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Christopher Caso

Managing Director and Senior Analyst at Wolfe Research

Christopher Caso is a Managing Director and Senior Analyst at Wolfe Research, specializing in semiconductors and semiconductor capital equipment, where he covers major technology companies such as Apple, NVIDIA, Advanced Micro Devices, Intel, and ON Semiconductor. Over his career, he has issued 806 ratings with a 61% success rate and an average return of 23.5% per rating, ranking #104 among nearly 10,000 Wall Street analysts according to TipRanks and holding an 83.7% price target met ratio. Caso began his career on the buy-side at AllianceBernstein before moving to Raymond James and Credit Suisse, and joined Wolfe Research in 2023, bringing more than 20 years of industry and equity research experience. He holds an MBA and maintains professional credentials with documented expertise in institutional research and investment analysis.

Christopher Caso's questions to TEXAS INSTRUMENTS (TXN) leadership

Christopher Caso's questions to TEXAS INSTRUMENTS (TXN) leadership • Q3 2025

Question

Christopher Caso asked what had changed in general market conditions and the recovery pace since the last earnings call, given earlier optimism for a stronger recovery. He also inquired about the thought process behind reducing wafer starts and utilization, how long these lower loadings would be maintained, and what would trigger an increase.

Answer

CEO Haviv Ilan acknowledged that the recovery, initially rapid in Q2, proved to be more moderate and below trend line, attributing it to customer hesitancy due to macroeconomic uncertainty and regulatory clarity, particularly in industrial. He explained that wafer start reductions are a mechanical adjustment to prevent inventory growth with lower revenue, with future increases dependent on revenue and demand over the next 6-12 months.

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Christopher Caso's questions to TEXAS INSTRUMENTS (TXN) leadership • Q3 2025

Question

Christopher Caso asked about the change in the recovery pace since the last earnings call, noting a shift from earlier optimism to a slower pace. He also inquired about the thought process behind the reduction in wafer starts and utilization, how long this would continue, and what conditions would prompt an increase in loadings.

Answer

CEO Haviv Ilan acknowledged that the Q2 recovery was not as sharp as initially thought, describing the current pace as moderate and below trend line, one of the slowest historically. He attributed customer hesitancy (especially in industrial) to macroeconomic uncertainty and trade rules, while highlighting strong investment in data centers. Mr. Ilan explained that wafer starts are mechanically reduced to prevent inventory growth with lower Q4 revenue, and future loading increases depend on revenue growth.

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Christopher Caso's questions to TEXAS INSTRUMENTS (TXN) leadership • Q4 2024

Question

Christopher Caso asked about the sharp divergence in performance and margins between the analog and embedded businesses, and followed up on the business environment in China, particularly in the industrial sector.

Answer

Executive Haviv Ilan stated the performance divergence is cyclical, as the embedded business entered the downturn about a year after the analog business. Executive Rafael Lizardi added that embedded margins are disproportionately impacted by the underutilization of the LFAB factory. Regarding China, he noted that Q4 business grew, driven by automotive and personal electronics, while the industrial market in the region has not yet begun a cyclical recovery.

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Christopher Caso's questions to SITIME (SITM) leadership

Christopher Caso's questions to SITIME (SITM) leadership • Q2 2025

Question

Christopher Caso of Wolfe Research asked for a breakdown of growth expectations by segment for the Q3 guidance and inquired about the company's policy on including new mobile design wins in its forecast.

Answer

CFO Beth Howe stated that the Comms, Enterprise, Data Center (CED) segment, driven by AI, is expected to be the strongest growth area, with consumer markets also showing typical second-half seasonal strength. CEO Rajesh Vashist confirmed that the company's policy is to only include mobile revenue in guidance when visibility is clear. He noted that they now have sufficient visibility for the current year's mobile business, which is factored into the updated forecast of over 40% annual growth.

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Christopher Caso's questions to SITIME (SITM) leadership • Q1 2025

Question

Christopher Caso of Wolfe Research, LLC questioned the validity of the full-year 25-30% growth outlook, the specific levers for achieving the 60% gross margin target, and how SiTime's content per unit grows in new data center technologies.

