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    Blayne Curtis • Jefferies

    Blayne Curtis's questions to Microchip Technology Inc (MCHP) leadership

    Blayne Curtis's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Blayne Curtis sought clarification on the timing of lead time extensions, asking if they are happening now or are an expectation for the future. He also asked if the level of 'turns' business required to meet the September guidance is different from the prior quarter, given the strong bookings.

    Answer

    CEO Steve Sanghi confirmed that while most lead times are still four to eight weeks, extensions are happening now in certain pockets, pushing to six to ten or even eight to twelve weeks due to constraints in lead frames, substrates, and subcontracting. He noted that July bookings were the highest in three years and that the turns requirement for the September quarter is 'about the same' as the previous quarter.

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    Blayne Curtis's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Blayne Curtis asked about the timing of lead time extensions and whether the level of turns business required to meet September guidance is different from the prior quarter, given strong July bookings.

    Answer

    CEO Steve Sanghi clarified that lead times have already extended in certain pockets from 4-8 weeks toward 6-12 weeks due to back-end constraints. He noted that July bookings were the highest in three years and that the turns requirement to meet the September guidance is about the same as it was for the June quarter.

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    Blayne Curtis's questions to Microchip Technology Inc (MCHP) leadership • Q4 2025

    Question

    Blayne Curtis asked about Microchip's MCU market share, noting its correction cadence differs from peers, and whether it expects to regain its pre-pandemic position. He also inquired about the company's 'China-for-China' strategy.

    Answer

    CEO Steve Sanghi affirmed that Microchip expects to gain market share as it recovers. Regarding the 'China-for-China' strategy, he explained that the original plan to use a local partner for assembly was complicated by a rule change defining a product's origin by its fabrication location. The company is now reassessing this strategy and has communicated to the U.S. government that current rules incentivize moving production out of the U.S.

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    Blayne Curtis's questions to Microchip Technology Inc (MCHP) leadership • Q3 2025

    Question

    Blayne Curtis inquired about the trajectory of gross margins, asking how long they might remain depressed before recovering. He also asked for perspective on Microchip's ability to outgrow the market.

    Answer

    CEO Steve Sanghi stated that more data on inventory and factory right-sizing would be provided on March 3. He emphasized that the current guided gross margin of 53% is strong despite low factory utilization and expects margins to return to historical levels. Regarding growth, Sanghi noted that design wins in megatrend areas are strong and that as customers work through inventory and resume new designs, the company is positioned for growth.

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    Blayne Curtis's questions to Microchip Technology Inc (MCHP) leadership • Q2 2025

    Question

    Blayne Curtis inquired about the 'uneven green shoots,' asking if any specific areas were improving and if the guidance reflected lower turns. He also asked about the trajectory for operating expenses over the next few quarters.

    Answer

    CEO Ganesh Moorthy identified continued strength in aerospace, defense, and the AI subset of data centers. Executive J. Bjornholt clarified that the guidance doesn't assume fewer turns, but rather reflects a lower starting backlog. He also confirmed that non-GAAP OpEx is guided to increase by about $8 million in December due to the reinstatement of salary cuts, and he expects OpEx dollars to rise again in the March quarter.

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    Blayne Curtis's questions to Onto Innovation Inc (ONTO) leadership

    Blayne Curtis's questions to Onto Innovation Inc (ONTO) leadership • Q2 2025

    Question

    Blayne Curtis from Jefferies Financial Group questioned the dynamics within the AI packaging segment, asking if the Q4 acceleration is from the main customer or broader OSATs, and sought clarity on the roadmap visibility for the next-gen Dragonfly given the current tool's limitations.

    Answer

    CEO Michael Plisinski stated the AI logic packaging acceleration is driven primarily by the existing main customer, supplemented by supporting orders from OSATs. Regarding the Dragonfly roadmap, he explained the new platform was designed years ago for more advanced front-end applications, giving it significant performance runway for packaging needs for several generations, with development done in close collaboration with the customer.

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    Blayne Curtis's questions to Onto Innovation Inc (ONTO) leadership • Q1 2025

    Question

    Blayne Curtis asked for details on what drove the significant growth in advanced nodes revenue in Q1 and requested an update on the full-year outlook for that business, referencing a previously mentioned range.

