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    Craig Ellis • B. Riley Securities

    Craig Ellis's questions to Rigetti Computing Inc (RGTI) leadership

    Craig Ellis's questions to Rigetti Computing Inc (RGTI) leadership • Q2 2025

    Question

    Craig Ellis of B. Riley Securities questioned how Rigetti ensures its partner, Quanta, maintains development pace as systems scale, and how the company is positioning itself for government funding while awaiting NQI reauthorization.

    Answer

    CEO Subodh Kulkarni expressed confidence in Quanta's capabilities, citing their technical expertise and leadership in the server market. He noted Quanta's high-volume manufacturing strength will become crucial in a few years. While awaiting funding resolutions, Kulkarni stated Rigetti maintains very active engagement with the DOE and DOD, with its technology already deployed in national labs like Fermilab. The relationships remain strong, with both sides ready to expand work once funding is appropriated.

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    Craig Ellis's questions to Rigetti Computing Inc (RGTI) leadership • Q1 2025

    Question

    Craig Ellis asked for specifics on what criteria Rigetti must meet in Stage A of the DARPA program to advance to the next phase. He also inquired about the next steps and reasonable milestones for the strategic relationship with Quanta Computer through the end of 2025 and into 2026.

    Answer

    CEO Subodh Kulkarni stated that to pass DARPA's Stage A, Rigetti must execute its publicly disclosed roadmap, which includes demonstrating its chiplet approach with over 100 qubits at high fidelity. Regarding the Quanta partnership, Kulkarni explained that following the $35 million investment, Quanta will invest $250 million over five years in non-QPU hardware. He expects Quanta to be handling the bulk of control systems R&D by this time next year, allowing Rigetti to focus its R&D on core QPU technology.

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    Craig Ellis's questions to Rigetti Computing Inc (RGTI) leadership • Q4 2024

    Question

    Craig Ellis of B. Riley inquired about the genesis and exclusivity of the strategic partnership with Quanta Computer. He also asked for an update on U.S. government quantum funding initiatives and how Rigetti's significant cash position impacts its near-term spending intensity and long-term path to becoming self-funding. In a follow-up, he sought clarification on the revenue recognition for the two Novera QPU sales in the quarter.

    Answer

    CEO Subodh Kulkarni explained the Quanta partnership originated from a mutual search, with Quanta seeking a leading superconducting quantum partner and Rigetti needing a high-volume manufacturing partner for non-QPU hardware. He confirmed the technology developed is not exclusive. Kulkarni noted a bipartisan $2.5 billion funding bill is expected to pass, benefiting DOE labs Rigetti works with, alongside significant DoD initiatives like the DARPA QBI. He stated that with existing cash and new commitments totaling nearly $500 million, the company is funded for at least three years, allowing a primary focus on R&D. CFO Jeffrey Bertelsen later clarified that both Novera QPU sales were fully recognized in Q4 2024, while revenue from a larger U.K. system sale will be largely complete in Q1 2025.

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    Craig Ellis's questions to Rigetti Computing Inc (RGTI) leadership • Q3 2024

    Question

    Craig Ellis inquired about the outlook for international engagements over the next year following recent successes in Israel and the U.K., and asked for more detail on the company's view of the $7.5 billion total addressable market (TAM) over the next few years.

    Answer

    CEO Subodh Kulkarni stated that technology progress is increasing opportunities with international governments, as nearly 20 countries now have national quantum initiatives. On the TAM, he reiterated the $7.5 billion 5-year figure from IDC, clarifying that Rigetti expects this market to be dominated by on-premise systems and superconducting technology due to speed advantages. He positioned Rigetti to capture a sizable share of this market against key competitors.

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    Craig Ellis's questions to indie Semiconductor Inc (INDI) leadership

    Craig Ellis's questions to indie Semiconductor Inc (INDI) leadership • Q2 2025

    Question

    Craig Ellis from B. Riley Financial inquired about the eMotion3d acquisition, asking if its software could accelerate revenue by intercepting customer ramps or being downloaded to existing products. He also asked for the estimated size of the quantum photonics market by 2030 and Indy's potential share.

    Answer

    Co-Founder, CEO & Director Donald McClymont confirmed eMotion3d's software can ramp faster than hardware and could potentially be switched over in production quickly. EVP - Photonics BU Mathieu Drolet estimated the quantum photonics market could reach $3 billion to $5 billion by 2030, with Donald McClymont adding that Indy aims to capture a large share.