Answer

Executive Rajesh Vashist reaffirmed the 25-30% base business growth outlook, citing product differentiation and a strong design win funnel. CFO Beth Howe identified margin levers as improved costs and yields on new products, manufacturing leverage from higher revenue, and other cost structure improvements. Rajesh Vashist clarified that data center growth comes less from higher dollar content per socket and more from an increasing number of design wins, greater customer penetration, and architectural changes that increase the density of SiTime's products.

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Christopher Caso's questions to SITIME (SITM) leadership • Q4 2024

Question

Christopher Caso of Wolfe Research questioned the outlook for operating expense leverage as revenue grows and asked about SiTime's competitive position in China's automotive market compared to the West.

Answer

CFO Beth Howe stated she expects revenue to grow significantly faster than OpEx, potentially at more than double the rate. CEO Rajesh Vashist explained that SiTime's position is strong in innovative applications, and since much automotive innovation is currently centered in China, about 30-40% of SiTime's auto business comes from that region.

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Christopher Caso's questions to SITIME (SITM) leadership • Q3 2024

Question

Christopher Caso inquired about the timeline and expected revenue benefit from penetrating the clock market, and also asked for the longer-term view on the company's margin structure and operating leverage.

Answer

Executive Rajesh Vashist stated that the clocking business is on a trajectory to reach ~$100 million in revenue in the 'coming few years,' driven by design wins from the Aura acquisition that have a ~2-year cycle. CFO Beth Howe reiterated that revenue will grow much faster than OpEx, pointing to the 75% gross profit flow-through in Q3 as evidence of the model's strong operating leverage.

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Christopher Caso's questions to ANALOG DEVICES (ADI) leadership

Christopher Caso's questions to ANALOG DEVICES (ADI) leadership • Q2 2025

Question

Christopher Caso asked if the Q2 automotive pull-in has normalized, such that the second half of the year will reflect true end demand, and inquired about the puts and takes for both the auto and industrial segments going forward.

Answer

Executive Richard Puccio confirmed they do not expect any incremental pull-in impact in Q3, and the outlook reflects an accelerating recovery, particularly in the industrial market. Based on Q2 results and Q3 trends, he expressed increased confidence that full-year revenue growth will be at the higher end of the previously guided 7% to 10% range, while maintaining caution due to tariff uncertainty.

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Christopher Caso's questions to APPLIED MATERIALS INC /DE (AMAT) leadership

Christopher Caso's questions to APPLIED MATERIALS INC /DE (AMAT) leadership • Q2 2025

Question

Chris Caso asked for a qualitative outlook into the next year, inquiring about the key factors to watch for in WFE models and management's level of conviction that it will be a growth year.

Answer

CFO Brice Hill framed the outlook against the long-term secular trend of the semiconductor market reaching over $1 trillion by 2030, suggesting a model of smooth, durable growth driven by AI. He avoided a specific forecast for the next year but pointed to ongoing industry investments as a strong positive signal, noting Applied has grown for five consecutive years and is up 7% year-to-date.

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Christopher Caso's questions to APPLIED MATERIALS INC /DE (AMAT) leadership • Q2 2025

Question

Chris Caso asked for a qualitative outlook into the next fiscal year, inquiring about the areas where management feels most confident in growth, the key signals investors should watch, and the overall conviction level that it will be a growth year.

Answer

CFO Brice Hill framed the outlook within the company's long-term view of the semiconductor market reaching over $1 trillion by 2030, implying a trajectory of growth over time. He advised watching for enduring trends like AI and tangible industry investments—from cloud providers, foundries, and Applied's own EPIC center—as the key signals, rather than focusing on predicting specific year-over-year growth.

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Christopher Caso's questions to APPLIED MATERIALS INC /DE (AMAT) leadership • Q1 2025

Question

Christopher Caso asked about the company's level of confidence in its customer forecasts across different segments like leading-edge logic and ICAPS.

Answer

CFO Brice Hill explained that confidence and visibility are fairly high with larger customers in leading-edge logic and memory, as they have requested longer-term forecasts post-COVID. He noted that visibility is lower for the 'long tail' of the ICAPS market, particularly in China, where forecasts have historically been more volatile.

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Christopher Caso's questions to MICROCHIP TECHNOLOGY (MCHP) leadership

Christopher Caso's questions to MICROCHIP TECHNOLOGY (MCHP) leadership • Q4 2025

Question

Christopher Caso inquired about the potential macroeconomic impact of tariffs, whether customers were pulling in demand, and asked for details on margin leverage, including current headwinds and how leverage will be realized as revenue returns.

