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Chris Casso

Managing Director and Senior Equity Analyst at Wolfe Research

Chris Caso is a Managing Director and Senior Equity Analyst at Wolfe Research, specializing in semiconductors and semiconductor capital equipment within the computer and technology sector. He covers 22 companies including AMD, TXN, MPWR, LRCX, and others, with a strong performance track record featuring a 74.42% success rate and average return of 37.15% according to Stock Analysis, alongside 60% buy recommendations out of 85 total ratings per MarketBeat. Caso joined Wolfe Research in summer 2023 from Credit Suisse and previously Raymond James as senior US semiconductor analyst, with earlier roles at CLSA Americas, Susquehanna Financial, FBR Capital Markets, Schwab SoundView, Quadrum Capital, and Stratix Asset Management, plus over nine years of industry experience at BOC Edwards; he holds an MBA from New York University’s Stern School of Business and a B.S. in Engineering from The Cooper Union.

Chris Casso's questions to KLA (KLAC) leadership

Question · Q2 2026

Chris Casso asked about the relative growth of memory versus Foundry Logic for 2026, considering clean room space constraints, and how it shapes up, particularly in the second half. He also inquired about the impact of rising utilization rates and tight market conditions on KLA's service growth for 2026 and into 2027, given the normalized 12%-14% target.

Answer

CFO Bren Higgins expects DRAM to grow faster than Foundry Logic in 2026, driven by HBM and conventional memory demands. He forecasts Foundry Logic WFE up 10-15% and DRAM WFE up 15-20%, with Flash being slower. He confirmed that higher utilizations, a growing and longer-living install base, opportunities in memory and packaging, and acquired businesses are all driving service growth. He expressed confidence in operating at the higher end of the 12%-14% target range over time.

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