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    Chris Caso • Wolfe Research LLC

    Chris Caso's questions to Analog Devices Inc (ADI) leadership

    Chris Caso's questions to Analog Devices Inc (ADI) leadership • Q3 2025

    Question

    Chris Caso inquired about the overall business conditions in China, asking about performance beyond the strong auto sector and whether there were any signs of pull-forwards in other Chinese markets.

    Answer

    EVP & CFO Richard Puccio stated that while China auto is strong, ADI is now seeing year-over-year growth across all industrial end markets in the region. He noted that these non-auto markets remain 35-50% below their prior peaks, suggesting significant runway for recovery rather than indicating a pull-forward.

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    Chris Caso's questions to Applied Materials Inc (AMAT) leadership

    Chris Caso's questions to Applied Materials Inc (AMAT) leadership • Q3 2025

    Question

    Chris Caso asked about the significance of revenue from multinational customers in China during Q3 and whether the China revenue levels seen in Q2 and guided for Q4 are the correct run-rate for the next few quarters.

    Answer

    CFO Brice Hill described the revenue from multinationals in China as 'noticeable' in Q3 but 'very small' in the Q4 forecast. He confirmed that the Q2/Q4 level, which represents a 15-20% decline from fiscal 2024, is the right level to assume for the next several quarters.

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    Chris Caso's questions to Microchip Technology Inc (MCHP) leadership

    Chris Caso's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Chris Caso asked for an estimate of how much Microchip is currently under-shipping end demand, particularly for its direct customers, and whether the inventory correction is larger for direct or distribution channels.

    Answer

    CEO Steve Sanghi explained that quantifying the under-shipment to direct customers is difficult due to operational complexity but believes the inventory correction will continue for some time. He stated that, directionally, direct customers likely built up more inventory during the supply crunch as they were prioritized, suggesting their current inventory correction is more significant than at distributors.

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    Chris Caso's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Chris Caso asked for an estimate of how much Microchip is currently under-shipping actual end demand, particularly for its direct customers. He followed up by asking whether the under-shipment is greater for direct customers compared to distribution customers.

    Answer

    CEO Steve Sanghi stated that while they have a sense of the under-shipment level, the data is anecdotal and not 'audit proof' enough to share publicly, especially for the diverse direct customer base. However, he directionally confirmed that during the supply crunch, direct customers were prioritized and likely built higher inventory levels than distributors. Therefore, he believes the inventory correction and under-shipping are probably more significant at direct customers.

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    Chris Caso's questions to Skyworks Solutions Inc (SWKS) leadership

    Chris Caso's questions to Skyworks Solutions Inc (SWKS) leadership • Q3 2025

    Question

    Chris Caso of Wolfe Research asked about any significant changes in the handset business over the last 90 days regarding content or unit sales, and how the extra week in the September quarter might affect December's seasonality.

    Answer

    CEO Philip Brace highlighted that strong unit demand and a favorable product mix have benefited the company, reflecting trends also mentioned by their top customer. He refrained from guiding for the December quarter, citing historical volatility. VP of Investor Relations Rajvindra Gill clarified that the extra week in the September quarter impacts operating expenses but not the revenue guidance.

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    Chris Caso's questions to GlobalFoundries Inc (GFS) leadership

    Chris Caso's questions to GlobalFoundries Inc (GFS) leadership • Q2 2025

    Question

    Chris Caso from Wolfe Research asked for more detail on the ASP declines in the mobile segment, the rationale behind them, and their expected impact on future volume and margins. He also inquired about the company's capacity and ability to maintain low CapEx levels.

    Answer

    CEO Tim Breen clarified that the ASP adjustments were deliberate, long-term strategic decisions made in partnership with a few dual-sourced mobile customers to secure socket longevity and increase market share. He emphasized that GFS has available capacity and future investments will be highly capital-efficient, with over 50% of CapEx expected to be supported by government programs.

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    Chris Caso's questions to Monolithic Power Systems Inc (MPWR) leadership

    Chris Caso's questions to Monolithic Power Systems Inc (MPWR) leadership • Q2 2025

    Question

    Chris Caso inquired about the full-year guidance for the Enterprise Data segment, which was previously guided as flat plus or minus 20%, and asked for commentary on macro uncertainty and potential customer pull-ins that competitors have noted.

    Answer

    EVP & CFO Bernie Blegen stated that while not providing specific Q4 guidance, he expects Q4 to be up sequentially from a strong Q3. Founder, Chairman, President & CEO Michael Hsing added that they remain comfortable with the initial full-year outlook. Regarding macro concerns, Hsing emphasized MPS's focus on internal execution, while Blegen reiterated a 'cautiously optimistic' stance due to strong demand but short lead times.

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    Chris Caso's questions to Allegro Microsystems Inc (ALGM) leadership

    Chris Caso's questions to Allegro Microsystems Inc (ALGM) leadership • Q1 2026

    Question

    Chris Caso asked for details on business trends in China for direct and distribution customers, and for the company's outlook on pricing heading into annual negotiations.