    Answer

    CEO Michael Plisinski attributed the Q1 strength to broad-based customer expansions in DRAM, NAND, and logic, combined with Onto gaining wallet share through its expanded product portfolio, including Iris films and integrated metrology. He confirmed that, based on the current outlook, the advanced nodes business is trending toward the higher end of the previously discussed full-year revenue range.

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    Blayne Curtis's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership

    Blayne Curtis's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q3 2025

    Question

    Blayne Curtis of Jefferies asked about the drivers behind the strong growth in the Industrial and Defense segment and whether MACOM is seeing any slowdown in its broader industrial business. He also inquired about the reason for the slight sequential decline guided for the Telecom segment in Q4.

    Answer

    President and CEO Stephen Daly clarified that the growth in the Industrial and Defense (IND) segment is primarily driven by defense, which has had a book-to-bill over one for several quarters. He noted that the industrial portion is small and not a bellwether for the market. Regarding Telecom, Daly stated the slight Q4 dip is 'noise level' and not meaningful, highlighting that the segment is expected to grow over 40% for the full year with strong secular trends in SATCOM and 5G.

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    Blayne Curtis's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q2 2025

    Question

    Blayne Curtis requested clarification on the full-year Data Center growth forecast, which seemed to imply a sequential decline in Q4, and asked about the drivers behind the recent increase in operating expenses.

    Answer

    CFO John Kober clarified that the "mid-40s" growth for Data Center is a year-over-year fiscal 2025 estimate and that underlying demand supports growth into Q4, though the quarter is not yet guided. Kober explained the OpEx increase was due to strategic investments in R&D and business infrastructure like IT, and he expects the rate of increase to level off heading into Q4 and fiscal 2026.

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    Blayne Curtis's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q1 2025

    Question

    Blayne Curtis sought to understand the moving parts of the gross margin, particularly the RF business improvement versus mix impact, and asked for clarification on the 800G to 1.6T optical transition commentary.

    Answer

    President and CEO Stephen Daly explained that while the acquired Wolfspeed RF business is improving its margin profile, the overall corporate gross margin is being negatively impacted by underutilization in the Lowell fab due to weakness in base MACOM's cable and wireless businesses. Regarding the optical transition, Daly clarified that a dip in concentrated 800G revenue at a lead customer will be offset by a ramp in 1.6T and a broadening of the 800G customer base, resulting in net growth for the data center segment.

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    Blayne Curtis's questions to Astera Labs Inc (ALAB) leadership

    Blayne Curtis's questions to Astera Labs Inc (ALAB) leadership • Q2 2025

    Question

    Blayne Curtis asked for more detail on the ramp of the Scorpio product line, which exceeded 10% of revenue ahead of schedule, and questioned if there were any material scale-up opportunities for Scorpio shipping in the current year.

    Answer

    CFO Mike Tate confirmed the Scorpio P series ramped ahead of schedule, establishing a new revenue base that will continue to grow. He clarified that the Scorpio X series for scale-up is expected to ramp to high volume during 2026, with current year shipments being predominantly pre-production volumes and not a material driver for the next couple of quarters.

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    Blayne Curtis's questions to Astera Labs Inc (ALAB) leadership • Q1 2025

    Question

    Blayne Curtis asked for details on the scale-up connectivity opportunity, including the progression of dollar content per accelerator and the timeline for revenue before the UALink standard fully ramps. He also inquired about the growth and customer diversity of the Taurus product line.

    Answer

    CEO Jitendra Mohan described scale-up as a significant opportunity driven by Aries retimers and the new Scorpio X family, with UALink representing a future multi-billion dollar market where products would sample in 2026. CFO Mike Tate added that the Taurus 50-gig solution continues to grow with its lead customer, and expansion to a broader customer base is anticipated with the next-generation 100-gig technology.

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    Blayne Curtis's questions to Astera Labs Inc (ALAB) leadership • Q4 2024

    Question

    Blayne Curtis asked about the strength of the Taurus product line, the gross margin outlook for 2025 as Scorpio ramps, and the design momentum and competitive landscape for the Scorpio product family.