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    Craig Ellis's questions to indie Semiconductor Inc (INDI) leadership • Q1 2025

    Question

    Craig Ellis inquired about the upcoming vision and radar product ramps, seeking both qualitative details on program breadth and quantitative estimates for the second-half 2025 ramp. He also asked for clarification on the Q4 operating expense target after restructuring.

    Answer

    Executive Donald McClymont confirmed that vision and radar product lines each have the potential to exceed $100 million in annual revenue, supported by strategic relationships with Valeo and Bosch. He noted caution regarding the ramp's steepness due to market turbulence but expressed confidence in the peak. Executive Mark Tyndall specified that Q4 OpEx is targeted to be approximately $33 million and is expected to remain flat through the second half of 2026.

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    Craig Ellis's questions to indie Semiconductor Inc (INDI) leadership • Q3 2024

    Question

    Craig Ellis asked about the key product blocks that will drive revenue growth from 2025 towards the 2028 target of over $700 million, and also inquired about design win momentum in China.

    Answer

    Executive Donald McClymont identified ADAS products, specifically vision and radar, as the key long-term growth drivers, supported by continued linear growth in the user experience business. Regarding China, he highlighted a strong presence and design wins with major OEMs like BYD, Li Auto, and Xiaomi, noting the market is dynamic and a critical component of indie's strategy.

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    Craig Ellis's questions to Onto Innovation Inc (ONTO) leadership

    Craig Ellis's questions to Onto Innovation Inc (ONTO) leadership • Q2 2025

    Question

    Craig Ellis of B. Riley Financial inquired about the specific milestones and next steps for the next-generation Dragonfly platform, new customer opportunities, and the key variables driving the forecasted Q4 revenue rebound.

    Answer

    CEO Michael Plisinski confirmed the next-gen Dragonfly passed stringent customer tests for resolution and throughput, with next steps focused on system reliability for shipment. He noted strong pull from additional memory customers, leading to increased production plans for the second half of the year. Plisinski clarified the Q4 rebound is driven by broad customer demand timing and a strong backlog for current products, rather than being dependent on new platform releases.

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    Craig Ellis's questions to Onto Innovation Inc (ONTO) leadership • Q1 2025

    Question

    Craig Ellis asked for an update on the high-bandwidth memory (HBM) market, including potential digestion, and inquired about the second-half outlook for advanced packaging and specialty devices.

    Answer

    CEO Michael Plisinski stated that the outlook for HBM investments remains unchanged. He clarified that a product capability gap, which the company is addressing with a next-generation platform, is primarily related to 2.5D packaging sensitivity requirements, not HBM. For the second half, he noted that difficult year-over-year comparisons and tool slot allocation decisions in 2.5D AI packaging are creating a short-term negative impact.

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    Craig Ellis's questions to Onto Innovation Inc (ONTO) leadership • Q4 2024

    Question

    Craig Ellis questioned how Onto Innovation's 2025 growth will compare to the broader WFE industry's projected 5% growth and asked about the potential for gross margin expansion throughout the year.

    Answer

    CEO Michael Plisinski asserted that Onto expects to 'continue to outperform the WFE numbers... well above 5%.' CFO Mark Slicer added that the company aims to use 55% gross margin as a baseline and improve quarterly, targeting 50 basis points or more of improvement, driven by a favorable product mix from advanced nodes and operational efficiencies.

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    Craig Ellis's questions to D-Wave Quantum Inc (QBTS) leadership

    Craig Ellis's questions to D-Wave Quantum Inc (QBTS) leadership • Q2 2025

    Question

    Craig Ellis of B. Riley Financial inquired about D-Wave's M&A strategy, asking about the types of targets, potential deal sizes, and expected timing for acquisitions.

    Answer

    CEO Alan Baratz explained that while a detailed strategy is not public, the company's strong cash position has made M&A a strategic priority. He indicated D-Wave is exploring acquisitions to accelerate R&D and product development in areas like gate model and quantum AI, with a goal to announce deals in 2025, contingent on finding suitable partners.

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    Craig Ellis's questions to D-Wave Quantum Inc (QBTS) leadership • Q1 2025

    Question

    Craig Ellis asked for details on inbound blockchain partnership opportunities and whether Q1's high gross margin is a proxy for future system sales. He also inquired about the uptick in the sales pipeline and later asked about customer reaction to the long-term technology roadmap presented at Qubits '25.

