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    Harlan Sur • JPMorgan Chase & Co.

    Harlan Sur's questions to Analog Devices Inc (ADI) leadership

    Harlan Sur's questions to Analog Devices Inc (ADI) leadership • Q3 2025

    Question

    Harlan Sur asked why Q3 gross margin was 69.2%, below the anticipated 70%, and questioned if it was due to a higher mix of lower-margin Communications revenue. He also asked for the Q4 gross margin outlook.

    Answer

    EVP & CFO Richard Puccio explained the margin miss was primarily due to an unexpected, temporary lower factory utilization, not mix. He confirmed utilization is back on track and that ADI expects to reach a 70% gross margin in Q4 at the midpoint of its guidance.

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    Harlan Sur's questions to Analog Devices Inc (ADI) leadership • Q2 2025

    Question

    An analyst from JPMorgan Chase & Co. asked for an update on the Industrial Automation subsegment, questioning if it saw continued sequential growth and whether recent tariff uncertainty has impacted order trends from China.

    Answer

    Executive Richard Puccio confirmed that the automation subsegment continued to grow and ended the quarter with a book-to-bill ratio greater than one, a trend expected to continue into Q3. CEO Vincent Roche added that while tariff uncertainty is causing some customers to pause build-outs, the long-term trend of automation remains strong, supported by factors like reshoring and localization.

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    Harlan Sur's questions to Applied Materials Inc (AMAT) leadership

    Harlan Sur's questions to Applied Materials Inc (AMAT) leadership • Q3 2025

    Question

    Harlan Sur asked for an update on the Advanced Packaging business, including its expected growth for the fiscal year and whether it is being affected by the weaker advanced logic spending dynamics.

    Answer

    CFO Brice Hill stated that the advanced packaging business is pacing similarly to last year and is not impacted by the leading-edge logic schedule shifts. CEO Gary Dickerson added that packaging is Applied's highest market share area and is on track to more than double to over $3 billion in revenue over the next few years, driven by AI and energy-efficient computing needs.

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    Harlan Sur's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    Harlan Sur asked for confirmation on whether the company still expects an acceleration in leading-edge foundry-logic and memory spending in the second half of the calendar year, and also inquired about the current mix of integrated system solutions.

    Answer

    CFO Brice Hill confirmed that leading-edge investment is accelerating, driven by strong AI data center demand for logic, DRAM, and HBM. He also stated that integrated equipment solutions continue to represent approximately 30% of the company's systems business.

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    Harlan Sur's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    Harlan Sur asked for confirmation on whether the company still expects an acceleration in leading-edge foundry-logic and memory spending in the second half of the calendar year. He also inquired about the current mix of integrated system solutions as a percentage of the systems business.

    Answer

    CFO Brice Hill confirmed that leading-edge spending is accelerating, supported by rising cloud service provider CapEx and new factory announcements. He also stated that integrated equipment solutions continue to represent approximately 30% of the company's systems business.

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    Harlan Sur's questions to Applied Materials Inc (AMAT) leadership • Q1 2025

    Question

    Harlan Sur asked about the potential size of the upcoming 2-nanometer node transition relative to 3-nanometer, noting that design starts appear to be accelerating.

    Answer

    CFO Brice Hill responded that based on its performance benefits, the company expects 2-nanometer to be a large node, similar to how 7-nanometer was a popular landing spot for designs. CEO Gary Dickerson added that customers are very bullish on the size of the 2-nanometer node, driven by the need for energy-efficient computing for AI.

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    Harlan Sur's questions to Applied Materials Inc (AMAT) leadership • Q4 2024

    Question

    Harlan Sur questioned why the services (AGS) business operating margins remain below historical peaks despite strong revenue growth and asked about the path to returning to the low-30% range. He also asked if integrated systems offer customers operational benefits like higher throughput and smaller footprints.

    Answer

    CFO Brice Hill explained that a structural change in how corporate expenses are allocated to the segments has impacted reported operating margins, but he expects continued profit improvement. CEO Gary Dickerson added that service innovations are driving value and will help margins. On the follow-up, Dickerson confirmed that integrated systems provide significant cost and operational benefits, such as simplifying processes, reducing EUV steps, and lowering overall operating costs for customers.