    Answer

    CFO Michael Tate noted that a mix shift towards Taurus and Aries hardware modules brought Q4 gross margin to 74.1% and expects a similar level in H1 2025 before it trends toward the 70% long-term model. President and COO Sanjay Gajendra highlighted strong design momentum for both Scorpio P-Series and X-Series, driven by its ground-up architecture for AI. CEO Jitendra Mohan added that besides NVLink, competitors include Ethernet-based scale-up, but customers prefer PCIe for its lower latency, positioning Scorpio favorably.

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    Blayne Curtis's questions to Astera Labs Inc (ALAB) leadership • Q3 2024

    Question

    Blayne Curtis from Jefferies sought clarification on the product mix that drove Q3's revenue upside and the specific strength drivers between third-party GPUs and custom AI accelerators. He also inquired about the expected gross margin profile of the new Scorpio product line.

    Answer

    CFO Michael Tate attributed the Q3 revenue beat primarily to the Aries product line, which saw strong ramps on platforms using both third-party GPUs and internally developed AI accelerators from multiple customers. Tate also stated that while Scorpio's margins will vary, the product line is not expected to impact the company's long-term gross margin target of 70%, though quarterly product mix will be an important factor.

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    Blayne Curtis's questions to Navitas Semiconductor Corp (NVTS) leadership

    Blayne Curtis's questions to Navitas Semiconductor Corp (NVTS) leadership • Q2 2025

    Question

    Blayne Curtis inquired about the specific segment of the mobile business Navitas is exiting and whether the transition to PowerChIP would impact production volumes.

    Answer

    CEO Gene Sheridan clarified that the company is strategically reducing its focus on lower-power (45W, 65W), price-sensitive mobile chargers, particularly in China, to concentrate on high-value, ultra-fast chargers (100W+). He assured that the move to PowerChIP's 8-inch wafer platform will increase capacity and does not create any supply constraints; the revenue headwind is a deliberate strategic decision based on profitability.

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    Blayne Curtis's questions to ON Semiconductor Corp (ON) leadership

    Blayne Curtis's questions to ON Semiconductor Corp (ON) leadership • Q2 2025

    Question

    Blayne Curtis asked for details on the repositioning of the Intelligent Sensing Group (ISG), including the strategy, rationale, and associated revenue impact, and whether this was incremental to previously announced product exits. He also asked about expectations for distribution inventory.

    Answer

    President and CEO Hassane El-Khoury explained the ISG strategy is to focus on high-value machine vision for applications like ADAS, rather than lower-differentiation human vision. CFO Thad Trent clarified the repositioning would result in a $50M to $100M revenue headwind in 2026, which is included within the overall 5% headwind from non-core exits. Trent also stated that distribution inventory is expected to remain within the target 9-11 week range.

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    Blayne Curtis's questions to ON Semiconductor Corp (ON) leadership • Q1 2025

    Question

    Crawford Clark, on behalf of Blayne Curtis, asked for more detail on trends within the Industrial segment and for expectations regarding automotive demand by geography.

    Answer

    CEO Hassane El-Khoury noted that most industrial sub-markets are showing signs of recovery, expressing cautious optimism. For automotive, he highlighted strength in China driven by new EV ramps featuring onsemi's silicon carbide. CFO Thad Trent added that for Q2, industrial revenue is expected to grow mid-to-high single digits, while automotive is expected to decline by a high single-digit percentage.

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    Blayne Curtis's questions to ON Semiconductor Corp (ON) leadership • Q4 2024

    Question

    Blayne Curtis of Jefferies asked if the exit from the $350-$400 million non-strategic business was factored into the March quarter guidance or if it would be an additional impact later. He also requested details on March quarter auto demand by geography.

    Answer

    CFO Thad Trent clarified that the exit from the non-strategic business would occur over a multi-quarter period and is not fully baked into the Q1 guidance; the pace depends on market pricing. CEO Hassane El-Khoury noted that while auto demand is expected to be down generally in Q1, the key factor is the post-Chinese New Year recovery in China, which drove prior growth but is now seeing extended shutdowns.

