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Aatif Malik

Managing Director and U.S. Semiconductor Capital Equipment and Specialty Semiconductors Analyst at Citi

Pakistan

Atif Malik is a Managing Director and U.S. Semiconductor Capital Equipment and Specialty Semiconductors Analyst at Citi, specializing in technology sector research with focused coverage of companies such as NVIDIA, Marvell, Astera Labs, Apple, Lam Research, Applied Materials, Cisco Systems, Nova, Arista Networks, and Qorvo. Consistently ranked at the top among Wall Street analysts, Malik holds a 75% success rate and an average return of 34.6% per rating, ranking #3 out of 10,050 Wall Street analysts according to TipRanks. He began his research career at Morgan Stanley as Senior Analyst, covering semiconductor capital equipment and U.S. memory semis, after spending seven years at Applied Materials in product marketing and management roles, and joined Citi in 2012. He holds a Bachelor of Science in Chemical Engineering & Chemistry from Caltech, maintains professional credentials through Citigroup Global Markets Inc., and is recognized for industry-leading performance and highly profitable stock recommendations.

Career History

OrganizationRoleDate Range
CitiSenior Vice PresidentJan 2025 to Present
CitiVice President- Trade ProductJan 2015 to Dec 2024
Citibank PakistanAVP- Trade ProductAug 2009 to Jan 2015
CitibankService ManagerAug 2007 to Aug 2009
CitibankBusiness Unit ManagerAug 2006 to Aug 2007
United Bank Ltd.Credit AnalystSep 2004 to Aug 2006

Education

Curtin University of Technology (Australia)

BBIT, Information Technology

2000 — 2004

Aatif Malik's questions to NOVA (NVMI) leadership

Question · Q3 2025

Aatif Malik with Citi inquired about Nova's mid-single-digit wafer fab equipment (WFE) outlook for 2026, asking if Nova expects to outperform WFE growth and if memory makers' shell capacity constraints are limiting growth. He also questioned the reported and guided gross margins and any impact from China restrictions.

Answer

Gaby Waisman, President and CEO of Nova, stated that Nova expects to outperform WFE growth in 2026, which is anticipated to be second-half weighted. Guy Kizner, CFO of Nova, clarified that Q3 gross margin was 59%, with Q4 guided to 58% ±1%, primarily due to product mix, and confirmed no significant impact from China restrictions on gross margins.

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Question · Q3 2025

Aatif Malik asked about Nova's mid-single digit wafer fab equipment (WFE) outlook for 2026, potential upside, and whether Nova expects to outperform the WFE market. He also inquired about the gross margin guidance for the next quarter and any impact from incremental China restrictions.

Answer

Gabby Waisman, President and CEO, stated that Nova expects to outperform the WFE growth in 2026, anticipating a second-half weighted year with some improvements since September. Guy Kizner, CFO, explained that the gross margin guidance of 58% reflects pricing discipline and value delivery, with product mix being the main fluctuation factor. He confirmed no significant impact from China restrictions.

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