Cadence IP revenue inflected post FY21, driven by AI accelerators. Outgrowing Synopsys in this area, which issued muted guidance for IP for '26. SNPS has >2x IP revenue though. Cadence sees IP outgrowing the company average. Currently 14% of revenue and has below corporate margin. Strong at TSMC but Intel and Samsung expansion could drive CDNS' IP growth.
Source: Sravan Kundojjala
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