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    CJ Muse • Cantor Fitzgerald

    CJ Muse's questions to SanDisk Corp (SNDK) leadership

    CJ Muse's questions to SanDisk Corp (SNDK) leadership • Q4 2025

    Question

    CJ Muse of Cantor Fitzgerald inquired about the drivers behind the Q1 gross margin guidance, seeking details on underutilization, cost reduction trends, and product mix.

    Answer

    EVP & CFO Luis Visoso explained that while underutilization charges are decreasing significantly to $10-15 million, the primary headwind is approximately $60 million in fab startup costs for the BIX-eight node. He noted these startup costs represent a temporary 300 basis point impact and are expected to decline significantly in Q2 and Q3, becoming a tailwind to margins.

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    CJ Muse's questions to Applied Materials Inc (AMAT) leadership

    CJ Muse's questions to Applied Materials Inc (AMAT) leadership • Q3 2025

    Question

    CJ Muse sought more detail on the Q4 weakness, asking why export licenses are now a challenge for China, the specific cause of the foundry visibility issue, and what trends are being seen in HBM.

    Answer

    CFO Brice Hill clarified that the Q4 China forecast is lower due to customer delivery schedules and digestion, not new license issues. He noted the company is conservatively assuming no revenue from its significant backlog of pending license applications. The leading-edge logic weakness is due to a less linear ramp than modeled, not a specific issue like clean room availability.

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    CJ Muse's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    C.J. Muse inquired about gross margins, asking for an update on the ~48.2% floor, the impact of tariffs, and the long-term trajectory considering value-based pricing, cost reductions, and manufacturing diversification.

    Answer

    CFO Brice Hill confirmed that a low-48s percentage (48.2-48.3%) is the correct current operating level for gross margin, with only a modest impact from tariffs due to a flexible global supply chain. CEO Gary Dickerson emphasized that the company is focused on driving sustainable, long-term margin improvements through both cost reductions and better value capture for its innovations.

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    CJ Muse's questions to Advanced Micro Devices Inc (AMD) leadership

    CJ Muse's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    CJ Muse asked for an outlook on the Instinct accelerator ramp into 2026, including the MI350-to-MI400 transition and customer mix, and also inquired about the planned use of proceeds from the ZT Systems divestiture.

    Answer

    Chair and CEO Lisa Su outlined that the MI355 will ramp through H1 2026, with the MI400 and Helios platform expected to be significant revenue contributors in 2026, initially driven by hyperscalers. EVP, CFO & Treasurer Jean Hu reiterated that proceeds from the ZT sale will follow their capital allocation policy: reinvesting in the business, particularly AI, and returning cash to shareholders via buybacks.

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    CJ Muse's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    CJ Muse from Cantor Fitzgerald requested an overview of the Instinct accelerator ramp into 2026, asking about the MI350-to-MI400 transition timing and the expected customer mix between hyperscalers and sovereign AI. He also asked about the planned use of proceeds from the $3 billion sale of the ZT Systems manufacturing business.

    Answer

    CEO Lisa Su outlined that the focus through the first half of 2026 is the MI355 ramp, with the MI400-based Helios platform expected to be a significant revenue contributor in 2026. She anticipates hyperscalers will drive the initial ramp, with sovereign opportunities following. CFO Jean Hu reiterated AMD's capital allocation strategy for the ZT proceeds: reinvesting in the business, particularly AI, and continuing to return cash to shareholders via buybacks.

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    CJ Muse's questions to GlobalFoundries Inc (GFS) leadership

    CJ Muse's questions to GlobalFoundries Inc (GFS) leadership • Q2 2025

    Question

    CJ Muse of Cantor Fitzgerald asked for a quantification of the expected gross margin uplift in Q4, considering strong non-wafer revenue and ASP headwinds. He also inquired about the outlook for 2026 gross margins and the growth trajectory for the smart mobile segment.

    Answer

    CFO John Hollister anticipated significant Q3-to-Q4 gross margin improvement driven by a stronger product mix, non-wafer revenue, depreciation roll-off, and better utilization. CEO Tim Breen expressed a bullish long-term outlook for the smart mobile market, citing refresh cycles, new form factors like smart glasses, and GFS's opportunity to gain share in areas like haptics, display, and connectivity.