Answer

CEO Steve Sanghi explained that the direct impact from tariffs is minimal, as less than 4% of parts are made in China and are not shipped to the U.S. He noted that a stress-test scenario showed no further manufacturing cuts would be needed. CFO J. Bjornholt added that the main margin headwinds are underutilization charges (over $54 million last quarter) and inventory reserves, both of which are expected to decrease significantly as revenue grows, leading to substantial gross margin leverage.

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Christopher Caso's questions to MICROCHIP TECHNOLOGY (MCHP) leadership • Q3 2025

Question

Christopher Caso asked about the company's commitment to its dividend, given that free cash flow is not currently covering it. He also inquired about manufacturing competitiveness without internal 300mm fabs and the company's 'China for China' strategy.

Answer

CEO Steve Sanghi affirmed their commitment to the dividend, calling the cash flow shortfall a short-term issue that will resolve as inventory is reduced. On manufacturing, he argued their foundry-based 300mm strategy is cost-competitive. He also stated he would discuss the 'China for China' strategy on the March 3 investor call.

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Christopher Caso's questions to MICROCHIP TECHNOLOGY (MCHP) leadership • Q2 2025

Question

Christopher Caso asked for color on business performance by geography, particularly the sharp weakness in Europe, and whether China was providing any offset. He also requested clarification on the plan to borrow to fund the dividend.

Answer

CEO Ganesh Moorthy attributed Europe's weakness to its high concentration in the hard-hit industrial and automotive markets. He noted that Greater China is not showing the same level of weakness as Europe or the Americas. Moorthy and executive J. Bjornholt clarified that any borrowing for the dividend is a temporary measure to manage cash flow timing, with the intent to repay it from future free cash flow to avoid a structural increase in debt while maintaining the capital return policy.

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Christopher Caso's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership

Christopher Caso's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership • Q4 2025

Question

Christopher Caso from Wolfe Research asked new CEO Mike Doogue about any potential strategic shifts he plans to implement and requested insight into the board's thought process regarding the recent acquisition offer from ON Semiconductor.

Answer

CEO Michael Doogue said he plans to accelerate existing strategies, with a deeper focus on product innovation and 'cost innovation' initiatives like converting to copper wire to improve margins. Regarding the ON Semi offer, Doogue stated the board fulfilled its fiduciary duties and presented a path for engagement, which ON Semi declined to pursue, emphasizing Allegro's confidence in its standalone growth prospects.

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Christopher Caso's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership • Q3 2025

Question

Christopher Caso of Wolfe Research, LLC asked if the 200 basis point gross margin headwind would be recaptured, what the company's long-term gross margin target is, and whether pricing in the industrial channel has now normalized.

Answer

CFO Derek D'Antilio confirmed the 200 bps impact is specific to Q4 and that cost reductions will benefit fiscal '26. He reiterated the long-term 58% gross margin target and the 60-65% incremental drop-through model. He also noted that industrial channel pricing, which is market-based, has stabilized after declining over the past year.

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Christopher Caso's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership • Q2 2025

Question

Christopher Caso of Wolfe Research asked for details on the company's strategy to localize its supply chain in China, including the timeline and potential margin implications.

Answer

CEO Vineet Nargolwala confirmed that Allegro is localizing both wafer supply and OSAT (assembly and test) in China to better serve local xEV customers. He stated that the first parts from a new OSAT partner are on track to ship by the end of the calendar year, ahead of schedule. CFO Derek D'Antilio added that over time, this move to a local China supply chain is expected to be accretive to gross margins.

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Christopher Caso's questions to Qorvo (QRVO) leadership

Christopher Caso's questions to Qorvo (QRVO) leadership • Q4 2025

Question

Christopher Caso asked for details on the assumptions behind the potential 'high single-digit millions' quarterly tariff impact and whether the previous fiscal '26 outlook of flat revenue and 150 bps margin expansion remains a valid model.

Answer

CFO Grant Brown explained the tariff figure represents a 'worst-case' scenario and detailed Qorvo's mitigation strategies, highlighting that the 'substantial transformation' of its products in Asia designates a new country of origin, minimizing direct impact. Regarding the fiscal '26 outlook, Brown confirmed the company is executing on substantive changes like exiting certain businesses to improve margins and has not seen anything to materially change its forward view, though he acknowledged potential indirect tariff impacts.

