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    Didier Scemama • Bank of America

    Didier Scemama's questions to Logitech International SA (LOGI) leadership

    Didier Scemama's questions to Logitech International SA (LOGI) leadership • Q1 2026

    Question

    Didier Scemama from Bank of America inquired about the consumer reaction to recent price increases and the sustainability of the strong growth observed in the Video Collaboration (VC) business.

    Answer

    CEO Hanneke Faber explained it was too early to gauge consumer reaction to pricing, as increases were only fully implemented at the end of the quarter. She noted the price negotiations temporarily affected Americas' net sales but are now complete. Regarding VC, she acknowledged the 13% growth was strong but may have been slightly inflated by some customer pull-in ahead of tariffs and inventory replenishment in the EU, though underlying demand remains robust.

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    Didier Scemama's questions to Logitech International SA (LOGI) leadership • Q4 2025

    Question

    Didier Scemama asked if the positive inventory effect on Q1 gross margins would extend into Q2, questioned the margin phasing for the rest of the year, and sought confirmation that the 90-day tariff pause includes PC peripherals.

    Answer

    CFO Matteo Anversa confirmed the positive inventory benefit on gross margins will be depleted after Q1. Both he and CEO Hanneke Faber stated it was too premature to comment on the margin outlook for subsequent quarters. Hanneke Faber also confirmed their Q1 guidance already incorporates the current tariff landscape, including the 90-day pause.

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    Didier Scemama's questions to ASML Holding NV (ASML) leadership

    Didier Scemama's questions to ASML Holding NV (ASML) leadership • Q2 2025

    Question

    Didier Scemama of Bank of America inquired about the positive view on lifting the AI chip ban to China, the DUV outlook for the second half, and whether recent High-NA bookings strengthen the case for insertion at the 1.4nm node.

    Answer

    CFO Roger Dassen stated that lifting restrictions strengthens the entire semiconductor ecosystem, which is a positive for ASML, and confirmed China's DUV demand remains strong and in line with its backlog share. CEO Christophe Fouquet reiterated that High-NA progress is good and customer qualification is proceeding for insertion in the 2026-2027 timeframe, with the exact node depending on ongoing progress.

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    Didier Scemama's questions to ASML Holding NV (ASML) leadership • Q4 2024

    Question

    Didier Scemama requested color on the DUV order intake, specifically for non-critical layers outside of China, and asked for a breakdown of EUV orders between foundry and DRAM. He also followed up on the destination of the third High-NA shipment.

    Answer

    CFO Roger Dassen confirmed a 'significant part' of the DUV order intake was for non-critical layers from larger customers but declined to provide a percentage. CEO Christophe Fouquet stated there were no major changes in the EUV order dynamics compared to the previous quarter and declined to provide a detailed customer breakdown. Roger Dassen confirmed the third High-NA system was not for the North American customer but did not specify its destination.

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    Didier Scemama's questions to Infineon Technologies AG (IFNNY) leadership

    Didier Scemama's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Didier Scemama asked for details on the revised full-year margin guidance, the assumptions behind the tariff-related revenue reduction, and the outlook for AI-related revenues.

    Answer

    CFO Sven Schneider attributed the revised mid-teens margin guidance to a tariff-related revenue 'guesstimate' of about €400 million in Q4, a significant currency headwind from the stronger euro, and some pricing pressure in industrial components. He noted the tariff impact is not yet visible in the order book, creating potential upside. CMO Andreas Urschitz confirmed the AI revenue forecast remains on track for €600 million this fiscal year and €1 billion next year, driven by Infineon's strong 'grid to the core' power solutions.

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    Didier Scemama's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Didier Scemama asked about the mechanics of the revised full-year margin guidance, the assumptions behind the tariff-induced revenue reduction, and the outlook for the AI business.

    Answer

    CFO Sven Schneider explained the margin revision was due to volume reduction from the tariff guesstimate, higher underutilization charges, a significant negative currency effect translating to a €150-170 million segment result headwind, and some pricing pressure in industrial components. He clarified the tariff impact is a ~€400 million "guesstimate" and not based on order book changes. CMO Andreas Urschitz confirmed the €600 million AI revenue target for the current year and €1 billion for the next.

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    Didier Scemama's questions to STMicroelectronics NV (STM) leadership

    Didier Scemama's questions to STMicroelectronics NV (STM) leadership • Q4 2024

    Question

    Didier Scemama asked for an update on the manufacturing footprint transformation and the expected timing for COGS reductions. He followed up by questioning the company's market share in general-purpose microcontrollers, particularly in China, and whether the current downturn is cyclical or structural.

    Answer

    Lorenzo Grandi, President and CFO, stated that the manufacturing transformation to 300mm silicon and 200mm SiC will yield significant COGS savings mainly in 2026 and 2027. Jean-Marc Chery, President and CEO, confirmed market share was lost in China but believes ST began regaining share in Q4. He reiterated ST's competitive strengths and its 'China-for-China' strategy to compete effectively.

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    Didier Scemama's questions to STMicroelectronics NV (STM) leadership • Q2 2024

    Question

    Didier Scemama questioned the company's long-term strategy, asking if CapEx plans were prudent, about the need for US-based manufacturing due to geopolitics, and for an update on potential M&A activity.

    Answer

    Jean-Marc Chery, CEO, defended the strategic importance of converting fabs to 300mm and 200mm (SiC) but acknowledged they are adjusting operating plans and CapEx levels to the current environment. He stated that while ST is building an ecosystem in China, the company has no plans to build a new fab in the US, believing its European footprint is adequate. Regarding M&A, he confirmed they are 'actively working on the right target.'

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    Didier Scemama's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Didier Scemama's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q3 2024

    Question

    Didier Scemama of Bank of America asked for a normalized gross margin range given structural improvements but a favorable Q3 mix. He also questioned the right OpEx base for 2025 and the revenue of the divested iconectiv business.

    Answer

    CEO Börje Ekholm acknowledged a structurally higher gross margin due to technology and software but deferred giving a new target. CFO Lars Sandstrom indicated 2025 OpEx would face inflation but be managed with cost actions. He did not disclose iconectiv's revenue, citing the sale agreement, but suggested IR could provide indications.

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    Didier Scemama's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2024

    Question

    Didier Scemama of Bank of America asked if Ericsson is prepared to sacrifice market share to protect margins amid Chinese competition and if it would offer vendor financing. He also inquired about Ericsson's future role in the data center market.

    Answer

    CEO Börje Ekholm emphasized that while decisions are case-by-case, the priority is maintaining healthy gross profit to fund technology leadership, and they will not take contracts unless paid for their technology. On data centers, he stated it is unlikely Ericsson will sell directly to them, viewing its role as serving that market through its access technology.

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