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    David Liu • Mizuho Securities

    David Liu's questions to MKS Instruments Inc (MKSI) leadership

    David Liu's questions to MKS Instruments Inc (MKSI) leadership • Q2 2025

    Question

    David Liu of Mizuho Financial Group, Inc. requested more color on the end-applications for its HDI/MLB products for AI and asked about the operating expense outlook for the remainder of 2025.

    Answer

    President and CEO John Lee explained it's difficult to specify the end-use but noted that broad customer demand for AI capacity is driving equipment orders. EVP and CFO Ramakumar Mayampurath confirmed the prior $250-260M quarterly OpEx range is a useful guide for Q4, emphasizing a continued focus on balancing cost discipline with long-term investment.

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    David Liu's questions to MKS Instruments Inc (MKSI) leadership • Q1 2025

    Question

    David Liu, on for Vijay Rakesh at Mizuho, asked where customers are maintaining a strong and bullish full-year outlook and how MKS is benefiting. He also inquired about the company's visibility into the WFE (wafer fab equipment) market for 2025 and 2026.

    Answer

    CEO John Lee indicated that dep-etch customers in the semiconductor market are relatively more positive for the second half, driven by tailwinds like backside power and gate-all-around. In packaging, customers investing in capacity for AI applications are very bullish. Regarding long-term WFE, Lee declined to give a specific forecast but reiterated that it's a 'great neighborhood that's getting better,' pointing to the trend of increasing CapEx intensity that could support a $150 billion WFE market when the chip industry reaches $1 trillion.

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