    Answer

    CEO Alan Baratz stated that D-Wave is exploring blockchain partnerships, which he believes will drive system sales, but noted it's early. CFO John Markovich confirmed the high gross margin is a reasonable proxy for system sales, though variable, and noted the pipeline includes larger firms, leading to longer sales cycles. Baratz added that customers reacted with excitement to the long-term roadmap, anticipating it will unlock new use cases and enhance ROI.

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    Craig Ellis's questions to D-Wave Quantum Inc (QBTS) leadership • Q3 2024

    Question

    Craig Ellis asked how the progress and favorable commentary around the Advantage 2 system are affecting inbound customer interest and when the system is expected to be commercialized on the LEAP platform. He also inquired about the productivity of the recently expanded go-to-market team.

    Answer

    CEO Alan Baratz explained that excitement for Advantage 2 is high, particularly in materials science, driven by its superior performance which enabled the company's quantum supremacy research. He stated the system would be added to the LEAP cloud service 'sooner rather than later' but did not provide a specific date. Regarding the go-to-market team, Baratz noted it is 'early days' for the new hires and that the company expects to see productivity benefits beginning in Q1 of the next fiscal year.

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    Craig Ellis's questions to Axcelis Technologies Inc (ACLS) leadership

    Craig Ellis's questions to Axcelis Technologies Inc (ACLS) leadership • Q2 2025

    Question

    Craig Ellis from B Riley Financial asked for details on silicon carbide customers using the current slowdown for R&D, and inquired about the structural nature of recent gross margin improvements.

    Answer

    President & CEO Russell Low confirmed a technology bifurcation, with China focusing on planar SiC while others advance to 200mm trench and superjunction devices, driving high-energy tool demand. EVP & CFO James Coogan noted that while mix is the primary margin driver, structural gains in warranty and operational costs are contributing, though mix will pressure margins in H2 2025.

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    Craig Ellis's questions to Axcelis Technologies Inc (ACLS) leadership • Q1 2025

    Question

    Craig Ellis inquired about the momentum of the CS&I business for the second half of the year, given the large Purion installed base, and asked about Q2 order intensity and any expected shifts in business mix.

    Answer

    CFO James Coogan explained that Q1 CS&I strength was driven by high-margin spares and that upgrade opportunities remain. He noted the stickiness of the CS&I business is supported by the growing Purion installed base. CEO Russell Low added that Q1 bookings were encouraging at a 0.8x book-to-bill, but it's premature to call it an inflection point, confirming the booking profile aligns with the current general mature and power business focus.

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    Craig Ellis's questions to Axcelis Technologies Inc (ACLS) leadership • Q4 2024

    Question

    Craig Ellis of B. Riley Securities asked for indicators on the timing of the market bottom, whether the digestion in China was offset by strength elsewhere, and for color on the full-year 2025 gross margin and operating expense trajectory.

    Answer

    President and CEO Russell Low noted that business outside of China remains resilient, particularly in the U.S., Europe, and Korea, despite softness in silicon IGBT. EVP and CFO James Coogan explained that Q1 gross margin is expected to be the low point due to volume, mix, and lower CS&I sales, but he anticipates gradual improvement throughout the year. Coogan also stated that OpEx will remain relatively flat year-over-year, with a focus on R&D investment to position the company for future growth, a strategy consistent with past downturns.

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    Craig Ellis's questions to Axcelis Technologies Inc (ACLS) leadership • Q3 2024

    Question

    Craig Ellis inquired about recent order activity trends by end-use and geography, asking for context on momentum from Q2, how Q3 played out, and the outlook for the first half of 2025.

    Answer

    CFO James Coogan explained that softness in the general mature and power markets is driving lower order activity, informing the preliminary view that the first half of 2025 will be lower than the second half of 2024. CEO Russell Low identified memory as a potential bright spot, while Coogan noted 2025 could be down year-over-year without a significant market recovery. Low emphasized that visibility into 2025 remains limited.

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    Craig Ellis's questions to Ichor Holdings Ltd (ICHR) leadership

    Craig Ellis's questions to Ichor Holdings Ltd (ICHR) leadership • Q2 2025

    Question

    Craig Ellis asked if the company's internal production and hiring issues have resulted in any market share losses. He also sought to reconcile Ichor's view of a slightly weaker second half with more optimistic WFE growth commentary from another industry player.

