Axcelis Technologies: Why This Nearly 150% Semiconductor Rally Feels Unsustainable

2026-06-29 13:02:44 ET

Strong growth in one segment offset by losses in another. That was the fact that stood out to me the most as I examined the Q1 2026 earnings report for Axcelis Technologies ( ACLS ). Russell Low, CEO, President & Director of the company, said the following about it:

From a market segment perspective, our memory market is on track for strong growth in 2026, offset by a continued digestion of capacity in general mature and power, albeit with some encouraging signs in silicon carbide. Taking this all together, we continue to expect 2026 revenue to be relatively flat year-over-year with improving trends across multiple markets setting the stage for a return to growth in 2027.

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