Exhibit 99.1

              Semtech Receives Informal Inquiry from SEC

    CAMARILLO, Calif.--(BUSINESS WIRE)--May 22, 2006--Semtech
Corporation (NASDAQ:SMTC), a leading supplier of analog and
mixed-signal semiconductors for communications, portable devices,
computers, and industrial equipment, announced that it has received a
letter from the Securities and Exchange Commission dated May 18, 2006
requesting that it voluntarily provide information regarding stock
options granted since January 1, 1997. The Company intends to fully
cooperate with the SEC's informal inquiry.
    Semtech was one of over 30 public companies discussed in a May 16,
2006 third party report concerning the timing of stock option grants
from 1997 through 2002. With respect to Semtech, the report referenced
two option grants made by the Company in 1997, one in 1999 and one in
2002.

    About Semtech

    Semtech Corporation is a leading supplier of analog and
mixed-signal semiconductors used in a wide range of computer,
industrial and communication applications.

    Forward-Looking and Cautionary Statements

    This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements are statements other than
historical information or statements of current condition and relate
to matters such as future financial performance, future operational
performance, the anticipated impact of specific items on future
earnings, and our plans, objectives and expectations. Some
forward-looking statements may be identified by use of terms such as
"expects," "anticipates," "intends," "estimates," "believes",
"projects", "should", "will", "plans" and similar words.
    Forward-looking statements involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those projected. Forward-looking statements should be considered
in conjunction with the cautionary statements contained in the "Risk
Factors" section and elsewhere in the Company's Annual Report on Form
10-K for the fiscal year ended January 29, 2006, in the Company's
other filings with the SEC, and in material incorporated therein by
reference. Forward-looking statements should not be regarded as
representations by the Company that its objectives or plans will be
achieved or that any of its operating expectations or financial
forecasts will be realized. The Company assumes no obligation to
update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

    CONTACT: Semtech Corporation
             John Baumann, 805-480-2010