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    Cody Grant Acree • The Benchmark Company

    Cody Grant Acree's questions to Semtech Corp (SMTC) leadership

    Cody Grant Acree's questions to Semtech Corp (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 Corp (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 Inc (INDI) leadership

    Cody Grant Acree's questions to indie Semiconductor Inc (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 Silicon Laboratories Inc (SLAB) leadership

    Cody Grant Acree's questions to Silicon Laboratories Inc (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 Ltd (TSEM) leadership

    Cody Grant Acree's questions to Tower Semiconductor Ltd (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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