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    CJ Muse's questions to KLA Corp (KLAC) leadership

    CJ Muse's questions to KLA Corp (KLAC) leadership • Q4 2025

    Question

    CJ Muse of Cantor Fitzgerald inquired about the drivers behind management's constructive view on growth in 2026 and asked for more detail on the outlook for domestic China WFE.

    Answer

    EVP & CFO Bren Higgins explained that while it's early to quantify, constructive 2026 discussions are driven by high-performance compute, strong DRAM demand fueled by HBM, and a bottoming in legacy nodes. Regarding China, Higgins noted that after elevated investment in 2023-2024, they expect headwinds in 2025 and likely 2026 as spending normalizes. President & CEO Rick Wallace added that sustained investment in advanced logic and packaging further supports this positive momentum.

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    CJ Muse's questions to KLA Corp (KLAC) leadership • Q2 2025

    Question

    CJ Muse of Cantor Fitzgerald inquired about the drivers behind management's constructive outlook for 2026, asking what factors are needed for firm conviction, and followed up on the domestic China investment outlook for 2026.

    Answer

    EVP & CFO Bren Higgins stated it's early to quantify 2026 but noted encouraging discussions driven by high-performance compute, HBM-fueled DRAM, and a bottoming in legacy markets, while expecting headwinds in China. President & CEO Rick Wallace added that sustained investment in advanced logic provides momentum. Regarding China, Wallace commented it's too early to tell the magnitude of the decline, but their focus is shifting to stronger demand from other customers.

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    CJ Muse's questions to Lam Research Corp (LRCX) leadership

    CJ Muse's questions to Lam Research Corp (LRCX) leadership • Q2 2025

    Question

    CJ Muse asked for a framework outlining the key drivers of Lam Research's expected outperformance versus WFE in 2025 and 2026, and questioned the sustainability of high gross margins given the favorable China mix.

    Answer

    President and CEO Timothy Archer attributed the outperformance to technology inflections like Molybdenum (Moly) adoption, gate-all-around, backside power, and advanced packaging, which increase etch and deposition intensity. EVP and CFO Douglas Bittinger confirmed the current gross margin benefits from a favorable mix but guided for a normalization to around 48% in the December quarter due to a less favorable mix and rising tariffs.

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    CJ Muse's questions to Lam Research Corp (LRCX) leadership • Q4 2025

    Question

    CJ Muse of Cantor Fitzgerald asked for the key drivers of Lam's expected outperformance relative to WFE in 2025 and 2026, and questioned the gross margin outlook, including the impact of China and a potential new normalized level.

    Answer

    President and CEO Timothy Archer attributed outperformance to technology inflections like Moly, gate-all-around, selective etch, backside power, and advanced packaging, noting that etch and deposition intensity is rising faster than WFE. EVP and CFO Doug Bittinger explained that while the current gross margin benefits from a favorable mix, he expects it to normalize to around 48% in the December quarter due to less favorable mix and rising tariffs, declining to provide a longer-term normalized view yet.

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    CJ Muse's questions to Teradyne Inc (TER) leadership

    CJ Muse's questions to Teradyne Inc (TER) leadership • Q2 2025

    Question

    CJ Muse of Cantor Fitzgerald asked about the drivers for Teradyne's more positive outlook, questioning if it's due to a current business pickup or new design wins, and sought a framework for 2026 AI contributions.

    Answer

    President & CEO Greg Smith confirmed the confidence stems from an uptick in AI compute demand in both SoC and memory, driven by wins from 2024 and early 2025. He noted that while the timing of Q4/Q1 ramps is an 'x factor,' these wins will have a more significant impact in 2026. For 2026, he expects a similar DRAM-dominated memory mix and continued strength in VIP and networking compute, with potential upside from merchant suppliers.

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    CJ Muse's questions to Seagate Technology Holdings PLC (STX) leadership

    CJ Muse's questions to Seagate Technology Holdings PLC (STX) leadership • Q4 2025

    Question

    CJ Muse of Cantor Fitzgerald sought to understand the drivers of short-term revenue growth, given the September guidance, and asked when the HAMR ramp would enable the company to support its long-term target of low-to-mid-teens growth.

    Answer

    CEO Dave Mosley explained that near-term supply is dictated by long-term planning and a focus on technology transitions. CFO Gianluca Romano pointed out that the September guidance already reflects ~15% year-over-year growth, in line with their model, and that future growth will come from increasing exabytes via technology rather than unit volume.

