Semtech's data center revenue topped $100M in a single quarter for the first time, up 91% YoY, and the company guided another 45% jump next quarter. The real shift is not in total revenue but in how 1.6T-generation TIAs, drivers and linear equalizers are redefining this analog veteran. Management says the constraint for FY2028 is no longer demand, but capacity.

Semtech moved its full-year data center growth language from "at least 50%" to "no cap." More telling than the $291M in revenue: 1.6T, CopperEdge and HieFo all ramp together in the second half, and "capacity is king" is becoming the deciding factor of this optical cycle.