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    Blayne Curtis's questions to ON Semiconductor Corp (ON) leadership • Q3 2024

    Question

    Blayne Curtis requested more detail on the geographic drivers of the automotive segment's growth and onsemi's positioning in China EVs. He also asked about the timing for revenue contribution from the data center business.

    Answer

    CEO Hassane El-Khoury identified China as the driver of strength in auto and silicon carbide, citing share gains from design wins that are now ramping. He also stated that while the data center business already has some revenue, new products like the T10 TrenchFET have secured design wins and are expected to contribute more significantly to revenue in 2025.

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    Blayne Curtis's questions to Allegro Microsystems Inc (ALGM) leadership

    Blayne Curtis's questions to Allegro Microsystems Inc (ALGM) leadership • Q1 2026

    Question

    Blayne Curtis asked about the future growth drivers in e-mobility, including the timing of TMR and gate drivers, and questioned the materiality of the data center business.

    Answer

    CEO Michael Doogue identified increasing dollar content in ADAS and current sensors in EV as key drivers. He highlighted isolated gate drivers for silicon carbide as a major growth opportunity, noting that sampling has increased significantly. He confirmed data center is a key strategic area with an expanding content footprint, moving beyond fan drivers to current sensors and soon, gate drivers.

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    Blayne Curtis's questions to Allegro Microsystems Inc (ALGM) leadership • Q3 2025

    Question

    Blayne Curtis of Jefferies LLC asked about the outlook for absolute inventory levels, requested an update on the company's fab strategy and its impact on utilization, and sought more color on recent booking trends.

    Answer

    CFO Derek D'Antilio explained that Allegro will continue to build wafer and die bank inventory while reducing finished goods. He detailed the fab mix as primarily UMC and Polar, with TSMC playing a smaller role and a new fab being qualified in China. CEO Vineet Nargolwala noted that the book-to-bill ratio has been above one for a few months and bookings are up 50% year-over-year, signaling positive momentum.

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    Blayne Curtis's questions to Allegro Microsystems Inc (ALGM) leadership • Q2 2025

    Question

    Blayne Curtis of Jefferies questioned the sequential revenue decline guided for December after a strong September, asking what changed and how the auto and industrial segments were performing.

    Answer

    CEO Vineet Nargolwala explained that while the December guidance midpoint is above June's low, lingering inventory digestion and new production cuts in North America and Europe are creating near-term choppiness. He contrasted this with China, where sales grew 54% sequentially as inventory issues have been resolved. Nargolwala also highlighted a key design win for a GaN isolated gate driver, emphasizing its system cost and space-saving benefits.

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    Blayne Curtis's questions to Lam Research Corp (LRCX) leadership

    Blayne Curtis's questions to Lam Research Corp (LRCX) leadership • Q2 2025

    Question

    Blayne Curtis inquired about current trends in the DRAM market, particularly regarding HBM, and asked for more specific drivers behind the guided gross margin decline for the December quarter.

    Answer

    President and CEO Timothy Archer described HBM as a long-term tailwind, noting the transition to HBM4 expands WFE, and highlighted recent wins for the Aqara etch tool as a sign of share gains in DRAM. EVP and CFO Douglas Bittinger clarified the December margin guide reflects a combination of customer mix, product mix, incremental tariffs, and a lower overall revenue level.

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    Blayne Curtis's questions to Lam Research Corp (LRCX) leadership • Q4 2025

    Question

    Blayne Curtis of Jefferies Financial Group Inc. inquired about trends in the DRAM market, particularly concerning HBM, and asked for more clarification on the drivers for the lower December gross margin guidance.

    Answer

    CEO Timothy Archer noted that while HBM is a small part of total DRAM bits, it's a long-term tailwind, with the transition to HBM4 expanding WFE. He highlighted recent wins for Lam's new Aqara etch tool, signaling share gains in the growing DRAM market. CFO Doug Bittinger clarified that the December gross margin decline is due to a combination of less favorable customer and product mix, lower overall revenue, and incremental tariff impacts.

