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    Duksan Jang • Bank of America Merrill Lynch

    Duksan Jang's questions to Nova Ltd (NVMI) leadership

    Duksan Jang's questions to Nova Ltd (NVMI) leadership • Q1 2025

    Question

    Duksan Jang of Bank of America followed up on the tariff topic, asking if Nova had observed any customer order pull-ins or pushouts. He also questioned the relatively flat memory revenue trend despite a strong market, seeking details on Nova's progress in high-bandwidth memory (HBM).

    Answer

    Executive Gabriel Waisman stated that while there are customer concerns, Nova has not seen any major pushouts or pull-ins related to tariffs. He clarified that HBM is a significant growth driver, representing about one-third of the company's advanced packaging product revenues, and is seeing major growth alongside logic.

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    Duksan Jang's questions to Axcelis Technologies Inc (ACLS) leadership

    Duksan Jang's questions to Axcelis Technologies Inc (ACLS) leadership • Q1 2025

    Question

    Duksan Jang asked if Axcelis has seen any pull-in of orders from customers due to tariff concerns and inquired about the current state of customer inventory and utilization for silicon carbide tools.

    Answer

    CEO Russell Low stated there has been no notable pull-in activity or panic buying from customers in response to tariff discussions, attributing this to customer confidence in Axcelis's global operational footprint. He noted that while there are pockets of improved tool utilization, the recovery is not yet broad-based, and recent tariff uncertainty may have tempered what might have otherwise been improvements.

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    Duksan Jang's questions to Lattice Semiconductor Corp (LSCC) leadership

    Duksan Jang's questions to Lattice Semiconductor Corp (LSCC) leadership • Q1 2025

    Question

    Duksan Jang asked if the previous soft guidance for 2026 growth to return to the 15-20% range remains intact. He also requested a way to quantify the impact of the new product mix on gross margins.

    Answer

    CFO Lorenzo A. Flores explained that from a fundamental standpoint (customer feedback, design wins), the company's outlook has not changed, but they remain mindful of how macro factors could impact results in 2025 and 2026. CEO Fouad Tamer added that while not providing specific numbers, there are 'very significant' ASP increases when moving from pre-Nexus to Nexus and from Nexus to Avant, in line with market expectations for those product tiers.

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    Duksan Jang's questions to Lattice Semiconductor Corp (LSCC) leadership • Q4 2024

    Question

    Duksan Jang followed up on the server business, asking how much of its growth is driven by increased content per server versus unit growth. He also questioned the long-term growth target of 15-20% for 2026 and beyond, seeking the key drivers given that the broader industry grows more slowly.

    Answer

    CEO Ford Tamer stated that Lattice has seen a significant, roughly 50% increase in content per server from one generation to the next, which applies to the currently ramping generation. To justify the long-term growth target, he pointed to the rapid adoption of new products like Nexus and Avant, which grew double-digits in 2024 and are ramping faster than previous generations, along with an increasing design win funnel.

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    Duksan Jang's questions to Lattice Semiconductor Corp (LSCC) leadership • Q3 2024

    Question

    Duksan Jang from Bank of America sought clarification on whether the forecast for 'flattish' revenue in the first half of 2025 applied to the company overall or was specific to the industrial segment. He also asked if the trend of expanding content per server is continuing with the current generation of CPUs.

    Answer

    CEO Fouad Tamer clarified that the expectation for flattish revenue from Q4 2024 through the first half of 2025 is for the company overall, not just one segment. He confirmed that server content is expanding, noting that Lattice is now designed into the top 10 server makers and highlighted one partner's platform that uses over 50 Lattice devices, with significant demand expected in 2025.

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    Duksan Jang's questions to Advanced Energy Industries Inc (AEIS) leadership

    Duksan Jang's questions to Advanced Energy Industries Inc (AEIS) leadership • Q1 2025

    Question

    Duksan Jang asked about any indirect impacts from tariffs on the semiconductor business, such as customer pull-ins. He also inquired about gross margin drivers beyond 40% in 2026 and the expected pace of OpEx growth for the full year.

    Answer

    CEO Stephen Kelley stated they have not seen any indirect tariff impacts or downward forecast revisions from semi customers. CFO Paul Oldham outlined that margin expansion in 2026 will be driven by gaining traction with higher-margin new products and continued volume leverage. For OpEx, he reiterated the plan for a $1-2 million incremental increase per quarter, which should result in full-year spending growth at a rate better than half of revenue growth.

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