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Christopher Caso's questions to Qorvo (QRVO) leadership • Q3 2025

Question

Christopher Caso of Wolfe Research sought to reconcile comments about content growth at Qorvo's largest customer with the forecast of 'flat to modestly up' revenue in fiscal '26. He also asked about long-term growth drivers with that customer and the reason for a potential large increase in the company's tax rate.

Answer

CFO Grant Brown explained the fiscal '26 forecast for its largest customer reflects uncertainties in volume and model mix, with a likely weaker first half and stronger second half. CEO Bob Bruggeworth outlined growth opportunities through gaining share in existing sockets, winning the ET PMIC with an internal modem, and competing for new integrated modules. Brown confirmed the tax rate could rise from ~11% to 18-19% due to new global regulations, calling it a conservative but uncertain estimate.

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Christopher Caso's questions to SKYWORKS SOLUTIONS (SWKS) leadership

Christopher Caso's questions to SKYWORKS SOLUTIONS (SWKS) leadership • Q2 2025

Question

Christopher Caso asked new CEO Philip Brace about his initial strategic vision for Skyworks and inquired about the recovery in the broad markets business, specifically regarding inventory normalization and future growth trajectory.

Answer

CEO Philip Brace stated his focus is on leveraging Skyworks' core wireless technology to expand into adjacent growth areas. He also noted that the inventory correction in broad markets is largely complete, with growth being driven by WiFi 7 adoption, automotive connectivity, and long-term data center trends, though the infrastructure segment remains choppy.

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Christopher Caso's questions to GLOBALFOUNDRIES (GFS) leadership

Christopher Caso's questions to GLOBALFOUNDRIES (GFS) leadership • Q1 2025

Question

Christopher Caso sought clarification on underutilization payments, asking if that headwind is now finished and its year-on-year impact on the gross margin goal. He also asked about the potential direct cost impact from tariffs and the company's ability to pass those costs to customers.

Answer

CFO John Hollister confirmed that the headwind from underutilization payments is now largely behind them and represented several points of gross margin that the company is overcoming. He estimated the annualized cost impact from tariffs at around $20 million, which is minimal and comprehended in guidance, and noted the company will look to pass it through commercially. CEO Timothy Breen added that the impact is low due to a diversified global supply chain.

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Christopher Caso's questions to GLOBALFOUNDRIES (GFS) leadership • Q4 2024

Question

Christopher Caso of Raymond James asked for the Q1 2025 end-market outlook, particularly the drivers of automotive strength, and for a detailed walkthrough of the path to achieving a 30% gross margin by the end of the year.

Answer

CEO Thomas Caulfield explained that year-over-year growth is driven by share gains in automotive from prior design wins and a recovery in the communications infrastructure & data center market. CFO John Hollister detailed the path to a 30% exit gross margin, citing improved factory utilization, structural cost improvements, a ~15% reduction in D&A costs, and an enriching product mix as key drivers.

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Christopher Caso's questions to GLOBALFOUNDRIES (GFS) leadership • Q3 2024

Question

Christopher Caso of Wolfe Research asked for clarification on the impact of customer unutilization payments heading into 2025 and sought to confirm the magnitude of the Q1 sequential revenue decline. He also asked for a bigger-picture view on balancing the tailwind of geographic supply diversification against the headwind of customers producing locally in China.

Answer

CFO John Hollister confirmed that the impact from customer unutilization payments is becoming less material and will continue to be so in the first half of next year. CEO Thomas Caulfield confirmed the math on the Q1 sequential outlook. Regarding geopolitics, Caulfield described the "China for the rest of the world" strategy as a significant tailwind, noting Chinese fabless companies need a geographically diverse partner like GF for their global business. He believes this tailwind more than offsets the headwind from "local for local" production in China.

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Christopher Caso's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership

Christopher Caso's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q1 2025

Question

Christopher Caso asked about the significance of power solutions for custom AI projects within the enterprise data segment and the related content opportunity. He also requested more detail on what is driving the increased confidence for enterprise data revenue in the second half.