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    Blayne Curtis's questions to Lam Research Corp (LRCX) leadership • Q1 2025

    Question

    Blayne Curtis asked about customer conversations regarding tariffs, specifically if they are pulling in orders or rethinking capacity. He also asked if the gross margin guide includes tariff impacts.

    Answer

    CEO Timothy Archer noted that customers have not made significant changes to their long-term investment plans, which are driven by technology roadmaps rather than short-term tariff news. CFO Doug Bettinger confirmed that an impact from tariffs is factored into the June quarter's gross margin guidance of 49.5% but declined to quantify the specific amount.

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    Blayne Curtis's questions to Lam Research Corp (LRCX) leadership • Q3 2024

    Question

    Blayne Curtis sought to identify which business segment would see the largest impact from the projected sequential revenue decline in China. He also asked for clarification on the timing of the NAND upgrade cycle, questioning if it would begin this year or is strictly a 2025 event.

    Answer

    CFO Douglas Bettinger did not specify the segment but conceded it was 'possible' the CSBG group could be down, given the Reliant business's correlation to specialty node spending in China. CEO Timothy Archer clarified that the positive outlook for NAND technology upgrades is primarily a 2025 story, with specific timing to be determined by customer conversations.

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    Blayne Curtis's questions to Broadcom Inc (AVGO) leadership

    Blayne Curtis's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Blayne Curtis of Jefferies Financial Group inquired about the scale-up networking opportunity, asking for visibility on the timing of shipping Ethernet-based scale-up networks to customers.

    Answer

    CEO Hock Tan stated that the scale-up market is "very rapidly converting to Ethernet now." He emphasized that for Broadcom's key hyperscale customers, the scale-up architecture is already predominantly based on Ethernet.

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    Blayne Curtis's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Blayne Curtis from Jefferies Financial Group inquired about the visibility and timing for Broadcom shipping Ethernet-based 'scale-up' networks to its major hyperscale customers.

    Answer

    CEO Hock Tan stated that the conversion to Ethernet for scale-up architectures is happening very rapidly. He emphasized that for Broadcom's key hyperscale customers, Ethernet is now very much the standard choice for scale-up deployments.

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    Blayne Curtis's questions to Broadcom Inc (AVGO) leadership • Q4 2024

    Question

    Blayne Curtis asked for clarification on AI networking revenue comprising 76% of total networking revenue and inquired about the relative growth trends of custom ASICs versus networking components in recent months.

    Answer

    President and CEO Hock Tan clarified that both custom AI accelerators (XPUs) and networking components were growing. He noted that shipments of AI networking components were particularly strong in the second half of fiscal 2024 and expects that momentum to continue into early fiscal 2025, ahead of a significant ramp in next-generation 3-nanometer XPUs in the second half of 2025.

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    Blayne Curtis's questions to Marvell Technology Inc (MRVL) leadership

    Blayne Curtis's questions to Marvell Technology Inc (MRVL) leadership • Q1 2026

    Question

    Blayne Curtis of Jefferies Financial Group asked about the sustainable gross margin for AI ASICs, questioning if the previously guided range is still accurate and how it might evolve with next-generation programs.

    Answer

    Chairman and CEO Matt Murphy explained that while the overall custom business margin is managed within the expected range, there is a mix. High-volume XPU programs have lower gross margins but generate substantial operating income. CFO Willem Meintjes added that all custom programs are accretive to operating margin, demonstrating the significant leverage in Marvell's model, as seen in recent EPS growth.

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    Blayne Curtis's questions to Marvell Technology Inc (MRVL) leadership • Q3 2025

    Question

    Blayne Curtis asked about the recovery in the enterprise and carrier segments, inquiring how quickly Marvell can return to a $2 billion-plus annual run rate and how broad-based the recovery is.

    Answer

    CEO Matt Murphy confirmed the goal to return to a $2 billion run rate, noting the recovery is progressing faster than anticipated with a mid-teens sequential growth forecast for Q4. He clarified that Marvell is still shipping below end-market consumption. The recovery in carrier is notably driven by Marvell-specific product cycles, such as a new base station processor socket, rather than a broad market rebound.

