Teradyne’s revenue is now 70% AI-driven ahead of Q2 earnings, and crypto’s GPU supply chain should be paying attention

Teradyne now generates roughly 70% of its revenue from AI-related demand. That figure was around 40-50% just two quarters ago. The company’s Q2 2026 earnings report is expected between July 28-29. Here’s the thing: Teradyne doesn’t make GPUs or AI chips directly. It makes the testing equipment that ensures those chips actually work before they ship. Record revenue and a rapid AI pivot Teradyne’s Q1 2026 numbers were hard to ignore. Revenue hit an all-time high of $1.28 billion, representing 87% year-over-year growth. The AI share of that revenue tells an even sharper story. In Q3 2025, AI-related demand accounted for between 40-50% of total revenue. By Q4 2025, it climbed to around 60%. And in Q1 2026, it reached approximately 70%. Management has indicated that 55-60% of full-year 2026 revenue is expected to land in the first half of the year. That front-loading suggests the current AI infrastructure buildout cycle is running hot right now, with potential normalization later in the year. The company also secured multiple production test orders for merchant GPUs during Q1. The GPU pipeline connects to crypto whether Teradyne knows it or not Teradyne has no direct crypto exposure in ...