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David Liu

Senior Analyst at Mizuho Securities USA LLC

David Liu is a Senior Analyst at Velan Capital, specializing in healthcare and biotechnology equity research, with prior experience at Altium Capital and Iguana Healthcare. He has covered a range of small- and mid-cap therapeutics and biopharma companies, utilizing deep expertise acquired from nearly a decade of sector-focused investing. Liu began his career as an equity research associate at RBC Capital Markets before joining Iguana Healthcare, Altium Capital, and later Velan Capital in 2023. He holds a PhD in Molecular Biology from Weill Cornell Graduate School of Medical Sciences, a BS from Stanford University, and has built a track record of in-depth company analysis and successful investment recommendations in the biotech sector.

David Liu's questions to MKS (MKSI) leadership

Question · Q2 2025

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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Question · Q1 2025

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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