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    Blayne Curtis's questions to Analog Devices Inc (ADI) leadership

    Blayne Curtis's questions to Analog Devices Inc (ADI) leadership • Q2 2025

    Question

    Blayne Curtis inquired about Analog Devices' current manufacturing strategy regarding in-sourcing versus out-sourcing, especially in light of shifting supply chains, tariffs, and the need for geographic diversity.

    Answer

    CEO Vincent Roche explained that ADI is in a strong position with more than double its pre-pandemic capacity. He noted that internal CapEx was strategically focused on mature nodes (180nm and above), where external investment is scarce but which are critical for industrial and auto products. This 'hybrid' model provides resiliency and flexibility, with ADI partnering with foundries for finer geometry nodes while securing its broad-based business internally.

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    Blayne Curtis's questions to Arteris Inc (AIP) leadership

    Blayne Curtis's questions to Arteris Inc (AIP) leadership • Q1 2025

    Question

    Blayne Curtis from Jefferies asked for more detail on the annual forecast from an end-market perspective and sought clarification on the outlook for operating expenses, particularly whether G&A is still expected to remain flat.

    Answer

    CEO Karel Janac identified AI as the highest-growth area, noting that AI-related projects accounted for about half of design starts in the quarter. He also expressed bullishness on automotive and the increasingly complex microcontroller market. CFO Nicholas Hawkins quantified that AI-related deals now represent over 55% of the business, with automotive and enterprise as the fastest-growing verticals. On OpEx, Mr. Hawkins confirmed that G&A spending has been broadly flat for three years and that strategic investments are being focused on R&D, sales, and field application engineering to drive top-line growth.

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    Blayne Curtis's questions to Coherent Corp (COHR) leadership

    Blayne Curtis's questions to Coherent Corp (COHR) leadership • Q3 2025

    Question

    An analyst on for Blayne Curtis asked about the market traction of Coherent's internally produced EMLs for 800G transceivers and the associated capacity growth plans. A second question requested a breakdown of the upcoming quarter's guidance by business segment.

    Answer

    CEO James Anderson stated that traction for their internal EMLs is strong, as they are used in the majority of Coherent's EML-based transceivers. He reiterated that indium phosphide capacity has tripled year-over-year and the new 6-inch platform, starting production next quarter, will significantly lower costs and increase volume. For guidance, Anderson projected that the data center and communications segment would be sequentially up, while industrial-related markets would be sequentially down.

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    Blayne Curtis's questions to Lumentum Holdings Inc (LITE) leadership

    Blayne Curtis's questions to Lumentum Holdings Inc (LITE) leadership • Q3 2025

    Question

    An analyst on behalf of Blayne Curtis of Jefferies asked about the transceiver business's strong growth, seeking details on the mix between EML and CW lasers and the strategy for in-sourcing versus external sourcing. They also questioned what the customer preference for CW lasers implies for the broader industry.

    Answer

    CEO Michael Hurlston clarified that near-term transceiver growth is driven by externally sourced CW lasers, with plans to incorporate their own lasers early next calendar year. He explained that while customers are using CW-based modules, Lumentum's internal EML capacity is completely sold out and allocated to component sales due to strong differentiation and pricing, with CW production being a strategic addition to participate in a broader market.

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    Blayne Curtis's questions to InterDigital Inc (IDCC) leadership

    Blayne Curtis's questions to InterDigital Inc (IDCC) leadership • Q1 2025

    Question

    Blayne Curtis from Jefferies LLC asked for an update on prospects within the consumer IoT segment for the remainder of the year and sought clarification on the tax rate and other modeling items for Q2.

    Answer

    President and CEO Liren Chen outlined the consumer IoT strategy, focusing on smart TVs with targets like LG, TCL, and Hisense, and building on PC licensing momentum after the HP deal. He also noted progress in connected cars via the Avanti platform. CFO Rich Brezski explained the lower Q1 tax rate was due to a larger tax deduction from stock-based compensation and clarified the non-GAAP EPS denominator adjustment for the convertible debt.

