Analog Devices Inc

Q1 FY2025 (ended Feb 1, 2025) total revenue $2,423,174K. Communications $289,861K (12%). For the FIRST TIME, ADI explicitly links Communications wireline growth to AI: 'The decline in the Communications end market was also driven by weak demand in the wireless sub-market, partially offset by growth in the wireline sub-market driven by data center infrastructure build outs primarily to support growth in artificial intelligence applications.' This confirms AI is driving wireline Communications growth. Communications is 12% of revenue. Wireline is a portion — given that wireless was declining and wireline was growing, wireline is likely ~55-60% of the $289.9M comms revenue = ~$160-175M. Not all wireline is AI-driven (some is traditional telecom), so AI portion of wireline estimated at ~50-60%. Math: $289,861K * 0.55 (wireline share) * 0.55 (AI share of wireline) = ~$87.8M from Communications AI. Plus ~$30M from Industrial data center power management. Total AI: ~$118M / $2,423,174K = ~4.9%. However, being conservative since the wireline/AI split is my estimate, not disclosed. Setting at 3.5%.