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    Cody Acree

    Managing Director and Senior Equity Research Analyst at The Benchmark Company

    Cody Acree is a Managing Director and Senior Equity Research Analyst at The Benchmark Company, specializing in semiconductor and technology sector research with deep expertise across processors, analog, RF, specialty foundry, and disruptive small-cap technologies. He covers a wide range of companies including Advanced Micro Devices (AMD), Intel, Qualcomm, Texas Instruments, Skyworks Solutions, Broadcom, and Silicon Laboratories, with a track record featuring a price target met ratio over 70% and an average return of 27.1%, consistently ranking in the top percentiles on platforms such as TipRanks. Acree began his analyst career over twenty-five years ago, previously holding roles at Loop Capital Markets, Drexel Hamilton, Stifel Nicolaus, and serving as Head of Technology Research at Legg Mason before joining Benchmark. He is a Chartered Financial Analyst (CFA), holds a BBA in Finance and Economics from Angelo State University, and has twice earned second-place recognition for Semiconductor research from Institutional Investor.

    Cody Acree's questions to SEMTECH (SMTC) leadership

    Cody Acree's questions to SEMTECH (SMTC) leadership • Q2 2026

    Question

    Cody Acree of The Benchmark Company sought clarification on the ACC ramp timeline for cloud service providers, asking if the early 2026 expectation was a change from a prior Q4 forecast. He also requested an outlook on gross margin and OpEx spending trends.

    Answer

    CEO Hong Ho clarified that while some platform timing is tied to switch availability, which has shifted slightly, the ramps for 800G ACC and 1.6T ACC for scale-up are still expected in Q4. CFO Mark Lin added that gross margin remains mix-driven, with accretive data center growth offsetting some headwinds. He assured that OpEx spending would remain prudent while funding key organic growth opportunities.

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    Cody Acree's questions to SEMTECH (SMTC) leadership • Q1 2026

    Question

    Cody Acree of The Benchmark Company asked about seasonality expectations for the second half of the year and inquired about the primary drivers for gross margin and operating expenses going forward.

    Answer

    President & CEO Hong Hou noted that outside of typical consumer seasonality, he expects a broader market recovery in industrial and accelerating capex in data center to drive the second half. EVP & CFO Mark Lin stated that gross margin will remain dependent on product mix, while OpEx will be driven by continued investments in R&D and the expansion of the technical sales force.

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    Cody Acree's questions to SEMTECH (SMTC) leadership • Q2 2025

    Question

    Cody Grant Acree from The Benchmark Company inquired about the increased Total Addressable Market (TAM) for Semtech's Active Copper Cable (ACC) solutions, seeking details on the calculation and the factors driving the upward revision.

    Answer

    President and CEO Hong Hou clarified that the previous TAM was a 'floor case' based on a single customer and platform. He stated that the opportunity for that specific platform now exceeds the prior forecast and that engagement has since expanded to multiple other customers for similar ACC opportunities. Hou emphasized the vast potential market as data centers inevitably upgrade from passive Direct Attach Copper (DAC) cables to ACCs to meet higher signal integrity requirements, with shipments expected to begin in Q3 and ramp from there.

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    Cody Acree's questions to indie Semiconductor (INDI) leadership

    Cody Acree's questions to indie Semiconductor (INDI) leadership • Q2 2025

    Question

    Cody Acree from The Benchmark Company LLC sought details on the number of RADAR and vision programs ramping in late 2025 and 2026, and the basis for management's confidence. He also asked if the eMotion3d acquisition would create a separate licensing model or be integrated into existing products.

    Answer

    Co-Founder, CEO & Director Donald McClymont expressed confidence based on linear execution and initial trickle orders, particularly in vision. He clarified that eMotion3d's software will be sold alongside Indy's chips under a separate pricing model to preserve its value, generating 'multiple dollars per instance,' and will not be given away.

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    Cody Acree's questions to indie Semiconductor (INDI) leadership • Q1 2025

    Question

    Cody Acree asked for details on the competitive landscape and business velocity in China, particularly in the context of recent tariffs. He also inquired about the current state of channel inventory and its effect on visibility.

    Answer

    Executive Donald McClymont clarified that his earlier comments on competition referred to the OEM level, where Chinese automakers are gaining share, not at the semiconductor level where indie's products remain differentiated. He stated that tariffs have not had a direct impact due to their 'China for China' supply chain. He also noted that there have been no material changes to channel inventory in the last quarter.

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    Cody Acree's questions to indie Semiconductor (INDI) leadership • Q3 2024

    Question

    Cody Acree questioned why the strategic backlog growth of 12% wasn't higher given major vision and radar wins, and asked for more detail on the program ramps expected for those products next year.