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    CJ Muse's questions to Texas Instruments Inc (TXN) leadership

    CJ Muse's questions to Texas Instruments Inc (TXN) leadership • Q2 2025

    Question

    CJ Muse requested more detail on the Q3 gross margin outlook, asking about factory utilization plans and whether the margin pause was solely due to depreciation. He also asked about the financial impact of the increased Investment Tax Credit (ITC) on future CapEx and depreciation.

    Answer

    CFO Rafael Lizardi stated that Q3 gross margin will be flat as higher revenue is offset by increased depreciation, with factory loadings remaining similar to Q2. Regarding the new tax law, Lizardi said the company was pleased, expecting significantly lower cash taxes for several years, which will benefit cash flow. He noted that CapEx plans remain consistent with prior guidance.

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    CJ Muse's questions to NXP Semiconductors NV (NXPI) leadership

    CJ Muse's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    CJ Muse from Cantor Fitzgerald asked for a deeper dive into the automotive recovery, specifically requesting color on growth drivers by geography, and inquired about near-term gross margin drivers beyond utilization and mix.

    Answer

    CEO Kurt Sievers noted that NXP's auto revenue is only 4% below its prior peak and that while China continues to grow, the significant change is the end of inventory burn at Tier 1s in Europe and the US, which allows shipments to track closer to end demand. CFO Bill Betz identified refilling the channel back to the 11-week target and improved costs from annual price adjustments as key near-term gross margin drivers.

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    CJ Muse's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    CJ Muse requested more detail on automotive growth drivers, particularly the trends in China versus non-China, and asked about near-term gross margin drivers beyond utilization and mix.

    Answer

    CEO Kurt Sievers noted that NXP's Q3 guided auto revenue is only 4% below its prior peak, with growth driven by the end of inventory burn at Western Tier-1s, while China remains strong. CFO Bill Betz identified other near-term gross margin levers, including the opportunity to refill the channel to its 11-week target, ongoing cost improvements, and the full-year effect of annual price adjustments.

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    CJ Muse's questions to NXP Semiconductors NV (NXPI) leadership • Q1 2025

    Question

    C.J. Muse inquired about the strategic rationale for NXP's recent acquisitions (Kinara, Aviva, TTTech), questioning if they were offensive or defensive moves, and asked for an update on the automotive inventory correction and geographic demand trends.

    Answer

    CEO Kurt Sievers characterized the acquisitions as clearly offensive, designed to add differentiation to NXP's CoreRide platform for software-defined vehicles globally, not just in China. Regarding automotive, he noted Q2 2025 marks a turning point with year-over-year revenue expected to be flat for the first time in five quarters, driven by stabilizing orders and a pickup in Asia, even as some Western Tier 1s continue to digest inventory. He also reaffirmed a low single-digit price erosion for the full year.

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    CJ Muse's questions to ASML Holding NV (ASML) leadership

    CJ Muse's questions to ASML Holding NV (ASML) leadership • Q2 2025

    Question

    CJ Muse from Cantor Fitzgerald questioned the reduction in the 2025 EUV revenue growth outlook and asked why uncertainty around tariffs has seemingly worsened, prompting a more cautious 2026 outlook compared to 90 days ago.

    Answer

    CFO Roger Dassen clarified the EUV growth revision was from 40% to 30%, with the difference shifting to upgrade revenue. He explained the lower EUV unit count is due to a mix shift to higher-productivity NXE:3800E systems. Both he and CEO Christophe Fouquet stated that tariff discussions have intensified, increasing customer uncertainty and causing them to be more cautious with CapEx plans, thus impacting 2026 visibility.

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    CJ Muse's questions to Micron Technology Inc (MU) leadership

    CJ Muse's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    CJ Muse asked where Micron is seeing tariff-related pull-ins across its DRAM and NAND businesses and what was driving the uptick in the company's DRAM bit outlook for the year.

    Answer

    EVP and Chief Business Officer Sumit Sadana stated that any tariff-related pull-in impact was 'fairly modest' and that aggregate customer demand for the rest of the calendar year remains healthy. He reiterated that the improved 2025 DRAM outlook is driven by robust AI-related data center demand and a firming growth trajectory in the industrial and broad distribution markets, not by tariff effects.

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    CJ Muse's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    CJ Muse of Cantor Fitzgerald asked for details on where Micron is observing tariff-related pull-ins across its DRAM and NAND segments and consumer versus non-consumer markets. He also asked for the drivers behind the increased DRAM bit outlook for the year.

