Analog Devices to Acquire Empower Semiconductor for $1.5 Bn

• Addresses a critical challenge in AI – delivering high-density, energy-efficient compute as power and thermal demands limit system scale
• Further advances ADI’s position as a leading strategic, system-level grid-to-core power partner for hyperscalers and AI silicon developers. 
• Expands ADI’s total addressable market in AI compute power delivery with Integrated Voltage Regulator (IVR) and Silicon Capacitor technology solutions

Analog Devices, Inc. (NASDAQ: ADI) and Empower Semiconductor today announced that they have entered into a definitive agreement under which ADI will acquire Empower in an all-cash transaction for $1.5 billion.

As AI compute scales, power density – not just total watts – has become the limiting factor. Delivering high-density, high-efficiency power at the point of compute, while responding to fast-changing demands, is now one of the most critical challenges in system design.

Together, ADI and Empower will help shape the power delivery architecture for AI and other compute-intensive applications. By enabling power conversion closer to the processor, the combined solution shortens the power delivery path and improves efficiency to support higher-performance, higher-density systems. Building on its leadership in high-performance power management, ADI is investing in its system-level platform to deliver a step-change in performance, density, and efficiency from grid to core.

"AI infrastructure is fundamentally reshaping how power must be delivered, with energy now the most persistent constraint to scaling next-generation systems. ADI already delivers some of the highest-performance power management solutions in the industry, and with Empower we are further expanding our portfolio to help customers rearchitect their power systems and achieve the compute densities next-generation AI demands. The impact of this technology extends well beyond AI data centers to any domain where energy constrains what is possible,” said Vincent Roche, CEO and Chair at ADI.

Empower was founded to solve the hardest problem in AI power delivery – the power bottleneck that is limiting AI throughput. Our technology enables the power density, speed and efficiency required by AI processors to reach their full potential, unleashing generations of performance improvements. The combination of ADI’s power management platform, scale and operational excellence, along with the system level benefits our merger enables, will accelerate our adoption with customers, said Tim Phillips, CEO of Empower Semiconductor.

Empower’s silicon capacitors are already in production, and IVR programs are advancing in close collaboration with leading hyperscalers and AI silicon providers – capabilities ADI will accelerate through its scale, manufacturing, and customer reach.

Transaction Details

Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, ADI will pay Empower’s stockholders $1.5 billion in an all-cash purchase price. The transaction is expected to close in the second half of calendar year 2026, subject to customary closing conditions and the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Following the closing of the Transaction, Mr. Phillips will continue leading IVR technology efforts as part of ADI.

About Analog Devices, Inc.

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.

About Empower Semiconductor

Empower Semiconductor, based in Silicon Valley, powers the AI revolution with its FinFast™ technology by reducing the energy footprint and total cost of ownership of data centers. Its integrated voltage regulators deliver on-demand scalable power with the speed, precision and signal integrity required by AI processors. Empower’s power-management architecture is designed to shrink solution footprint, height and component count, achieving vertical power delivery with robust power density and efficiency. Learn more at www.empowersemi.com and follow us on LinkedIn.

Advisors

PJT Partners is acting as financial advisor to ADI, and Wachtell, Lipton, Rosen & Katz as legal counsel; Barclays is acting as financial advisor, and Goodwin Procter as legal counsel to Empower.

All trademarks and registered trademarks are the property of their respective owners.

Analog Devices Launches CodeFusion Studio™ 2.0 to Simplify AI-Enabled Embedded Development

• New End-to-end AI workflow support with bring-your-own-model capability, model checks and performance profiling enables rapid deployment across ADI’s full hardware portfolio.
• New Unified configuration tools, multi-core support and integrated debugging streamline development across heterogeneous systems.
• New Zephyr-based modular framework for runtime AI/ML profiling and layer-by-layer analysis enhances the open source foundation, eliminating toolchain fragmentation and reducing complexity.

Analog Devices, Inc. (Nasdaq: ADI), a global leader in semiconductor innovation, today launched CodeFusion Studio™ 2.0, a significant upgrade to its open source embedded development platform. Designed to simplify and accelerate the development of AI-enabled embedded systems, CodeFusion Studio 2.0 introduces advanced hardware abstraction, seamless AI integration and powerful automation tools to streamline the journey from concept to deployment across ADI’s diverse processors and microcontrollers.

“The next era of embedded intelligence requires removing friction from AI development,” said Rob Oshana, Senior Vice President of the Software and Digital Platforms group, ADI. “CodeFusion Studio 2.0 transforms the developer experience by unifying fragmented AI workflows into a seamless process, empowering developers to leverage the full potential of ADI's cutting-edge products with ease so they can focus on innovating and accelerating time to market.”