Answer

CFO Bernie Blegen noted that as AI products demand higher power in smaller footprints, MPS's innovation is a key advantage, with several new market entrants expected to ramp in the second half. CEO Michael R. Hsing added that the dollar content opportunity is significant, potentially reaching hundreds of millions in a half-year period. On the increased confidence, both executives reiterated it's due to having more positive data points and being closer to the second half, rather than a single event.

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Christopher Caso's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q4 2024

Question

Christopher Caso sought clarification that the 'flattish, back-half weighted' outlook applied to the entire enterprise data segment and asked what was driving that dynamic. He also questioned if revenue, excluding enterprise data, would follow a stable upward trajectory through the year.

Answer

EVP and CFO Bernie Blegen confirmed the observation was accurate, stating that the back-half weighting is driven by the expected revenue ramps for new SoCs and tensor processor products from both existing and new customers. He also highlighted the 'trickle-down effect' of growth in related areas like memory, optical, and networking. CEO Michael Hsing and Bernie Blegen avoided giving a quarter-by-quarter forecast, emphasizing their long-term focus and the difficulty in predicting the exact timing of customer ramps.

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Christopher Caso's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q3 2024

Question

Christopher Caso asked for a breakdown of the Q4 guidance by end market and whether the changing revenue mix, particularly the growth in Enterprise Data, would affect historical seasonality into the March quarter. He also inquired about the outlook for the traditional server business in 2025.

Answer

EVP and CFO Bernie Blegen stated that for Q4, no end market is expected to change by more than plus or minus mid-single digits, creating a narrow range. He declined to provide a view on March seasonality. CEO and Founder Michael Hsing added that the company doesn't focus on seasonality, but on design wins turning into revenue. Regarding traditional servers, Hsing confirmed that volumes for Sapphire Rapids are picking up and that MPS will be a significant supplier for VR14. Vice President of Finance Tony Balow noted this ramp would also pull through demand for products like DDR5 memory.

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Christopher Caso's questions to QUALCOMM INC/DE (QCOM) leadership

Christopher Caso's questions to QUALCOMM INC/DE (QCOM) leadership • Q2 2025

Question

Christopher Caso requested a breakdown of the drivers for the 10% year-over-year growth in handsets, specifically the relative contributions from the China business versus its other large customer. He also asked about the growth trajectory and margin profile of the PC business as it expands into lower price points.

Answer

Akash Palkhiwala attributed the handset growth primarily to a stronger premium tier mix in the Android market, a multi-year trend where devices over $400 are expanding as a percentage of the market. He also highlighted strong PC traction, with 9% share in key retail markets for laptops over $600 and a roadmap now addressing multiple price points, positioning QUALCOMM to achieve its long-term targets.

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Christopher Caso's questions to QUALCOMM INC/DE (QCOM) leadership • Q1 2025

Question

Christopher Caso of Wolfe Research questioned how the share gain at Samsung might affect typical June quarter seasonality and asked about the impact of higher Snapdragon price points on Qualcomm's ASPs and OEM customers.

Answer

CFO Akash Palkhiwala explained that typical seasonality, with Q3 being the low point, is expected to remain as the Samsung share gain is already factored into Q1 and Q2 guidance. He added that higher ASPs are driven by consumer demand for more features and reflect increased wafer costs, a trend supported by a market mix-shift toward premium devices.

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Christopher Caso's questions to QUALCOMM INC/DE (QCOM) leadership • Q4 2024

Question

Christopher Caso asked for characterization of the handset market rebound, questioning if it was broad-based or concentrated in the premium tier, and whether accelerated China launches reflected market improvement or just timing. He also inquired about the licensing business.

Answer

CFO Akash Palkhiwala attributed the handset strength primarily to the launch of the new premium-tier Snapdragon 8 Elite chipset, which OEMs are rapidly adopting. For the licensing (QTL) business, he confirmed the Q1 guidance reflects normal seasonality after adjusting for the extra week that was present in Q4.

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Christopher Caso's questions to NXP Semiconductors (NXPI) leadership

Christopher Caso's questions to NXP Semiconductors (NXPI) leadership • Q1 2025

Question

Chris Caso requested details on the progress of NXP's 'China-for-China' strategy, specifically regarding domestic supply capabilities. He also asked for clarification on the path to achieving the 23% operating expense target in H2 2025 following recent acquisitions.