    Answer

    EVP and Chief Business Officer Sumit Sadana stated that any tariff-related pull-in impact was 'fairly modest' in Q3 and that aggregate customer demand for the rest of the calendar year remains healthy. He reiterated that the improved 2025 DRAM outlook is driven by robust AI data center demand and a recovery in industrial markets, not tariff effects.

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    CJ Muse's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    CJ Muse from Cantor Fitzgerald sought clarification on HBM market share, noting that the timeline to reach parity with overall DRAM share seems to have been pulled forward to the second half of the year, and asked about the expected revenue impact and the drivers of HBM growth in calendar 2026 (bits vs. ASP).

    Answer

    Chairman, President & CEO Sanjay Mehrotra confirmed that based on FQ3 results, Micron is already at a greater than $6 billion HBM revenue run rate. He stated it is possible the company will achieve its HBM market share goal earlier than the end of the calendar year due to very strong execution on yield and output, noting the 12-high yield ramp is proceeding faster than the 8-high ramp. He highlighted that this execution and a strong roadmap position Micron well for customer requirements in 2026.

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    CJ Muse's questions to Broadcom Inc (AVGO) leadership

    CJ Muse's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    CJ Muse from Cantor Fitzgerald followed up on the inference opportunity, asking about the optimal workloads for custom silicon and the potential long-term mix between inference and training for the XPU business.

    Answer

    CEO Hock Tan explained that the value of custom accelerators applies to both training and inference. He stressed that the fundamental advantage of custom silicon is the ability for a hyperscaler to co-optimize their proprietary large language models with the hardware over a multi-year roadmap. This deep integration, he argued, unlocks performance levels unattainable with merchant silicon.

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    CJ Muse's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    CJ Muse of Cantor Fitzgerald followed up on the inference opportunity, asking about the specific workloads best suited for custom silicon and what the long-term business mix between inference and training might look like for XPUs.

    Answer

    CEO Hock Tan explained that the fundamental value of custom silicon applies to both training and inference. He emphasized that the key advantage is not just cost, but the ability for a hyperscaler to co-optimize its software algorithms with the silicon over a multi-year roadmap. This tight hardware-software integration, he argued, unlocks performance levels unattainable with merchant silicon.

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    CJ Muse's questions to NVIDIA Corp (NVDA) leadership

    CJ Muse's questions to NVIDIA Corp (NVDA) leadership • Q1 2026

    Question

    CJ Muse of Cantor Fitzgerald asked about the scale of unannounced large GPU cluster investments, similar to recent sovereign AI deals, and how these significant orders are affecting lead times and demand visibility for the Blackwell platform.

    Answer

    President and CEO Jensen Huang confirmed that NVIDIA has more orders now than at GTC and that numerous AI factory projects remain unannounced. He stated that the supply chain is scaling to meet this demand, including new onshore facilities. Huang emphasized that AI is becoming essential infrastructure for every nation, which provides strong, long-term visibility for demand.

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    CJ Muse's questions to Marvell Technology Inc (MRVL) leadership

    CJ Muse's questions to Marvell Technology Inc (MRVL) leadership • Q3 2025

    Question

    CJ Muse asked for a breakdown of the total custom silicon business between AI and non-AI applications, and for insight into the growth prospects for the non-AI portion.

    Answer

    CEO Matt Murphy explained that for the current and next fiscal year, the custom silicon business is "largely driven by AI," as the upside in AI programs has outpaced other opportunities. While non-AI programs are contributing, AI represents the vast majority of the business. He declined to break out specific growth rates but noted that the custom segment would naturally grow faster off a smaller base than the more established interconnect business.

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    CJ Muse's questions to Qualcomm Inc (QCOM) leadership

    CJ Muse's questions to Qualcomm Inc (QCOM) leadership • Q4 2024

    Question

    C.J. Muse asked about the drivers of the IoT business's strong growth in contrast to weakness from peers, and also inquired about the potential margin impact if a large customer were to transition to internal solutions, as noted in the 10-K.

    Answer

    CFO Akash Palkhiwala attributed IoT strength to new product launches in XR and PC, and an inflection in the industrial market towards AI-ready solutions. Regarding the large customer risk, he reiterated the existing three-year agreement for 2024-2026 phone launches, with a planning assumption of share ramping down to 20% for the 2026 launch, noting any better outcome would be upside.

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