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CEO Subodh Kulkarni expressed high confidence in achieving the 100+ qubit system with 99.5% fidelity by year-end, attributing this to the scalability of their proprietary chiplet architecture. However, he cautioned that accelerating the 3-4 year timeline to quantum advantage is complex, as it requires hitting four key metrics simultaneously: 1,000+ qubits, 99.9%+ fidelity, error correction, and gate speeds under 50 nanoseconds. He noted that challenges in areas like system cabling and error correction remain.

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CEO Subodh Kulkarni explained that the DARPA project aims to build a utility-scale quantum computer within seven years and that Phase A is a six-month vetting process. To advance, Rigetti must execute its public roadmap of demonstrating chiplets with over 100 qubits and high fidelity. He noted Phase A includes a $1 million award, viewed as strategic rather than monetary. On customer interest, Kulkarni stated the market is still in an R&D phase, with sales being lumpy and government-driven, and that the lack of NQI reauthorization is currently constraining academic orders.

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CEO Subodh Kulkarni highlighted three main differentiators: the company's open modular architecture, its leading chiplet/tiling approach to scaling, and proprietary fabrication processes like its unique annealing technique. He noted that while the IP portfolio of nearly 230 patents is strong, it is too early for licensing discussions, which often result in cross-licensing among R&D leaders. Kulkarni reiterated that current customer demand is from the academic and research community for fundamental studies, with broad commercial applications still projected to be 4-5 years away.

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CEO Subodh Kulkarni confirmed that confidence is high due to successfully producing high-fidelity 9-qubit chips and demonstrating the ability to tile them without performance degradation. He emphasized that this multi-chip strategy leverages proven CMOS industry techniques and is crucial for scaling. Kulkarni also noted that while the expiration of the NQI Act has impacted near-term financials, the company is actively lobbying for its reauthorization and pursuing other opportunities, such as a significant DARPA project.

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President and CEO Stephen Daly confirmed that the expansion of AI data centers is driving demand for traditional, lower-data-rate products for the 'front-end' infrastructure connecting to the internet. Regarding the Lowell fab, Daly clarified that the lower-data-rate drivers and TIAs are not processed there, so their growth does not directly impact its utilization. He did not comment on the specific margin impact of the Lowell fab's utilization.

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President and CEO Stephen Daly noted that cloud service providers continue to invest heavily in data centers, driving innovation in high-speed connectivity like CPO, NPO, and LPO, which expands MACOM's addressable market. On SATCOM, Daly highlighted the growing opportunity driven by new product lines like the Opto-Amp optical amplifier and the industry's shift to higher frequencies (Ka, Q, V, and W-bands), which play to MACOM's strengths.

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President and CEO Stephen Daly projected continued strength in the satellite market for the next 3-5 years, driven by both commercial and DoD demand in high-frequency bands. He noted MACOM is well-positioned with its RF, microwave, and optical solutions, and mentioned a $55 million contract whose revenue will ramp in late fiscal 2025 and 2026. Regarding data center spending, Daly expressed a bullish outlook, highlighting future growth from optical components for silicon photonics and PAM4 solutions for PCIe 6 and 7.

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CEO Stephen Daly explained that LPO is gaining significant industry interest, with the LPO MSA growing to nearly 19 members. He anticipates LPO will start taking a portion of the market over the next one to two years, primarily at the 800G data rate. Regarding copper cables, Daly noted the Data Center market's inherent volatility, acknowledging some customers are discussing using less copper. However, he emphasized that MACOM's diversified portfolio across optical, copper, and pluggable modules mitigates risk from any single architectural shift.

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CEO Alan Baratz described the initiative as critically important for scaling both annealing and gate model systems. He stated that this technology, developed with NASA's JPL, enables multi-chip solutions with superconducting interconnects, which is essential for achieving their 100,000-qubit goal and advancing their gate model program.

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CEO Alan Baratz stated that the capital could accelerate the gate-model program and the new multi-chip scaling approach, and will support a significant expansion of the go-to-market team. Regarding customer perception, he acknowledged the supremacy result is technical but has broad applicability, hinting at further announcements related to AI at the upcoming NVIDIA GTC conference. CFO John Markovich added they are evaluating where to increase investment rates.

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CEO Alan Baratz clarified that the research, while interesting, only advanced factoring capabilities from 17 to 22 bits, which is nowhere near the 2,000 bits required to break current RSA encryption. He affirmed that D-Wave does not sell to China and is tightening access controls. Baratz also distinguished between the National Defense Authorization Act, which already includes favorable language for annealing, and the NQIA, a broader R&D funding bill awaiting reauthorization.

