70% of Teradyne’s Revenue Is Tied to AI. Should You Buy Before July 29 Q2 Earnings?

Quick ReadTeradyne delivered 87% revenue growth with $2.56 non-GAAP EPS in Q1 FY2026, as roughly 70% of revenue now ties directly to AI demand. Teradyne (NASDAQ:TER) reports Q2 FY2026 earnings on July 29, giving investors a read into one of the cleanest picks-and-shovels exposures to the AI buildout. That exposure drove Q1 revenue up 87.04% year over year to $1.28 billion, while non-GAAP EPS of $2.56 easily cleared the $2.11 consensus estimate. It trades at a forward P/E of 34x while growing revenue just 9.5% YoY. TER saw nine times the revenue growth rate at a slightly higher multiple.