year, with fourth-quarter gross Margin improving sharply to 39.4% from 22.0%.
  • Arteris reported annual contract value plus royalties of $99.5 million, up 44% year over year, a key forward indicator for its interconnect-IP licensing business.

The 2026 technology rally has been written largely as a megacap story. Yet the plumbing of artificial intelligence, the analog interfaces, the circuit boards, the optics, the specialty memory and the interconnect designs, runs through a wider cast of companies whose most recent quarters land squarely inside the Nasdaq Composite's semiconductor and electronic-technology complex. Semtech (NASDAQ:SMTC), TTM Technologies (NASDAQ:TTMI), LightPath Technologies (NASDAQ:LPTH), Everspin Technologies (NASDAQ:MRAM) and Arteris (NASDAQ:AIP) each reported results this summer.

Heading into mid-September 2026, chip stocks remained a dominant market theme, with the Nasdaq Composite closing higher on August 26 after Nvidia rallied on its revenue guidance, a reminder that AI infrastructure spending continued to set the tone for the group.

Sector Backdrop: Data Centers, Rates and a Broadening Trade

The macro backdrop stayed two-sided. Reporting through late August and early September pointed to expectations for further Federal Reserve easing alongside lingering Inflation concerns, with commentary from Fed voices cutting in both directions. For richly valued growth names, lower rates support valuations while any inflation surprise can compress them quickly.

That tension matters for the five companies here. Each is smaller than the AI bellwethers, and each is exposed, through data-center connectivity, boards, optics, memory or interconnect IP, to the same capital-spending wave.

Semtech (NASDAQ:SMTC): Analog and Connectivity Ride the Data-Center Wave

Semtech makes analog and mixed-signal semiconductors, including data-center connectivity products and the LoRa platform used in Internet-of-Things networks.

For its fiscal second quarter of 2027, ended July 26, 2026, Semtech reported net sales of $341.9 million, up 33% from $257.6 million a year earlier and up 17% sequentially. GAAP diluted Earnings were $1.59 per share on Net Income of $160.1 million; on an adjusted non-GAAP basis, diluted earnings were $0.71 per share and net income $69.5 million. GAAP gross margin was 53.8% and adjusted gross margin 54.5%. For the fiscal third quarter, management guided to net sales of $410.0 million, plus or minus $5.0 million, and adjusted diluted EPS of $1.05, plus or minus three cents.

The sequential acceleration and the sizeable sequential guidance step are the story: they are consistent with data-center Demand rather than a cyclical bounce. The risk, should AI Capital budgets cool, is that the same concentration that is lifting Semtech now would work against it.

TTM Technologies (NASDAQ:TTMI): Circuit Boards Become an AI and Defense Play

TTM Technologies manufactures printed circuit boards and radio-frequency components for data-center, aerospace and defense customers, the physical substrate on which servers and systems are built.

For the second quarter of 2026, ended June 29, 2026, TTM reported record net revenue of $1.004 billion. GAAP net income was $83.0 million, or $0.77 per diluted share, and non-GAAP net income $106.9 million, or $0.99 per diluted share, on a 21.1% gross margin. The company said its data-center and networking end market represented roughly 40% of net sales and grew about 91% year over year. Management guided third-quarter net sales to $1.14 billion and non-GAAP EPS to $1.27, and pointed to full-year net sales of about $4.4 billion with non-GAAP EPS approaching $5.00. TTM also announced planned acquisitions of Switzerland's Swiss Technology Group AG and Germany's ILFA GmbH.

TTM has re-rated from a cyclical board supplier toward an AI-and-defense infrastructure name. The forward guidance implies continued growth, but board Manufacturing is capital-intensive, and the pending deals add integration risk.

LightPath Technologies (NASDAQ:LPTH): Optics Pivots From Components to Systems

LightPath Technologies makes optical components and, increasingly, higher-value infrared imaging assemblies and systems used in defense, industrial and sensing applications.

For its fiscal fourth quarter and full year ended June 30, 2026, LightPath reported fourth-quarter revenue of $21.2 million, up about 74% year over year, and full-year revenue of $71.7 million, up roughly 93%. The company posted a fourth-quarter net loss of $4.1 million, while adjusted EBITDA was positive at $2.1 million in the quarter. Fourth-quarter gross margin improved sharply to 39.4% from 22.0%. Total backlog reached $110.9 million, up 197%, and cash stood at $93.2 million versus $4.9 million a year earlier. The assemblies-and-modules segment led the mix at $31.9 million for the year, up 299%.

The striking figures are the margin lift and the backlog, which point to a genuine shift up the value chain. The company is still loss-making, so the question is whether growth converts to sustained profitability rather than remaining a revenue-led story.

Everspin Technologies (NASDAQ:MRAM): Specialty MRAM Finds a Record Quarter

Everspin Technologies designs and manufactures magnetoresistive random-access memory, a non-volatile technology used where data must survive power loss, such as industrial, automotive and aerospace systems.

For the second quarter of 2026, ended June 30, 2026, Everspin reported record total revenue of $18.7 million, comprising $15.3 million of product revenue and $3.4 million of licensing and other revenue, at a 53.9% gross margin. On a GAAP basis it recorded a net loss of $3.6 million, or $0.15 per share; on a non-GAAP basis it reported net income of $2.9 million, or $0.11 per share. For the third quarter, management guided to revenue of $20.5 million, GAAP EPS of negative $0.10 to negative $0.05, and non-GAAP EPS of $0.10 to $0.15.

MRAM remains a niche within memory, but a defensible one tied to reliability rather than Commodity density. The healthy gross margin supports that thesis; the GAAP loss underscores that scale, not technology, is the swing Factor for future earnings.

Arteris (NASDAQ:AIP): Interconnect IP Sits Inside the Chips Themselves

Arteris licenses system-on-chip interconnect technology, the network-on-chip IP that moves data between the processing blocks inside modern semiconductors, including AI accelerators.

For the second quarter of 2026, ended June 30, 2026, Arteris reported revenue of $24.1 million, up 46% year over year. Annual contract value plus royalties, a key forward indicator for an IP-licensing business, reached $99.5 million, up 44%, and remaining performance obligations were $135 million, up 36%. The company reported a GAAP net loss of $14.1 million and a non-GAAP net loss of $4.7 million, with positive free Cash Flow of about $1.3 million over the first six months. For the full year, management guided to revenue of $98 million and ACV plus royalties of $106 million.

The ACV and RPO growth matter more than the reported loss, because licensing Economics are subscription-like and recognized over time. The forecast risk is that Arteris remains unprofitable on a GAAP basis while it invests, leaving valuation dependent on sustained bookings.

What Investors Should Watch

Several catalysts sit on the near horizon. For Semtech and TTM, the question is whether data-center demand holds at the pace their guidance implies into the fourth quarter. For TTM specifically, the closing and integration of the Swiss Technology Group and ILFA acquisitions is a discrete event to track. For LightPath, watch whether the improved gross margin and record backlog begin to translate into positive net income. For Everspin, the third-quarter guidance range implies continued sequential growth that will need to be confirmed. For Arteris, bookings, ACV plus royalties and RPO, are the leading indicators to follow rather than quarterly revenue alone.

How Broadly the AI Build-Out Now Reaches

Taken together, these five Nasdaq names illustrate how broadly the AI and data-center build-out now reaches into the semiconductor and electronic-technology Supply chain, from analog interfaces and circuit boards to optics, specialty memory and interconnect IP. The reported quarters were generally strong, with record revenue at several of the companies. What remains unproven, and what the coming quarters will test, is whether that demand persists and whether the smaller, still-loss-making names convert growth into durable profit.