    Answer

    CEO Jeffrey Andreson clarified that there have been no market share shifts in external revenue. He explained that the 'share' issue is internal, as the company is still purchasing some components externally that it plans to insource once operations are fully ramped. Regarding the WFE outlook, Andreson stated that Ichor's view is not materially different and that the company still expects its own revenue growth to outpace the overall WFE market in 2025.

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    Craig Ellis's questions to Ichor Holdings Ltd (ICHR) leadership • Q1 2025

    Question

    Craig Ellis from B. Riley Securities asked for the precise source of the gross margin execution issue and what new monitoring steps are being implemented. He also inquired about the factors that would drive revenue to the low or high end of the Q2 guidance range.

    Answer

    Executive Jeffrey Andreson admitted the issue was a failure to align the forecast for inbound supply from internal machining with the demand from integration sites. He stated that management is now digging deeper into the organization to ensure alignment. For Q2 revenue, he said the low end would result from demand shifting out, while the high end would require customer pull-ins from Q3. Executive Greg Swyt noted H2 OpEx would moderate slightly from H1 levels.

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    Craig Ellis's questions to Ichor Holdings Ltd (ICHR) leadership • Q4 2024

    Question

    Craig Ellis asked for a breakdown of the drivers behind the forecasted 2025 gross margin improvement and for a ranking of the key demand drivers for the year, specifically comparing 3D NAND, DRAM/HBM, and foundry/gate-all-around.

    Answer

    Executive Greg Swyt and Executive Jeffrey Andreson explained that the 2025 gross margin expansion to over 16% will be driven primarily by the ramp of new proprietary products, followed by volume leverage from higher demand. One-time headwinds from Q4 2024 are expected to dissipate by Q2 2025. Regarding demand, Andreson noted that while foundry logic and DRAM are expected to remain strong and steady, the most significant inflection in growth is coming from the recovery in NAND technology investments.

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    Craig Ellis's questions to Ichor Holdings Ltd (ICHR) leadership • Q3 2024

    Question

    Craig Ellis asked for clarification on the calendar 2025 outlook, questioning the dynamics between NAND and DRAM demand and the expected linearity of spending. He also inquired about the potential contribution of proprietary content to gross margin or revenue in 2025.

    Answer

    Executive Jeffrey Andreson confirmed that while DRAM remains strong, the NAND recovery is now anticipated to begin earlier in 2025 than previously expected. He projected that demand levels from Q4 2024 would extend into Q1 2025 before progressing through the year. Regarding proprietary products, Andreson noted they will primarily improve profitability, advising analysts to model a 25 basis point quarter-over-quarter gross margin improvement.

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    Craig Ellis's questions to Rogers Corp (ROG) leadership

    Craig Ellis's questions to Rogers Corp (ROG) leadership • Q2 2025

    Question

    Craig Ellis of B. Riley Financial requested specific examples of how accelerating the 'speed of execution' would benefit Rogers and sought clarification on the total and timing of cost savings, combining the new $13 million initiative with the prior $32 million run-rate program.

    Answer

    Interim President & CEO Ali El-Haj provided examples of improving execution by significantly reducing product lead times and accelerating new product development cycles to win programs faster. SVP, CFO & Treasurer Laura Russell confirmed the cumulative cost savings target is approximately $45 million, clarifying that the incremental $13 million in annual savings is expected to begin materializing in 2026.

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    Craig Ellis's questions to Rogers Corp (ROG) leadership • Q1 2025

    Question

    Craig Ellis from B. Riley Securities asked about the tone of customer conversations regarding tariffs, the development of the curamik opportunity pipeline in China amidst a soft global market, the drivers of Q2 gross margin expansion, and the relative capital intensity of the company's two main business segments.

    Answer

    President and CEO Randall Gouveia described customer conversations as resilient and cooperative, focused on mutual mitigation of tariff impacts. He noted the curamik pipeline in China is expanding with wins from both Western and Chinese OEMs, supported by the new local facility, despite current macro sluggishness. SVP and CFO Laura Russell explained that the Q2 gross margin expansion is driven by favorable product mix and improved volume utilization, and stated that capital intensity for maintenance and past expansion has been relatively balanced between the AES and EMS segments.