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    Harlan Sur's questions to Microchip Technology Inc (MCHP) leadership

    Harlan Sur's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Harlan Sur asked about the drivers behind Asia's relative revenue strength and inquired about the trend in turns business as a percentage of sales for the June and September quarters.

    Answer

    CEO Steve Sanghi explained that Asia's strength is often a proxy for demand from U.S. and European customers who manufacture there. CFO Eric Bjornholt added that the June quarter benefited from a comparison to the March quarter, which included the Chinese New Year. Mr. Bjornholt also confirmed that turns business was strong in June and is expected to remain high given short lead times.

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    Harlan Sur's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Harlan Sur asked about the drivers behind the relative strength in Asia, which grew 14% sequentially, outpacing other regions. He also inquired if the percentage of 'turns' business grew in the June quarter and what the expectation is for September.

    Answer

    CEO Steve Sanghi explained that the strength in Asia is largely a proxy for demand from U.S. and European customers who manufacture their products there, as sales are reported based on ship-to location. CFO Eric Bjornholt added that the March quarter comparison is impacted by the Chinese New Year. Regarding turns, Bjornholt confirmed that turns were strong in June and are expected to remain high in September due to short lead times.

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    Harlan Sur's questions to Microchip Technology Inc (MCHP) leadership • Q4 2025

    Question

    Harlan Sur asked if Microchip is seeing any pullback in orders from its small and medium-sized China industrial base due to current tariff dynamics, similar to the 2018-2019 period. He also inquired about the performance of megatrend revenues in fiscal 2025.

    Answer

    CEO Steve Sanghi responded that he is not seeing a pullback, noting that customers are actively moving production out of China to other locations like Vietnam, mitigating the direct impact. COO Richard Simoncic added that the megatrends revenue mix remained consistent but growth slowed, as these areas were equally affected by the broad inventory correction.

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    Harlan Sur's questions to Microchip Technology Inc (MCHP) leadership • Q2 2025

    Question

    Harlan Sur asked for a way to quantify the success of Microchip's Total System Solutions (TSS) strategy, such as the increase in dollar content per customer opportunity over the past several years.

    Answer

    CEO Ganesh Moorthy explained that it's difficult to quantify across their 120,000 customers but that they track the multiplier effect in subsets of large customers and megatrends. Executive J. Bjornholt suggested that a good way to see the strategy in action is to review the extensive reference design section on the company's website, which shows the targeted applications and the number of Microchip devices included.

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    Harlan Sur's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership

    Harlan Sur's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q3 2025

    Question

    Harlan Sur from J.P. Morgan questioned why the RTP fab transfer resulted in a margin headwind instead of an expected step-up from eliminating the previous owner's markup. He also requested an update on the traction and size of MACOM's foundry services business.

    Answer

    President and CEO Stephen Daly acknowledged the goal was a neutral or positive transfer but stated the company is about 60 basis points short, without commenting on prior cost structures. He emphasized that MACOM's overall business is complex with multiple fabs and a fabless component. Regarding foundry services, Daly confirmed it's part of the business model across all fabs to support customers, but the company does not break out foundry revenue for competitive reasons.

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    Harlan Sur's questions to Astera Labs Inc (ALAB) leadership

    Harlan Sur's questions to Astera Labs Inc (ALAB) leadership • Q2 2025

    Question

    Harlan Sur asked about the key differentiators for Astera Labs' Scorpio X series switches, the role of the Cosmos software suite as an anchor, and the market reception and development timeline for the UALink standard.

    Answer

    CEO Jitendra Mohan highlighted that customer proximity, execution track record, and the customizable Cosmos software suite are key differentiators, confirming Scorpio acts as an anchor product. President & COO Sanjay Gajendra noted tremendous interest in UALink due to its technical advantages and open ecosystem, with a broader deployment expected in 2027 and beyond.

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    Harlan Sur's questions to Astera Labs Inc (ALAB) leadership • Q1 2025

    Question

    Harlan Sur inquired about the overall AI and data center spending environment, including concerns about CapEx momentum, potential AI compute digestion, and the impact of tariffs and China restrictions on the business outlook.

    Answer

    CFO Mike Tate stated that tariffs have not had a material impact but are being monitored, while restrictions on GPU sales to China created a headwind that was factored into guidance. COO Sanjay Gajendra emphasized that Astera Labs' revenue diversification across custom ASICs and merchant GPUs, as well as scale-up and scale-out applications, provides multiple avenues for growth and stability through 2025 and beyond.

