Keysight Technologies, Inc.

Keysight Technologies, Inc. is an American electronic design and test solutions company that provides hardware, software, and services used to design, validate, manufacture, and optimize electronic equipment across the communications, aerospace and defense, semiconductor, automotive, and general electronics industries, generating $5.4 billion in revenue in fiscal 2025. Spun out of Agilent Technologies in 2014 with a heritage tracing to the founding of Hewlett-Packard in 1939, Keysight is the dominant player in a specialized niche that sits at the intersection of every major technology investment cycle.

This is a story about a company whose fortunes have become increasingly tied to the physical infrastructure of artificial intelligence. After navigating a post-pandemic demand digestion in FY2024 that sent revenue down 9%, Keysight has entered what management calls the best period in company history: orders grew 56% year-over-year in the fiscal second quarter of 2026, surpassing $2 billion for the first time, and the company's AI-related business alone reached $500 million to $600 million in the first half — exceeding all of fiscal 2025. The file turns on a single question: whether the AI data center buildout represents a durable multiyear expansion of Keysight's addressable market, or a concentrated capital cycle that will leave the company over-earning at the peak.