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    Craig Ellis's questions to Rogers Corp (ROG) leadership • Q4 2024

    Question

    Craig Ellis of B. Riley Securities asked about the Aerospace & Defense (A&D) business, questioning if its recent growth represents a sustainable lift to the baseline. He also sought more color on the impact of geopolitical uncertainty and potential tariffs on end markets and customer behavior.

    Answer

    President and CEO Randall Gouveia affirmed that Aerospace & Defense is a core business with a solid base, projecting sustainable mid-single-digit long-term growth driven by EMS gasketing technologies and RFS solutions for radars and antennas. Regarding geopolitical risk, Gouveia stated that the company's primary mitigation is its 'local-for-local' manufacturing strategy, which provides flexibility to produce and supply within Asia, North America, and Europe. He noted that current customer hesitance is largely due to broad macroeconomic uncertainty, causing them to be cautious with inventory until there is more clarity.

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    Craig Ellis's questions to Rogers Corp (ROG) leadership • Q3 2024

    Question

    Craig Ellis of B. Riley Securities sought details on the industrial market strategy, asking if recent commentary signaled a strategic refocus and what the revenue potential is for new segments like BESS and data centers. He also inquired about the expected revenue impact from the new China facility's ramp-up in 2025, the reason for the significant Q3 operating expense decrease, the performance of specific portable electronics programs, and the company's current M&A pipeline and appetite.

    Answer

    CEO Colin Gouveia clarified that the company is strategically focusing on growing specific sub-segments like data centers, BESS, and medical with the goal of elevating them out of the 'general industrial' category. While not quantifying the revenue impact of the new China facility, he noted it will enable better service to the local market. Interim CFO Laura Russell explained the Q3 OpEx decrease was due to lower variable compensation and reduced professional services, but noted costs would rise slightly in Q4 for new facility qualifications. Colin Gouveia added that the portable electronics ramp was slower than anticipated due to delays in high-end phone adoption and related software rollouts. On M&A, he confirmed it remains a key strategy, but the market has been slow, though Rogers has identified several potential targets.

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    Craig Ellis's questions to Cohu Inc (COHU) leadership

    Craig Ellis's questions to Cohu Inc (COHU) leadership • Q2 2025

    Question

    Craig Ellis of B. Riley Securities asked about the evolution of customer sentiment regarding 2026 prospects since the last quarter. He also requested details on the new Eclipse Gen 2.5 handler, its specific capabilities, and its potential market impact, particularly for GPUs and APUs.

    Answer

    CEO Luis Müller stated that auto and industrial customers see a steady, progressive recovery into 2026. For the Eclipse 2.5, he highlighted two key features: its high configurability allowing one system to cover multiple applications, and its high power dissipation capability of up to 3,000 watts, which is critical for testing the latest generation of high-end compute and GPU devices. This flexibility is particularly attractive to OSATs.

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    Craig Ellis's questions to Cohu Inc (COHU) leadership • Q1 2025

    Question

    Craig Ellis asked about the business outlook for the second half of 2025, inquiring what customers are signaling regarding their future needs for systems and recurring products. He also asked for clarification on the planned changes to the test cell utilization metric and sought an update on the integration and future prospects of the Tignis acquisition.

    Answer

    CEO Luis Müller expressed cautious optimism, noting positive momentum in system interest but choosing not to provide specific H2 guidance, stating that current consensus estimates feel appropriate. Regarding utilization, he explained the goal is to refine the metric's breakdown by end market (auto, mobile, etc.) without changing the total IDM/OSAT figures. On Tignis, Müller reported strong customer interest and a high level of activity, but indicated it would be about six more months before they could provide concrete financial projections for 2026.

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    Craig Ellis's questions to Cohu Inc (COHU) leadership • Q4 2024

    Question

    In a follow-up, Craig Ellis asked for a more detailed explanation of the go-to-market strategy for Cohu's software business, specifically how DI-Core and Tignis products will be sold to customers.

    Answer

    President and CEO Luis Müller detailed a multi-pronged strategy. The DI-Core vision software will remain a distinct offering. The DI-Core predictive maintenance software will be enhanced with Tignis' AI technology to expand its reach beyond Cohu's equipment to the broader back-end manufacturing space. Separately, Cohu will support the continued growth of Tignis' own software business, which currently serves the front-end manufacturing market.