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CFO Sandeep Nayyar explained that the guidance reflects a significant slowdown in bookings in July, which were down nearly 20% from the normal run rate. He attributed this to caution around tariffs, which led to front-running in the appliance business during the first half of the year. President and CEO Jen Lloyd stated her strategic focus is on improving R&D efficiency to invigorate growth and achieve the company's double-digit growth model, with a particular emphasis on high-value markets like data centers and automotive.

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CEO Balu Balakrishnan stated that automotive design wins are exceeding expectations, although long-term customer forecasts have moderated with revised EV projections. He confirmed the company is on track for high single-digit million-dollar revenue in automotive this year, targeting a $100 million run-rate by 2029. He attributed the strong industrial outlook to specific design wins in high-voltage DC transmission, locomotives in India, and renewables, noting that these specific programs are driving growth.

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CEO Balu Balakrishnan explained that significant technological strides, accelerated by the Odyssey Semiconductor acquisition, have boosted confidence in addressing high-power applications up to 50 kilowatts. He noted that while the ~20 current automotive production designs use silicon or silicon carbide, new 900V and 1700V GaN products are securing design wins for 400V and 800V battery systems, with future opportunities in DC-to-DC converters and onboard chargers.

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CEO Balu Balakrishnan explained that the 1,700-volt GaN product is ideal for 800-volt and 1,000-volt automotive battery systems and 3-phase industrial applications, offering a superior cost and efficiency alternative to silicon carbide. He expressed confidence that trends toward EVs, renewables, and high-voltage DC transmission are resilient and not dependent on political outcomes, noting that renewables are now more cost-effective than coal and that DC transmission is critical for grid modernization and new power sources like AI data centers.

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CFO Yifan Liang stated the $150M from the JV sale provides capital and flexibility to evaluate both internal and external production based on needs, emphasizing the deal's value creation. She also noted that the direct impact from tariffs is not significant, but the company is prepared to adjust its supply chain to support customers. CEO Stephen Chang added that customer sentiment varies by market, with tariff-related pull-ins in PCs, continued strength in AI and graphics, and seasonal demand for smartphones.

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Executive Stephen Chang quantified that about half of the $6 million revenue beat could be attributed to notebook pull-ins due to tariffs, a trend expected to continue. He also highlighted growing shipments for new graphics and AI accelerator cards. CFO Yifan Liang explained that direct tariff exposure is minimal as U.S. shipments are low, and the improved margin guidance is due to a better product mix and higher factory utilization.

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Executive Stephen Chang stated that the AI data center opportunity has the potential to be 'multiples bigger' than the graphics card business due to significantly higher power requirements, though market share is still to be determined, with a target for a mid-year launch. He also noted that tariff uncertainty was causing some demand pull-in for the Computing segment, but not a huge amount. Executive Yifan Liang projected that non-GAAP gross margin, after dipping in the March quarter, could recover to December quarter levels by the June quarter, driven by an improved product mix.

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Executive Stephen Chang acknowledged that overall competition has increased during the market correction period. However, he stated that for the upcoming graphics card platform transition, AOSL expects less competition due to its total solution offering. Chang confirmed that seasonality has returned to the computing and consumer markets, but a full PC market recovery is still pending. The company aims to offset this by increasing its Bill of Materials (BOM) content and expanding into AI accelerator cards.

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CEO & Chairman Niccolo de Masi declined to rank developments, stating the focus is on leading in both quantum computing and networking, as the combination creates a significant competitive moat. CFO Thomas Kramer explained that the primary objective is accelerating the roadmap to delight customers and capture the market, which will save money long-term, rather than focusing on short-term profitability. De Masi added that this investment has created a commanding lead over competitors.

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CFO Thomas Kramer stated that the acquisitions are expected to be accretive and strengthen future revenue growth, though interim investment costs will be incurred. He noted that guidance already included inorganic sources. Executive Chairman Peter Chapman detailed the quantum internet vision, explaining that Lightsynq's repeater technology will overcome current distance limitations for ground-based networks, while the Capella acquisition provides the capability to develop and harden hardware for space-based quantum networks.

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Executive Chair Peter Chapman and CEO Niccolo de Masi affirmed strategic continuity, describing the leadership change as a "bandwidth expansion" to allow Chapman to focus on Quantum AI. De Masi highlighted that the acquisitions build a significant patent moat and expand their geographic footprint. Chapman noted a busy international RFP pipeline for computer sales and explained the $500 million ATM is to fund growth in the new quantum networking TAM and in high-potential application areas.

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CEO Peter Chapman explained that the Qubitekk acquisition is synergistic with IonQ's internal photonic networking for scaling computers and also adds a new product line, expanding the company's total addressable market. He positioned quantum sensing as a related field that often relies on quantum networking infrastructure. Chapman clarified that recent partnerships with AstraZeneca and ANSYS are focused on creating production-grade applications timed with hardware readiness, a strategic shift from prior, smaller-scale R&D engagements.