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    Harlan Sur's questions to Astera Labs Inc (ALAB) leadership • Q4 2024

    Question

    Harlan Sur inquired about the revenue mix between merchant GPU and internal ASIC-based AI systems for 2024 and 2025, and also asked for the rationale behind the significant sequential increase in inventory levels in Q4.

    Answer

    Chief Financial Officer Michael Tate explained that internal AI accelerator programs drove significant growth starting in Q3 2024. He projects this trend will dominate H1 2025, with merchant GPU-based systems, featuring higher content with Scorpio switches, accelerating in H2 2025. Regarding inventory, Tate stated that Q3 saw a significant drawdown due to strong demand, and the Q4 increase represents a build-back to normalized levels to support future growth and customer upside, given Astera's sole-source position on most programs.

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    Harlan Sur's questions to Astera Labs Inc (ALAB) leadership • Q3 2024

    Question

    Harlan Sur of JPMorgan Chase & Co. asked about Astera Labs' visibility for continued sequential growth, given the strength in its core PCIe Gen 5 business and the ramp of new products like PCIe Gen 6 retimers and Scorpio switches. He also questioned how much the COSMOS software stack differentiates the new Scorpio portfolio.

    Answer

    President and COO Sanjay Gajendra confirmed strong visibility due to a robust backlog and broad design wins, highlighting diversifying revenue from Taurus, Aries, and upcoming LEO production. Executive Jitendra Mohan added that the COSMOS software is a significant differentiator for Scorpio, as it was purpose-built for AI workloads and provides a holistic, customizable monitoring solution that leverages data from across Astera's product families.

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    Harlan Sur's questions to GlobalFoundries Inc (GFS) leadership

    Harlan Sur's questions to GlobalFoundries Inc (GFS) leadership • Q2 2025

    Question

    Harlan Sur of J.P. Morgan asked about fab utilization rates in Q2 and the outlook for the second half of the year. He also followed up on the gross margin trajectory, questioning how the company views its exit rate for the year given ASP adjustments and a previously stated 30% target.

    Answer

    CFO John Hollister reported that utilization rose to the low 80s in Q2 and is expected to reach the low-to-mid 80s in the second half. He outlined drivers for Q4 gross margin expansion, including richer product mix and improved utilization. CEO Tim Breen clarified that ASP declines are deliberate, strategic moves confined to specific dual-sourced mobile customers and that the overall pricing environment remains stable.

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    Harlan Sur's questions to GlobalFoundries Inc (GFS) leadership • Q4 2024

    Question

    Harlan Sur of JPMorgan Chase & Co. sought to clarify the direct impact of the impairment charge on the Q4 depreciation expense and gross margin, and asked for an update on the qualification and production timeline for the 22nm and 28nm technologies being transferred to the Malta fab.

    Answer

    CFO John Hollister confirmed the impairment charge had an in-quarter effect on depreciation in Q4 and that the benefit will continue to build through 2025. He also stated that the technology transfers to Malta are progressing well, with the company working through final qualifications and engaging with early customers on the new platforms.

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    Harlan Sur's questions to GlobalFoundries Inc (GFS) leadership • Q3 2024

    Question

    Harlan Sur of JPMorgan Chase & Co. asked about the outlook for the silicon photonics business, questioning if it could become a meaningful contributor to the Communications Infrastructure & Data Center (CID) segment in the next year. He also inquired about the new partnership with NXP, asking if it included an LTA and why some strategic deals include them while others do not.

    Answer

    CBO Niels Anderskouv stated that GF is engaged with three major optical transceiver players and believes silicon photonics and SiGe will be meaningful future revenue generators as data speed and power requirements evolve. CEO Thomas Caulfield added that GF is also focused on power delivery solutions for the data center. Regarding the NXP deal, executives explained that LTAs are typically used for end markets with long product life cycles, like automotive, where customers need certainty on volume and price. Other deals use more dynamic terms. Caulfield noted GF still has $17 billion in revenue under LTAs.