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    Craig Ellis's questions to Cohu Inc (COHU) leadership • Q3 2024

    Question

    Craig Ellis asked about the apparent turning point in the mobile business, the potential revenue and ramp timeline for the new Neon HBM and silicon carbide die-level burn-in products, and the confidence in Q1 sequential revenue growth.

    Answer

    President and CEO Luis Müller confirmed the mobile segment's year-over-year growth and noted that bookings were up sequentially across all segments, indicating a broader improvement. For the new HBM and silicon carbide products, Müller discussed the significant market opportunities, including a ~$100M market for HBM inspection, but stated it is too early to project a specific revenue ramp. CFO Jeffrey Jones affirmed the Q1 revenue forecast for 10% sequential growth, attributing it to a book-to-bill ratio over 1 in Q4 and stating that typical seasonality is not currently a factor.

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    Craig Ellis's questions to FormFactor Inc (FORM) leadership

    Craig Ellis's questions to FormFactor Inc (FORM) leadership • Q2 2025

    Question

    Craig Ellis from B. Riley Securities sought clarification on the components of the Q3 gross margin guide, specifically asking about HBM startup costs, tariff headwinds, and competitive pricing. He also asked for a high-level breakdown of how FormFactor plans to bridge the 700 basis point gap to its target model gross margin.

    Answer

    CFO Shai Shahar reiterated that no HBM ramp-up costs are in the Q3 guide but confirmed a 1 to 1.5 percentage point headwind from tariffs, with no significant changes in competitive pricing. CEO Michael Slessor explained that bridging the gap to the 47% target gross margin relies on three roughly equal components: volume leverage, ongoing operational cost reductions, and growing market share in higher-value Foundry and Logic applications like GPUs and hyperscaler custom AI.

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    Craig Ellis's questions to FormFactor Inc (FORM) leadership • Q1 2025

    Question

    Craig Ellis from B. Riley Securities inquired about the dynamics with a key customer that returned to the 10% list and asked for the HBM vs. non-HBM revenue mix in Q2 guidance and its implications for achieving target gross margins.

    Answer

    CEO Mike Slessor noted the customer's rebound is tied to their investment in regaining process leadership but emphasized FormFactor's strategic diversification towards HBM and CPO. He stated that Q2 DRAM growth is almost entirely from HBM, with non-HBM remaining flat. CFO Shai Shahar reiterated commitment to the 47% gross margin target, outlining that it requires market recovery, share gains in foundry & logic, and internal cost improvements.

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    Craig Ellis's questions to FormFactor Inc (FORM) leadership • Q4 2024

    Question

    Craig Ellis questioned why end-market volume is currently having such a significant impact on the business, which is historically more dependent on product cycles, and asked about the reasons for a large U.S. microprocessor customer falling off the 10% customer list in Q4.

    Answer

    CEO Mike Slessor clarified that while new designs drive the refresh cycle for probe cards, the quantity sold is directly tied to wafer volumes, which are currently low in key markets like PCs and mobile. He confirmed broad-based weakness in Foundry & Logic, particularly in the microprocessor business, led to no F&L customer reaching the 10% threshold, underscoring the strategic need to qualify at all major customers.

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    Craig Ellis's questions to FormFactor Inc (FORM) leadership • Q3 2024

    Question

    Craig Ellis of B. Riley Securities questioned whether HBM yield improvements could decrease probe card intensity or if technology transitions are too rapid. He also asked about potential digestion from a key U.S. customer and progress on new GPU customer penetration.

    Answer

    CEO Mike Slessor responded that while HBM yields will improve, the fast pace of innovation and capacity expansion, particularly with more die per stack, will likely maintain high test intensity. He characterized customer-specific fluctuations as normal. On GPUs, Slessor reported good progress with a large fabless CPU/GPU maker, expecting qualification in Q4, and is focused on penetrating the advanced packaging business of another major GPU customer.

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    Craig Ellis's questions to Semtech Corp (SMTC) leadership

    Craig Ellis's questions to Semtech Corp (SMTC) leadership • Q1 2026

    Question

    Craig Ellis from B. Riley Financial asked for help dimensioning the data center growth drivers in the second half, particularly the relative contribution of AI connectivity and LPO. He also asked about the SurgeSwitch product's applications and content opportunity.