Answer

CEO Kurt Sievers detailed that the 'China-for-China' strategy involves both product roadmapping and manufacturing, with about 30% of wafer manufacturing for that business currently sourced in China. CFO Bill Betz addressed the OpEx question, stating that restructuring activities are ahead of plan to make room for incoming employees from acquisitions, expressing confidence in hitting the 23% target in H2 2025 under various revenue scenarios.

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Christopher Caso's questions to NXP Semiconductors (NXPI) leadership • Q4 2024

Question

Christopher Caso of Wolfe Research requested quantification and timing for the end-of-life impact on digital networking products and asked about the sustainability of NXP's strength in China, including measures to prevent over-shipping.

Answer

CEO Kurt Sievers confirmed the affected digital networking products were about 30% of the comms infra segment exiting 2024 and that declines will continue for several quarters. He stated that China's growth (up 4% in 2024 for NXP) is driven by content gains and OEM market share shifts, not inventory builds, and is supported by NXP's 'China for China' strategy, including local manufacturing and dedicated business leadership.

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Christopher Caso's questions to NXP Semiconductors (NXPI) leadership • Q3 2024

Question

Christopher Caso inquired about the dynamics of channel and internal inventory, and asked if management believes the market is approaching a bottom.

Answer

CEO Kurt Sievers confirmed that the channel inventory increase was partly intentional and partly due to weaker-than-expected sell-through. CFO Bill Betz stated internal inventory will remain elevated for a few quarters, but NXP is proactively reducing foundry purchases. Regarding the market bottom, Kurt Sievers expressed caution due to macro uncertainty but expects Q1 to follow a normal seasonal pattern, which for NXP is a high single-digit sequential decline.

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Christopher Caso's questions to ASML HOLDING (ASML) leadership

Christopher Caso's questions to ASML HOLDING (ASML) leadership • Q1 2025

Question

Inquired about the expected direct impact of tariffs on full-year gross margins and whether the current tariff situation accelerates the trend of geographic fab diversification, which could be positive for WFE spending.

Answer

It is impossible to quantify the full-year tariff impact on gross margin due to uncertainties, but ASML's position is that the burden should be passed on in the value chain. While fab diversification could drive more tool demand due to inefficiencies, the current tariff uncertainty is a counteracting factor, making it a story of puts and takes.

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Christopher Caso's questions to ASML HOLDING (ASML) leadership • Q4 2024

Question

Christopher Caso asked if the current situation is similar to the start of last year with good backlog coverage but potential for changes, and what specific risks could push results to the low end of the 2025 guidance. He also inquired about the growth outlook for 2026.

Answer

CFO Roger Dassen distinguished this year from last, noting the 2025 guidance implies clear growth around 15% at the midpoint, unlike the flatter outlook given a year ago. CEO Christophe Fouquet identified potential customer pushouts and geopolitics as the primary risks that could lead to the lower end of the range, though he noted the risk of pushouts is lower than last year. For 2026, Roger Dassen stated it is viewed as a 'potential growth year' but it's too early for specifics.

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Christopher Caso's questions to ASML HOLDING (ASML) leadership • Q4 2024

Question

Christopher Caso asked if the current outlook is similar to the start of the previous year, with good backlog but potential for changes, and inquired about the specific risks that could lead to the lower end of the 2025 guidance. He also asked for an early view on 2026.

Answer

CFO Roger Dassen distinguished this year from the last, highlighting a clear growth perspective of around 15% at the midpoint. CEO Christophe Fouquet identified potential customer pushouts and geopolitical factors as the primary risks for the low end of the guidance. For 2026, management sees it as a potential growth year but noted it is too early for specifics.

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Christopher Caso's questions to MICRON TECHNOLOGY (MU) leadership

Christopher Caso's questions to MICRON TECHNOLOGY (MU) leadership • Q2 2025

Question

Christopher Caso asked about Micron's exposure to lower-end legacy products like DDR4 and LP4 and whether their impact on margins would become minimal in the second half of the year. He also questioned if Micron could increase HBM capacity to maintain its market share goals for next year, given the rising TAM.

Answer

CEO Sanjay Mehrotra stated that D4 and LP4 revenue would constitute about 10% of total revenue for the rest of the fiscal year and would diminish over time. Regarding HBM, he affirmed the company's focus on increasing capacity to meet its goal of achieving an HBM market share equivalent to its overall DRAM share by the end of calendar 2025, which implies a higher share for the full calendar year 2026.