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CEO John Forsyth explained that the seasonality shift is influenced by three main factors: potential tariff-related pull-ins, a more complex global supply chain requiring parts earlier, and a growing mix of camera content, which has a longer manufacturing timeline and thus ships earlier. He emphasized the full-year outlook remains unchanged. On AI, Forsyth stated the company aims to be a key enabler, particularly through voice-centric interfaces and power-efficient solutions, seeing significant potential to transform user experiences in laptops and other future devices.

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CEO John Forsyth attributed the strong gross margin to a favorable product mix and significant progress in improving supply chain costs and yields for new products. For the laptop market, he sized the addressable opportunity as approaching half of the 200-220 million annual unit market. He reiterated the revenue ramp from low tens of millions in FY25, with an expectation for that to roughly double in FY26.

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CEO Ashish Chand highlighted steady improvement in the Automation Solutions business, citing growth in key geographies and verticals like discrete manufacturing. He noted more uncertainty in Smart Infrastructure and some broadband project delays. CFO Jeremy Parks reaffirmed the company's model for a roughly 25% incremental EBITDA margin on a year-over-year basis, indicating no fundamental changes to profitability expectations.

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CEO Ashish Chand explained that while it's difficult to quantify exact bookings, the portion of the sales funnel related to full solutions for U.S. reshoring has grown into the high teens. He added that Belden has not seen any material demand pull-in, as its solutions are engineered and well-planned, but has seen an increase in "interest pull-in" and early discussions.

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CEO Ashish Chand responded that customer project funnels are up mid-to-high single digits since the start of the year, with a qualitative shift toward customers seeking integrated IT/OT solutions, which aligns perfectly with Belden's solutions strategy. Regarding M&A, he stated that the company remains focused on three key areas: edge hardware with embedded software, wireless technologies, and security enhancements, as exemplified by the recent Voleatech acquisition.

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President & CEO Greg Henderson noted that while the power semiconductor market has been soft, the company is seeing signs of stabilization and improving orders, leading to expectations of positive sequential momentum. He stated that overall end market visibility has improved compared to 3-6 months ago. EVP & CFO Abhi Khandelwal supported this by highlighting the Q3 guidance for 6% year-over-year organic growth, indicating confidence in sustained demand rather than a temporary pull-forward.

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CEO Greg Henderson reported that while Littelfuse entered Q2 with a strong backlog and a positive Q1 book-to-bill, customers are expressing anxiety about second-half demand, particularly in automotive and personal electronics. He explained that the "complete solutions" strategy, already successful in areas like grid storage and data centers, will be scaled more broadly by fostering more collaboration between business units. Regarding passives, Henderson and CFO Meenal Sethna reiterated the strong Q1 performance and backlog, expressing confidence in the Q2 outlook, which anticipates continued growth in the Electronics segment.

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CEO Dave Heinzmann stated that while tariffs get the company's attention, they have experience from 2017 and have since worked to align manufacturing footprints with customer regions. He outlined a process of working with customers to mitigate impacts and ultimately passing on costs if necessary. On strategy, he noted the Investor Day was postponed to allow incoming CEO Greg Henderson time to get situated. Greg Henderson added that he sees Littelfuse as a great franchise with strong market position and technology, and he is excited for the next phase of growth.

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President and CEO Dave Heinzmann described Littelfuse's business as winning 'singles and doubles' rather than 'home runs,' and stated that the size of design wins has remained consistent. The only recent shift is a longer design-to-production cycle in electronics. Regarding the industrial market, he attributed the softness to a mix of factors, including cautiousness on factory investments due to interest rates and a trend toward more last-minute orders as customers manage year-end inventory. He specified that the weakness is most pronounced in Europe and China, while North America remains more stable.

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EVP & COO Oliver Mihm clarified that semi-cap pushouts were due to program-specific timing and not a loss of demand. CEO Todd Kelsey stated that while the expected pull-in from Boeing and Airbus has not yet materialized, the defense and space subsectors are showing strong demand, particularly in Europe. EVP & CFO Patrick Jermain noted that new tax legislation does not alter their CapEx plans, though CEO Todd Kelsey acknowledged potential long-term market benefits for engineering, rural health, and clean energy.

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CEO Todd Kelsey explained that customers are currently in a 'wait-and-see' mode regarding tariffs, with no impact on demand yet, and noted Plexus is well-positioned with its regional strategy and available capacity. CFO Pat Jermain and COO Oliver Mihm added that while a new facility would take 4-6 quarters to build, the company is currently focused on expanding capacity within existing sites through automation and efficiency improvements.

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President and CEO Todd Kelsey confirmed high-teens growth expectations for the semicap subsector, driven by share gains, not just market trends. EVP and COO Oliver Mihm added that broader industrial softness is impacting communications, measurement, and automation but is expected to improve long-term. Regarding Aerospace and Defense, Todd Kelsey reiterated that the long-term outlook is strong but near-term commercial aerospace production issues are dampening fiscal 2025 growth, while defense and space subsectors remain strong. He also noted the company has adopted a conservative forecasting bias for the sector.