    Answer

    CEO Michael Doogue described a robust business in China with strong e-mobility design win momentum with local OEMs, driven by a strategy of differentiation at the high-end. On pricing, Mr. Doogue expects to land in a normal, low-single-digit year-over-year price reduction environment, consistent with automotive contracts, and does not see tariffs or supply tightness significantly altering that outlook.

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    Chris Caso's questions to Qualcomm Inc (QCOM) leadership

    Chris Caso's questions to Qualcomm Inc (QCOM) leadership • Q3 2025

    Question

    Chris Caso of Wolfe Research LLC followed up on the December quarter outlook, asking about the potential for Chinese OEMs to pull forward launches and the impact of an extra week in the prior year's quarter. He also questioned the spending impact of entering the data center business and the financial effects of the AlphaWave acquisition.

    Answer

    CFO & COO Akash Palkhiwala reiterated that the business remains strong and that December will be the seasonally strongest quarter, despite the Apple share dynamic. Regarding spending, he explained that OpEx is managed by reallocating existing spend towards growth areas like the data center, and the company will remain disciplined.

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    Chris Caso's questions to Qorvo Inc (QRVO) leadership

    Chris Caso's questions to Qorvo Inc (QRVO) leadership • Q1 2026

    Question

    Chris Caso asked for the expected revenue run-rate for the China Android business by the end of the fiscal year. He also inquired about the outlook for the Samsung business, considering the exit from mid-range models versus gains in the high-end, and whether a successful internal Samsung chipset would benefit Qorvo.

    Answer

    SVP & CFO Grant Brown clarified that the China Android exit run-rate would be higher than the suggested $20-30 million, as Qorvo will still target premium tiers, but confirmed the business will trend down from its current sub-$100 million level. President & CEO Robert Bruggeworth stated a successful internal Samsung baseband would be a positive for Qorvo. SVP of Sales and Marketing Dave Fullwood added that Qorvo's content in Samsung's next spring flagship would likely decline due to increased competition.

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    Chris Caso's questions to Texas Instruments Inc (TXN) leadership

    Chris Caso's questions to Texas Instruments Inc (TXN) leadership • Q2 2025

    Question

    Chris Caso inquired about the company's fab loading plans for the second half of the year and their target for internal inventory levels, given the cautious outlook. His follow-up sought a deeper understanding of the automotive market, including customer tone and inventory levels.

    Answer

    CFO Rafael Lizardi described the ideal strategy of maintaining stable factory loadings through cycles but noted the need for flexibility. CEO Haviv Ilan characterized the automotive market as being in a 'holding pattern,' with customers ordering cautiously and in real-time. He suggested a recovery might lag the industrial market's timeline, as its cycle peaked later.

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    Chris Caso's questions to ASML Holding NV (ASML) leadership

    Chris Caso's questions to ASML Holding NV (ASML) leadership • Q2 2025

    Question

    Chris Caso of Wolfe Research inquired about the trends in the memory market given the dip in quarterly revenue and bookings, and asked if the strength in China revenue for 2025 could negatively impact 2026 due to potential pull-ins.

    Answer

    CEO Christophe Fouquet noted that 2025 memory revenue remains strong and at similar levels to 2024, with the recent increase in logic investment being the main mix driver. CFO Roger Dassen added that Q2's lower memory bookings followed several very strong quarters. Regarding China, he reiterated that ASML sees healthy, sustained demand and not a pattern of pull-ins followed by a collapse.

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    Chris Caso's questions to Micron Technology Inc (MU) leadership

    Chris Caso's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    Chris Caso of Wolfe Research requested clarification on the comment regarding potential 'tariff related pull-ins' by customers, asking about the impact on inventory levels and the outlook for bit demand.

    Answer

    Chairman, President & CEO Sanjay Mehrotra clarified that while some tariff-related pull-ins may have occurred, the impact is considered 'relatively modest.' He stressed that customer inventory levels are healthy overall and that customers continue to signal a constructive demand environment for the remainder of the calendar year. He asserted that Micron's strong performance and outlook are fundamentally driven by solid execution in the growing AI market, not by inventory pull-ins.

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    Chris Caso's questions to Marvell Technology Inc (MRVL) leadership

    Chris Caso's questions to Marvell Technology Inc (MRVL) leadership • Q1 2026

    Question

    Chris Caso of Wolfe Research LLC asked for an outlook on the second half of the fiscal year, specifically regarding the expected performance of the custom silicon business and the ongoing recovery in the carrier and enterprise segments.

    Answer

    Chairman and CEO Matt Murphy stated that despite macroeconomic uncertainties, Marvell sees continued strong demand in AI and data center. He also expects the recovery in its enterprise networking and carrier infrastructure businesses to continue and grow throughout the rest of the year, creating a positive setup for fiscal 2027.

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