Empowering Developers with End-to-End AI Workflows

CodeFusion Studio 2.0 now supports complete AI workflows, enabling developers to bring their own models and deploy them efficiently across ADI’s processors and microcontrollers—from low-power edge devices to high-performance DSPs (digital signal processors). The latest platform, based on Microsoft’s Visual Studio Code, features a built-in model compatibility checker, performance profiling tools and optimization capabilities that are designed to ensure robust deployment and an accelerated time-to-market.

A new Zephyr-based modular framework enables runtime performance profiling for AI/ML workloads, offering layer-by-layer analysis and seamless integration with ADI’s heterogeneous platforms. This encapsulation of toolchains simplifies machine learning deployment and enhances system-level performance insights.

Unified Development Experience

The updated CodeFusion Studio System Planner now supports multi-core applications and expanded device compatibility, while unified configuration tools reduce complexity across ADI’s hardware ecosystem. Developers benefit from integrated debugging capabilities, including Core Dump Analysis and GDB (GNU debugger) support, making troubleshooting faster and more intuitive.

ADI Future Proofs Its Digital Roadmap

CodeFusion Studio 2.0 is the latest milestone in ADI’s open-source embedded development platform, embodying its commitment to delivering developer-first tools that simplify complexity and accelerate innovation. As ADI expands its digital roadmap, future releases will continue to push the boundaries of embedded intelligence, bringing deeper hardware-software integration, expanded runtime environments and new capabilities tailored to evolving developer needs as they experiment with physical AI.

“Companies that deliver physically aware AI solutions are poised to transform industries and create new, industry-leading opportunities. That’s why we’re creating an ecosystem that enables developers to optimize, deploy and evaluate AI models seamlessly on ADI hardware, even without physical access to a board,” said Paul Golding, Vice President of Edge AI and Robotics, ADI. “CodeFusion Studio 2.0 is just one step we’re taking to deliver Physical Intelligence to our customers, ultimately enabling them to create systems that perceive, reason and act locally—all within the constraints of real-world physics.”

Availability

CodeFusion Studio 2.0 is now available for download. Developers can access the platform, documentation and community support at https://developer.analog.com/solutions/codefusionstudio

Tata Group and US-based Analog Devices Ink MoU for Semiconductor Manufacturing in India

Tata Group and Analog Devices Inc (ADI), a global semiconductor leader, have announced a strategic alliance to explore potential cooperative manufacturing opportunities.

This collaboration involves Tata Electronics, Tata Motors, and Tejas Networks signing a Memorandum of Understanding (MoU) with ADI to enhance strategic and business cooperation. 

The alliance aims to leverage ADI’s semiconductor solutions and Tata’s manufacturing capabilities to develop advanced products for various applications, including electric vehicles and network infrastructure

The companies also agree to have strategic roadmap alignment discussions.

The joint effort is expected to be mutually beneficial and is a significant step in establishing a robust electronics manufacturing ecosystem in India both for domestic and global consumption.

N Chandrasekaran, Chairman of Tata Sons, said, "The Tata Group is deeply committed to pioneering a thriving semiconductor industry in India. We are excited to partner with ADI across the semiconductor value chain and explore collaboration between ADI and Tata Group companies to design and offer advanced products to serve our customers."

"At ADI, we are thrilled to join efforts with the Tata Group in advancing India's semiconductor ecosystem. This joint effort aligns with our commitment to innovation and sustainable growth in the region. By combining our real-world semiconductor solutions and software expertise with Tata's vision and capabilities, we can accelerate the development of cutting-edge technologies, from electric vehicles to next-generation network infrastructure. Together, we are not only building a stronger semiconductor ecosystem but also shaping the future of global electronics manufacturing," said Vincent Roche, CEO and Chair at ADI.

Earlier, Tata Electronics announced that it is investing in its own facilities by building India's first fab in Dholera, Gujarat with a total investment of $11 billion. In addition, Tata Electronics will be investing another $3 billion in a greenfield facility in Jagiroad, Assam for the assembly and testing of semiconductor chips.

Tata Electronics and ADI intend to explore opportunities to manufacture ADI's products in Tata Electronics' fab in Gujarat and OSAT in Assam. Tata Motors and ADI intend to explore opportunities for engagement in electronics hardware components for energy storage solutions and power electronics in both commercial and passenger vehicle businesses. Tejas Networks and ADI intend to explore opportunities for engagement in electronics hardware components for network infrastructure.

Analog Devices, Inc. (ADI)'s India office is located in Bengaluru, where it engages in various activities, including research and development, customer support, and business operations.

ADI conducts extensive research and development (R&D) in India, primarily through its facility in Bengaluru. This center, consisting of around 300 engineers, is one of ADI’s top global design hubs and focuses on developing cutting-edge technologies and solutions for various markets. The company develops advanced semiconductor solutions for electric vehicles, autonomous driving, and other automotive applications.