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    Cody Grant 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 research with an emphasis on processors, analog, RF, specialty foundry, and disruptive small-cap technologies. He covers major technology companies such as AMD, INTC, and TXN, and is consistently recognized for his high-performing calls, achieving a success rate of approximately 73% and an average return of over 27% on his stock recommendations. Acree's Wall Street career spans over twenty-five years with prior roles at Loop Capital Markets, Drexel Hamilton, Stifel Nicolaus, and as Head of Technology Research at Legg Mason before joining The Benchmark Company, and his background also includes management consulting at Anderson Consulting and service as a U.S. Air Force intelligence officer. He holds the Chartered Financial Analyst (CFA) designation, a BBA in Finance and Economics from Angelo State University, and has twice earned Institutional Investor’s second-place ranking for semiconductor research.

    Cody Grant Acree's questions to SEMTECH (SMTC) leadership

    Cody Grant Acree's questions to SEMTECH (SMTC) leadership • Q4 2025

    Question

    Cody Grant Acree asked for gross margin and OpEx expectations for the full fiscal year. He also requested elaboration on R&D spending priorities for fiscal 2026 and which areas are expected to be the primary growth drivers.

    Answer

    Executive Mark Lin stated that Semtech only guides one quarter at a time but noted that data center growth is accretive to gross margins and OpEx remains prudent. President and CEO Hong Hou added that R&D spending will increase in fiscal 2026 to capture opportunities, with a focus on data center, LoRa, and PerSe (person sensing) for applications in wearables and robotics. He assured this spending would be disciplined, while SG&A would remain largely flat with a focus on leveraging AI for efficiency.

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    Cody Grant Acree's questions to SEMTECH (SMTC) leadership • Q3 2025

    Question

    Cody Grant Acree questioned the specifics of the NVIDIA Blackwell opportunity, particularly regarding the 36x2 rack platform, and whether changes at NVIDIA were impacting the broader ACC market. He also requested a breakdown of the data center opportunity between Fiber/Tri-Edge and ACC/LPO.

    Answer

    CEO Hong Hou confirmed that the 36x2 rack design is a baseline for a leading CSP using Blackwell, but emphasized that counting 200-gig ports is a more relevant long-term metric than tracking specific rack configurations. Executive Mark Lin declined to provide a specific product breakdown for the data center business but stated that all product lines (ACC, PMDs, Tri-Edge) are experiencing robust growth.

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

    Cody Grant Acree's questions to indie Semiconductor (INDI) leadership • Q4 2024

    Question

    Cody Grant Acree noted a peer's more positive commentary on the macro environment and healthier inventory, asking why indie's view seemed more cautious. He also questioned the company's visibility for the remainder of 2025, given the lingering macro issues and tariff uncertainty.

    Answer

    Donald McClymont (executive) acknowledged the mixed feedback from peers but stated that from indie's perspective, the macro environment remains choppy despite improvements in their own inventory levels. He affirmed that the company had already factored a muted market into its plans and remains confident in its 2025 outlook due to a strong pipeline of new product introductions, even with some slower ramps in Q1.

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    Cody Grant Acree's questions to Atomera (ATOM) leadership

    Cody Grant Acree's questions to Atomera (ATOM) leadership • Q4 2024

    Question

    Cody Grant Acree of The Benchmark Company asked for a prioritization of optimism across Atomera's various market opportunities, including GaN, advanced nodes, and power. He also requested details on the newer data center strategy and questioned how the company manages its resources across these diverse segments.

    Answer

    CEO Scott Bibaud countered the idea of stagnant progress, emphasizing the move toward production with ST, deeper engagements in advanced nodes, and the addition of GaN as a new market. He detailed the data center opportunity via the MST-SPX product for 48-volt systems. CFO Frank Laurencio explained that resource management has improved through learnings from ST, strategic hiring in epitaxy, and increased productivity from TCAD tools, allowing them to pursue multiple opportunities effectively while remaining fiscally conservative.

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

    Cody Grant Acree's questions to SILICON LABORATORIES (SLAB) leadership • Q4 2024

    Question

    Cody Grant Acree asked for a breakdown of how much of the consensus 2025 revenue growth would come from the three main drivers (CGM, ESL, smart metering) versus the rest of the business. He also requested details on gross margin puts and takes for the year.

    Answer

    Chief Executive Officer Matt Johnson advised against over-indexing on just the three named applications, pointing to significant growth from WiFi, Bluetooth, and Matter as well. Chief Financial Officer Dean Butler projected continued gross margin improvement toward the mid-to-high 50s target, driven by higher revenue absorption, new design win ramps, and a recovery in the broader, higher-margin industrial distribution business.

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

    Cody Grant Acree's questions to TOWER SEMICONDUCTOR (TSEM) leadership • Q3 2024

    Question

    Cody Grant Acree of The Benchmark Company sought clarification on a new $350 million investment, asking about its payment timeline and the incremental revenue it supports. He also inquired about the nature of customer agreements for RF SOI capacity and asked for color on potential market volatility for active copper cables related to changes at NVIDIA.

    Answer

    CFO Oren Shirazi clarified the $350 million investment will be paid in installments through the end of 2026 and is already incorporated into the company's long-term $2.66 billion revenue model. CEO Russell Ellwanger explained that RF SOI commitments are based on strong, long-term relationships rather than take-or-pay contracts. Regarding active copper cables, he confirmed a minor production hold for a mask change but stated it would not materially impact overall volume.

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