    Answer

    President & CEO Hong Hou highlighted a broad-based data center growth outlook, with a strong base from core FiberEdge products, supplemented by incremental revenue from new CopperEdge customers, LPO deployments, and new 1.6T drivers. Regarding SurgeSwitch, management described it as an integrated, higher-ASP system-level protection solution for ubiquitous Type-C ports, expanding its addressable market.

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    Craig Ellis's questions to Semtech Corp (SMTC) leadership • Q3 2025

    Question

    Craig Ellis asked for a long-term view on the data center business, questioning how to size the opportunity in 2-3 years now that it has expanded beyond a single customer. He also asked about the expense outlook and whether OpEx would continue to grow at a fraction of revenue.

    Answer

    CEO Hong Hou explained that the company is moving to quantify the data center opportunity by counting the number of 200-gigabit ports rather than specific rack deployments, which provides a more relevant long-term measure. Executive Mark Lin confirmed no one-time expenses are expected and reiterated the model of OpEx growing at about half the rate of revenue, with some investment shifting toward data center opportunities.

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    Craig Ellis's questions to Semtech Corp (SMTC) leadership • Q2 2025

    Question

    Craig Ellis of B. Riley Securities asked for help sizing the potential revenue from new Active Copper Cable (ACC) customer engagements for the next fiscal year and sought a 2-3 year outlook on the business's growth potential.

    Answer

    President and CEO Hong Hou explained that engagements with new ACC customers are still in the early stages, making it premature to quantify the opportunity for next year or provide a multi-year forecast. However, he expressed strong optimism about the directional growth and noted he is actively leveraging his industry network to expand these opportunities, promising a more detailed update on future calls.

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    Craig Ellis's questions to Microchip Technology Inc (MCHP) leadership

    Craig Ellis's questions to Microchip Technology Inc (MCHP) leadership • Q4 2025

    Question

    Craig Ellis asked for specific examples of changes made to improve product development for customers and when investors might see the benefits of these enhancements.

    Answer

    COO Richard Simoncic highlighted the release of Microchip's internal MPLAB AI coding assistant to customers free of charge, which can improve their productivity by over 40%. The company is also developing AI product recommenders and board-level support for Total System Solutions (TSS). The goal is to make designing with Microchip products easier, thereby increasing adoption and design wins.

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    Craig Ellis's questions to Microchip Technology Inc (MCHP) leadership • Q3 2025

    Question

    Craig Ellis asked about the progress in assessing the right level of production capacity and the steps for realignment. He also sought to confirm the timing of the next debt maturity after September 2025.

    Answer

    CEO Steve Sanghi stated the team is 'very far along' in its capacity assessment beyond the closure of Fab 2 and will disclose the full plan on March 3. CFO Eric Bjornholt confirmed that after the September 2025 maturity, the next bond maturity is a $1 billion tranche due in March 2028.

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    Craig Ellis's questions to Kulicke and Soffa Industries Inc (KLIC) leadership

    Craig Ellis's questions to Kulicke and Soffa Industries Inc (KLIC) leadership • Q2 2025

    Question

    Craig Ellis questioned whether the increased utilization in China and Taiwan could be a pull-in of demand ahead of tariffs, potentially leading to below-seasonal demand later in the year. He also asked about the long-term potential of the company's move into the DRAM HBM market, inquiring about its future materiality and customer breadth.

    Answer

    CFO Lester Wong responded that the high utilization is not expected to cause a future drop-off; rather, customers are running equipment at higher-than-normal rates due to caution around tariffs, delaying new capacity buys. President and CEO Fusen Chen addressed the memory opportunity, stating that while the company has high share in NAND, the focus is now on DRAM. He highlighted the VerticalWire solution for DDR, which can reduce form factor by over 30%, with the first production ramp expected in the first half of 2026 with a leading customer.

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    Craig Ellis's questions to Kulicke and Soffa Industries Inc (KLIC) leadership • Q1 2025

    Question

    Craig Ellis asked about customer sentiment regarding the need for incremental capacity given anemic end-market demand, the quantifiable value of AI-related opportunities, and the timeline for high-bandwidth memory (HBM) volume shipments.

    Answer

    CEO Fusen Chen expressed bullishness for the second half of fiscal 2025, citing a prolonged downturn and upcoming capacity needs, particularly in China. He projected Advanced Packaging revenue to grow to $275-$300 million in 2025. For HBM, Chen and CFO Lester Wong clarified that while a system may ship by year-end, commercial revenue is expected in 18-24 months, likely in calendar 2026.