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    Blayne Curtis's questions to Rambus Inc (RMBS) leadership

    Blayne Curtis's questions to Rambus Inc (RMBS) leadership • Q1 2025

    Question

    Blayne Curtis followed up on the tariff situation, asking about order linearity and momentum. He also sought clarity on visibility for product revenue growth in the second half, tied to new server platforms.

    Answer

    CFO Desmond Lynch noted high backlog coverage of over 90% for Q2 and confirmed no unusual pull-forward of demand from customers. CEO Luc Seraphin added that companion chip revenue is expected to grow quarter-over-quarter in the second half, contingent on platform rollouts. He also stated that RCD demand remains robust, as any new platform delays would likely be offset by demand for prior-generation products, supporting the company's 40-50% market share goal.

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    Blayne Curtis's questions to Rambus Inc (RMBS) leadership • Q4 2024

    Question

    Blayne Curtis inquired about the current revenue contribution from companion chips and asked about the timeline for the gap between licensing billings and royalty revenue under ASC 606 to converge.

    Answer

    CEO Luc Seraphin noted an inflection point for companion chip revenue is expected in H2 2025. CFO Desmond Lynch specified their current contribution is in the 'low single-digit' range of product revenue. Regarding ASC 606, Lynch confirmed the gap has narrowed significantly and expects only a small quarterly difference going forward.

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    Blayne Curtis's questions to Rambus Inc (RMBS) leadership • Q3 2024

    Question

    Blayne Curtis from Jefferies asked for clarification on the Silicon IP business's growth rate and revenue lumpiness against its 10-15% target, and also questioned the contribution of DDR4 sales to the strong product revenue growth.

    Answer

    CFO Desmond Lynch reaffirmed the 10-15% annual growth target for Silicon IP, stating the business is on track for approximately 10% growth in 2024. CEO Luc Seraphin added that DDR4 sales remain modest, and the strong double-digit product growth is overwhelmingly driven by market share gains in DDR5, not a recovery in DDR4.

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    Blayne Curtis's questions to Impinj Inc (PI) leadership

    Blayne Curtis's questions to Impinj Inc (PI) leadership • Q4 2024

    Question

    Blayne Curtis inquired about the timing of the inventory correction, asking when Impinj first sensed the issue and how the current correction compares to past cycles in terms of shape and recovery speed.

    Answer

    CFO Cary Baker explained the channel inventory build was due to a mix of demand and timing issues, with demand being the larger factor, citing an unanticipated pullback from a large logistics customer. CEO Chris Diorio added that the company took swift action upon seeing the slowdown and is better positioned than in past cycles with products like Gen2X and M800, but declined to predict the timing of the recovery. Cary Baker emphasized they are not guiding for Q2 and are prudently modeling zero turns for the endpoint IC business in Q1.

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    Blayne Curtis's questions to Advanced Micro Devices Inc (AMD) leadership

    Blayne Curtis's questions to Advanced Micro Devices Inc (AMD) leadership • Q4 2024

    Question

    Blayne Curtis questioned why the sequential growth in the Data Center GPU business appears to be slowing and asked about any shifts in customer demand between training and inference workloads.

    Answer

    CEO Lisa Su explained that after tremendous growth in 2024, the business is now focused on new deployments and customer onboarding during a product transition period in H1, making the MI350 pull-in crucial. She noted that while customers appreciate AMD's inference performance, they also want to see it as a strong training solution, which aligns with the company's roadmap and investment focus.

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    Blayne Curtis's questions to KLA Corp (KLAC) leadership

    Blayne Curtis's questions to KLA Corp (KLAC) leadership • Q3 2024

    Question

    Blayne Curtis sought clarification on KLA's 2025 WFE forecast, which he had misheard, and on the math behind the 2025 China outlook, which seemed to imply strong overall company growth.

    Answer

    CFO Bren Higgins corrected that KLA had updated its 2024 WFE forecast to the high-$90B range but did not provide a 2025 WFE number. CEO Rick Wallace clarified the strategic outlook, stating that KLA's confidence for 2025 is driven by a return to strong, leading-edge investment in advanced logic, HBM, and packaging, which they are seeing in customer conversations and accelerated shipment requests.

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