    Answer

    Executive Donald McClymont clarified that while new business wins were substantial, the net backlog growth figure accounted for some well-publicized program pushouts. He added that machine vision is already ramping across many OEMs and models, and radar is expected to ramp with multiple OEMs through 2026, becoming a significant growth driver.

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    Cody Acree's questions to SILICON LABORATORIES (SLAB) leadership

    Cody Acree's questions to SILICON LABORATORIES (SLAB) leadership • Q2 2025

    Question

    Cody Acree requested more detail on the application wins and ramps driving strength in WiFi. He also asked about the potential timeline for challenging the company's prior revenue highs from 2022, given the current trajectory and design win pipeline.

    Answer

    CEO Matt Johnson highlighted the Roku battery-powered camera as a key WiFi design win, showcasing their strength in long-battery-life applications. While declining to provide a specific timeline for reaching prior revenue peaks, he emphasized the significant growth potential, noting they have secured over 6 billion units in Series 2 design wins that have not yet shipped, on top of the introduction of the next-generation Series 3 platform.

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    Cody Acree's questions to SILICON LABORATORIES (SLAB) leadership • Q1 2025

    Question

    Cody Acree asked for the expected revenue split between the Home & Life and Industrial & Commercial segments for the June quarter and requested details on which end markets are most exposed to potential tariffs.

    Answer

    CFO Dean Butler stated that the revenue mix for the June quarter is expected to remain consistent, at approximately 55% for Industrial & Commercial and 45% for Home & Life. CEO Matt Johnson explained that due to Silicon Labs' broad exposure across numerous customers and applications, it is difficult to identify any single end market that is uniquely susceptible to tariffs as they are currently understood.

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    Cody Acree's questions to SILICON LABORATORIES (SLAB) leadership • Q3 2024

    Question

    Cody Grant Acree from The Benchmark Company questioned what the flat revenue outlook implies about underlying end-customer consumption levels and asked for an early perspective on Q1 seasonality and first-half order trends.

    Answer

    CEO Robert Johnson clarified that the market has not yet returned to true end-consumption levels, as some customer inventory destocking is still ongoing. He emphasized that future growth will be driven by design win ramps. CFO Dean Butler added that an increase in short-lead-time orders has reduced visibility into Q1, but noted that significant design win ramps are expected to be a key factor, potentially offsetting typical seasonality.

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    Cody Acree's questions to TOWER SEMICONDUCTOR (TSEM) leadership

    Cody Acree's questions to TOWER SEMICONDUCTOR (TSEM) leadership • Q2 2025

    Question

    Cody Acree from The Benchmark Company LLC asked for more detail on which business segments would drive sequential growth in the second half of the year and whether the company was fully booked or had available capacity for near-term upside.

    Answer

    CEO Russell Ellwanger identified RF Infrastructure (silicon germanium and silicon photonics) as the primary growth driver, noting SiPho revenue could more than double in 2025. He also highlighted a strong rebound in RF Mobile, continued strength in Power Management, and growth in Sensors. Ellwanger confirmed that while Fabs 2 and 9 are focused on ramping new capacity, their 60% utilization rate provides room for immediate upside business, complemented by the flexibility of Tower's global manufacturing footprint.

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    Cody Acree's questions to TOWER SEMICONDUCTOR (TSEM) leadership • Q1 2025

    Question

    Cody Grant Acree inquired about the new Envelope Tracking business, including its size and accounting treatment. He also asked for an update on the Silicon Photonics (SiPho) business outlook, the impact of tariffs on customer sentiment, the status of the previously discussed India project, the ramp at the Agrate fab, and the manufacturing location for the new power management business.

    Answer

    CEO Russell Ellwanger explained that the Envelope Tracking business is a high-volume win accounted for in Power Management, but declined to provide specific revenue figures due to customer confidentiality. He confirmed the SiPho business is on track to double its 2024 revenue in 2025. Regarding tariffs, he noted customer concern but no impact on orders, citing Tower's global manufacturing flexibility. Ellwanger clarified that Tower had withdrawn from the India project months ago, rendering recent media reports baseless. He also confirmed the Agrate fab ramp began in Q4 and that the Envelope Tracker is currently produced in Japan, with plans for New Mexico.

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    Cody Acree's questions to TOWER SEMICONDUCTOR (TSEM) leadership • Q4 2024

    Question

    Cody Grant Acree asked about the expected contraction in the RF mobile market, the impact of fab ramps on margins, the weighting of revenue growth in 2025, and the outlook for operating expenses.

    Answer

    CEO Russell Ellwanger clarified that the total RF mobile business is expected to decline in the 'upper teens' for the year, driven by Android market weakness, while the Apple-related business remains stable. He also guided for a significant acceleration in growth in the second half of 2025. CFO Oren Shirazi explained that margin headwinds from the Agrate fab ramp were fully reflected in Q4 2024 and that the Q4 operating expense level should remain flat throughout 2025.

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