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Torey Svanberg

Managing Director and Senior Analyst at Stifel

Tore Svanberg is a Managing Director and Senior Analyst at Stifel, specializing in semiconductors with a focus on analog, connectivity, and processor technologies. He covers companies such as Skyworks Solutions (SWKS), Monolithic Power Systems (MPWR), Analog Devices (ADI), SiTime (SITM), NXP Semiconductors (NXPI), MaxLinear (MXL), and MACOM Technology Solutions (MTSI), achieving a strong performance track record with a 61% success rate and average return of 20.1% per rating on TipRanks, including a standout +468.7% return on SITM, and ranked #322 out of 41,789 analysts. Svanberg joined Stifel in June 2010 via the acquisition of Thomas Weisel Partners, following roles as Senior Analyst and Managing Director at Piper Jaffray and starting his career as an Analyst at Robertson Stephens, with 22 years of experience and recognition from The Wall Street Journal’s “Best on the Street” survey. He holds a B.A. in International Relations from Franklin University Switzerland and an M.A. in International Policy Studies from the Middlebury Institute of International Studies at Monterey.

Torey Svanberg's questions to MAXLINEAR (MXL) leadership

Question · Q4 2025

Torey Svanberg asked about the puts and takes for the connectivity segment in 2026, considering its ties to cable/broadband and the growth of the Ethernet business, to determine if it will be a growth segment.

Answer

CFO Steve Litchfield confirmed that the connectivity segment will grow in 2026, driven by the ramp of Wi-Fi 7 and the transition of Ethernet products to 800 gig. CEO Kishore Seendripu added that cable revenue not paired with Wi-Fi also plays a role. For the follow-up, Torey asked about opportunities beyond DSPs, such as AECs and high-speed analog products for LTO/LRO, and how long it would take for MaxLinear to become a material player if these niche markets gain traction. CEO Kishore Seendripu explained that LROs are a natural DSP derivative that MaxLinear will pursue, expecting to have offerings soon, as LROs have broader applicability and power benefits compared to the more niche LPOs. He anticipates taking advantage of these derivative product offerings within the next 12 months.

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Question · Q4 2025

Torey Svanberg inquired about the puts and takes for the connectivity segment in 2026, considering its ties to cable/broadband versus the growth in Ethernet and Wi-Fi. He also asked about opportunities beyond DSPs, such as AECs and high-speed analog for LTO/LRO, and how long it would take for MaxLinear to become a material player if these segments gain traction.

Answer

Steve Litchfield (CFO) confirmed that the connectivity segment is expected to grow in 2026, driven by Wi-Fi 7 ramps and Ethernet products transitioning to 800 gig. Kishore Seendripu (CEO) clarified that cable is a significant part of the market not paired with Wi-Fi, influencing overall ramps. Regarding opportunities beyond DSPs, Kishore explained that LROs are a natural DSP derivative that MaxLinear will pursue, expecting stronger market growth as speeds increase and power benefits are realized. He noted LPOs have a limited niche nature due to reach constraints, and MaxLinear plans to leverage derivative product offerings within the next 12 months.

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