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President and CEO Todd Kelsey explained that the company's aerospace and defense forecast is conservative regarding the Boeing situation, which could provide potential upside. He still anticipates strong, potentially double-digit growth for fiscal 2025, driven by defense program ramps. For SemiCap, Kelsey confirmed a conservative view but expects Plexus to outgrow the market due to share gains, projecting growth well into the double-digits.

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CEO Kishore Seendripu described China as a mixed market, with weakness in industrial but a significant long-term opportunity in data centers. He confirmed MaxLinear is developing CPO solutions with partners but sees it as a niche application, with pluggable optics remaining dominant.

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CEO Kishore Seendripu highlighted significant progress, with about 20 Keystone-based designs showcased at the Optical Fiber Conference. He reiterated expectations for optical revenue to double this year to the $60-$70 million range, with potential to double again in 2026. Regarding the new Tier 1 PON win, he described it as a major validation with a larger player, expecting a meaningful revenue ramp in 2026 that could help double the company's overall PON business from its current ~$50 million base.

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CEO Kishore Seendripu described Swan Creek as a highly successful product with strong traction. A ramp with a Tier 1 OEM, delayed from late 2024, is now expected to proceed, positioning the product line to potentially reach $100M/year in revenue over 2-3 years. He noted design activity is centered in Taiwan/China for U.S. and China end markets.

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CEO Kishore Seendripu described the adoption of their 2.5G Ethernet solution as "excellent," with potential to become a $50 million to $100 million business on an annualized run-rate basis within three years. Regarding MaxAI, he explained it will be a hybrid model, with some features offered as a standard competitive differentiator and others developed as customized, monetizable solutions for large customers on a "pay to play" basis.

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Executive Emily Yang stated that while tariffs create uncertainty, the company is not seeing significant order pull-ins. Instead, she pointed to positive signs of recovery like depleted channel inventory and improved book-to-bill ratios. Executive Gary Yu affirmed that the company's hybrid manufacturing model and global footprint provide flexibility to mitigate tariff impacts and that their strategy of porting products to internal fabs remains unchanged. Emily Yang added that AI-related demand is ramping, especially from hyperscalers, with a large future opportunity in edge computing and a focus on increasing content per server.

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Executive Emily Yang confirmed that pricing remains stable, with typical erosion of 1.5-2% per quarter, noting the company is de-emphasizing more competitive commodity areas. She attributed the increased AI server content to an expanding product portfolio and strong demand for products like PCI Express packet switches, which are needed for additional ports in AI systems. Executive Gary Yu added that new product introductions help balance pricing pressures.

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Executive Emily Yang detailed that the strong Asia demand was broad-based, with China's automotive market being a key growth driver. She provided a Q4 outlook, expecting softness in auto and industrial but flat-to-up performance in computing. Executive Brett Whitmire attributed Q4 gross margin pressure to product mix and underutilization from strategic capacity investments, but expects a recovery in 2025. Regarding China, Emily Yang and Executive Gary Yu emphasized the company's flexibility through its hybrid manufacturing model and its focus on growth opportunities within the local Chinese market, stating they are prepared to adapt to any policy changes.

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CEO Fouad Tamer confirmed that Lattice continues to find new and durable opportunities in servers related to AI, security, and connectivity. Regarding the design win pipeline, he described the funnel as 'quite strong' and representing a value of 'multiple, multiple times the revenue,' which gives the company confidence in its growth trajectory for 2026 and 2027, though he declined to provide a specific dollar figure.

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CEO Ford Tamer explained that Lattice has design wins across numerous automotive applications, including infotainment, ADAS, and electrification, viewing it as a long-term growth driver. He highlighted the growing opportunity in 'far edge AI' near sensors. Regarding the India R&D center, he cited three benefits: accessing a strong local talent pool, serving direct customers in India, and supporting global OEM partners who are expanding their manufacturing footprint in the country.

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CEO Fouad Tamer expressed excitement about the broad design win footprint across top-tier OEMs, driven by differentiation in low power and small size. Regarding the headcount reduction, he stated the action is complete and was a necessary measure to maintain financial discipline. He assured that there is no impact on the product roadmap, as the changes primarily involved shifting resources from high-cost to lower-cost geographies to balance the global team.

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CFO Thad Trent explained that a specific revenue number for full utilization is difficult to provide due to product mix, but the ramp-up should be linear. CEO Hassane El-Khoury reiterated that onsemi competes on performance against global peers in China's SiC market, not local suppliers, as Chinese OEMs targeting global markets prioritize technology leadership, which onsemi maintains through its roadmap and flexible supply chain.

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