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    Craig Ellis's questions to Amkor Technology Inc (AMKR) leadership

    Craig Ellis's questions to Amkor Technology Inc (AMKR) leadership • Q1 2025

    Question

    Craig Ellis sought clarification on the linearity of the Communications segment's strength in Q1 and asked if the RDL-based opportunity would generate revenue this year. He also asked if the company's prior full-year outlook of 'flat to modestly up' revenue with a 40-60 first-half/second-half split was still valid.

    Answer

    CEO Giel Rutten described Q1 communications revenue as fairly linear and solid throughout the quarter. He confirmed that investments in RDL technology will generate revenue this year, highlighting that the equipment is fungible across HPC applications. CFO Megan Faust addressed the full-year view, explaining that because the first half has been stronger than expected, the H1/H2 revenue split will be more moderate. She refrained from giving a new full-year guide due to market dynamics.

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    Craig Ellis's questions to Amkor Technology Inc (AMKR) leadership • Q4 2024

    Question

    Craig Ellis asked for a breakdown of the 2024 computing growth between AI PCs and GPU systems and their expected 2025 contributions, and also requested a ranked list of company-specific growth drivers for 2025.

    Answer

    CEO Giel Rutten identified GPU-based systems for AI data centers as the primary driver of 2024 computing growth. For 2025, he outlined key drivers as: regaining the SiP socket in communications, upside in advanced automotive products, opportunities in compute (tempered by China restrictions), and a full year of a new consumer wearable program. He emphasized a solid pipeline across segments rather than a single breakout opportunity.

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    Craig Ellis's questions to Amkor Technology Inc (AMKR) leadership • Q3 2024

    Question

    Craig Ellis asked about the gross margin outlook for the first half of 2025, potential new growth programs for 2025 similar to the major wins in 2024, and key milestones for the Vietnam and Arizona factory ramps next year.

    Answer

    CFO Megan Faust projected margin expansion in 2025, driven by the gradual recovery of underutilized markets like Automotive, Industrial, and traditional servers, as well as growth in the high-margin 2.5D business. CEO Giel Rutten identified potential 2025 growth drivers including an AI-driven communications up-cycle, the power module partnership with Infineon for EVs, and continued strength in computing. For milestones, Rutten noted Vietnam is ramping SiP and memory in Q4, while Arizona's progress is linked to the TSMC partnership and CHIPS funding.

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    Craig Ellis's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership

    Craig Ellis's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership • Q2 2025

    Question

    Craig Ellis asked about the performance of AI-accelerator products versus expectations, seeking clarity on whether underperformance was due to product issues, market share, or platform ramp timing. He also inquired about reports of thermal issues, the potential growth contribution from server system boards versus cards, and the primary drivers for calendar 2025 growth beyond unit expansion, such as content and share gains. Finally, he asked about strategies to improve gross margins amid competitive pricing pressure.

    Answer

    Executive Stephen Chang clarified that the softness in AI-accelerators was due to a customer's transition to a new platform, not an AOSL product issue, and confirmed AOSL is a contender for the new design expected to ramp mid-year. He declined to comment on specific thermal issue reports but reiterated excitement for the data center opportunity. Chang identified AI, with its increasing power requirements and total solution sales (controller plus power stage), and smartphones, with higher charging currents driving BOM content, as the top growth drivers for 2025. Executive Yifan Liang added that gross margin improvement will come from new, higher-margin products, increased utilization, and internal cost reduction efforts.

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    Craig Ellis's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership • Q1 2025

    Question

    Craig Ellis sought clarification on segment guidance and then asked for details on AI-related socket wins, the potential dollar content per unit, the impact of desktop market share gains, and the current competitive pricing environment.

    Answer

    Executive Stephen Chang clarified that a projected 30% decline was for the Consumer segment, not Communications. He detailed that near-term AI opportunities are in next-gen graphics and AI accelerator cards, where AOSL's BOM content could increase from about $5-$6 to a range of $7 to over $20 per unit by providing a total solution. He also confirmed desktop share gains are helping the Computing segment grow against seasonal trends. Executive Yifan Liang added that pricing pressure has intensified, leading to high single-digit annual ASP erosion, which the company is countering with new product introductions.

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