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Christopher Caso's questions to KLA (KLAC) leadership

Christopher Caso's questions to KLA (KLAC) leadership • Q4 2024

Question

Christopher Caso from Wolfe Research, LLC asked if the impact from China restrictions would be stable throughout the year and at what point gross margin leverage would materialize, given the flat 62% guidance.

Answer

CFO Bren Higgins confirmed the China impact was modeled consistently throughout the year. CEO Rick Wallace explained that gross margin is most affected by product mix and expects leverage to return as revenue accelerates, keeping margins in the 60-65% range. He noted that while packaging has a lower margin rate, its dollar contribution is significant.

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Christopher Caso's questions to Marvell Technology (MRVL) leadership

Christopher Caso's questions to Marvell Technology (MRVL) leadership • Q3 2025

Question

Christopher Caso asked for expectations on gross margins and operating leverage for the upcoming year, particularly as the lower-margin custom silicon business continues to ramp.

Answer

CFO Willem Meintjes stated that despite the custom ramp, Marvell sees a path to maintain a non-GAAP gross margin above 60% next year, supported by strong optics growth and recovery in other segments. He highlighted significant operating leverage, with operating margin guided to expand from 30% in Q3 to 33% in Q4. He expects this trend to continue, with revenue outgrowing OpEx and operating margin approaching the long-term target range by the end of next year.

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Christopher Caso's questions to INTEL (INTC) leadership

Christopher Caso's questions to INTEL (INTC) leadership • Q3 2024

Question

Christopher Caso asked about the flexibility within Intel's 2025 CapEx and OpEx plans given the need for technology investment. He also questioned the rationale for the 'Better Together' strategy versus other potential strategic moves for the foundry.

Answer

CFO David Zinsner explained that the $17.5B OpEx plan is 'pretty firm,' while CapEx has flexibility, primarily in tooling out capacity, which will be managed to achieve positive adjusted free cash flow. CEO Pat Gelsinger added that the established EUV fleet provides more leverage across nodes. Regarding strategy, Gelsinger defended the 'Better Together' model, stating that while a subsidiary structure provides operational separation for foundry customers, the synergies from Intel Products' volume, co-development, and cash flow are highly beneficial.

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Christopher Caso's questions to ON SEMICONDUCTOR (ON) leadership

Christopher Caso's questions to ON SEMICONDUCTOR (ON) leadership • Q3 2024

Question

Christopher Caso asked if the lower capital intensity target was structural or a function of low utilization, and what revenue level the current footprint could support. He also inquired about the 2025 outlook for silicon carbide, specifically the mix of growth from penetration versus EV units.

Answer

CFO Thad Trent and CEO Hassane El-Khoury explained the lower CapEx is due to achieving efficiency targets early, not low utilization, and that the current footprint can support future growth. Hassane El-Khoury added that SiC growth in 2025 will be driven by both lumpy but positive EV unit growth and, importantly, rising SiC penetration rates as 800-volt platforms expand.

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Christopher Caso's questions to LAM RESEARCH (LRCX) leadership

Christopher Caso's questions to LAM RESEARCH (LRCX) leadership • Q3 2024

Question

Chris Caso asked for an update on DRAM market trends for next year and whether the outlook had changed recently. He also asked if it was reasonable to assume China's revenue mix would fall below 30% for the full year 2025, given the Q4 exit rate.

Answer

CFO Douglas Bettinger confirmed the DRAM outlook has not changed, with growth expected next year driven by the DDR5 product cycle and HBM demand. Regarding the 2025 China mix, he agreed it was 'not unreasonable' to think it could trend below 30% for the full year but deferred providing a specific numerical forecast until the next earnings call.

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Christopher Caso's questions to Broadcom (AVGO) leadership

Christopher Caso's questions to Broadcom (AVGO) leadership • Q3 2024

Question

Christopher Caso asked about the custom AI revenue contribution from customers other than Broadcom's largest, and what the ramp expectations are for these newer projects.

Answer

President and CEO Hock Tan confirmed that Broadcom is now engaged with three meaningful customers for custom AI accelerators. He clarified that a customer is only considered as such when they are shipping production volumes for deployment in AI data centers, not just at the proof-of-concept stage.

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