Analog Devices (NASDAQ: ADI) did not have a robust quarter in Q4 2024. Still, its results and guidance align with the industry outlook, which is a reversion to growth following years of inventory correction. The correction was caused by pandemic-era spending and supply-chain log jams, resulting in many OEMs overordering to combat the issues. Today's story is that inventory levels have normalized, demand is picking up across all end markets for industrial-purpose semiconductor products, and Analog Devices is well-positioned to benefit from a budding multi-year semiconductor upcycle.