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    Harlan Sur's questions to KLA Corp (KLAC) leadership

    Harlan Sur's questions to KLA Corp (KLAC) leadership • Q2 2025

    Question

    Harlan Sur of JPMorgan Chase & Co. asked for the drivers behind the significant year-to-date strength in inspection versus flattish growth in patterning, and also inquired about the source of the incremental upside in the raised Advanced Packaging revenue forecast.

    Answer

    EVP & CFO Bren Higgins attributed the inspection strength to an inflection in optical pattern inspection as supply constraints eased, strong demand for gate-all-around technology, and advanced packaging. He noted patterning was mixed, with overlay weaker but reticle inspection poised for a record year. President & CEO Rick Wallace added that rising process control intensity initially favors inspection. On packaging, Wallace cited momentum from product adoption and the AI infrastructure build-out, while Higgins highlighted that process control intensity in packaging has grown to 5-6% of spend.

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    Harlan Sur's questions to KLA Corp (KLAC) leadership • Q4 2025

    Question

    Harlan Sur from J.P. Morgan asked about the drivers behind the significant outperformance in inspection versus patterning systems, and questioned where the incremental upside for the revised advanced packaging revenue forecast is coming from.

    Answer

    EVP & CFO Bren Higgins attributed the inspection strength to an inflection in optical pattern inspection, which was previously supply-constrained, and high sampling rates for Gate-All-Around and advanced packaging. He noted patterning was flatter due to a slowdown in advanced litho affecting overlay tools, but expects it to strengthen. President & CEO Rick Wallace added that the advanced packaging upside comes from a combination of new product adoption, share gains, and the overall AI infrastructure build-out, noting KLA is closer to the beginning of this trend than the end.

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    Harlan Sur's questions to KLA Corp (KLAC) leadership • Q1 2025

    Question

    Harlan Sur questioned the decision to postpone KLA's Analyst Day amid strong results, asking about the risks from trade uncertainty, mitigation strategies for tariff impacts, and the drivers behind market share gains in e-beam inspection.

    Answer

    CFO Bren Higgins stated the postponement was a prudent response to unprecedented global trade uncertainty. He identified the service business as most exposed to tariffs due to parts importation for contracts. CEO Richard Wallace attributed e-beam inspection success to long-term platform investment, creating powerful synergies with optical tools that are driving strong customer adoption at the leading edge.

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    Harlan Sur's questions to KLA Corp (KLAC) leadership • Q4 2024

    Question

    Harlan Sur from JPMorgan Chase & Co. asked if KLA's process control business could achieve low to mid-teens percentage growth in 2025, given its history of outperforming WFE. He also requested a breakdown of the 60% growth outlook for the advanced packaging business.

    Answer

    CEO Rick Wallace expressed strong confidence in KLA's position, citing resumed scaling, larger die sizes, HBM dynamics, and packaging as key drivers. He detailed that packaging growth comes from inspection, metrology, and plasma dicing systems. CFO Bren Higgins added that the advanced packaging business mix is approximately 65-70% semiconductor process control.

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    Harlan Sur's questions to KLA Corp (KLAC) leadership • Q3 2024

    Question

    Harlan Sur inquired if the anticipated 2025 decline in China revenue would be offset by stronger advanced node spending. He also asked if the patterning and metrology business would accelerate in 2025, given its relative underperformance to inspection in 2024.

    Answer

    CFO Bren Higgins confirmed that stronger leading-edge demand is expected to offset the moderation in China, keeping the overall 2025 outlook stable. He also affirmed their view that metrology and reticle inspection will see growth in 2025, driven by new technologies and design starts. CEO Rick Wallace added that easing supply constraints for inspection system optics will also enable growth.

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    Harlan Sur's questions to Lam Research Corp (LRCX) leadership

    Harlan Sur's questions to Lam Research Corp (LRCX) leadership • Q4 2025

    Question

    Harlan Sur of JPMorgan Chase & Co. asked about the drivers of the strong China business, potential equipment pull-ins, and whether the advanced packaging and HBM business is performing better than initial expectations for the year.

    Answer

    EVP and CFO Doug Bittinger confirmed that the stronger China spending is from a handful of customers but stated it's nearly impossible to determine if it's a pull-in. He also noted that the advanced packaging business is performing slightly stronger than expected, with HBM being a key driver. CEO Timothy Archer added that the transition from HBM3E to HBM4E requires approximately 30% more wafers for the same bit output, benefiting Lam.

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    Harlan Sur's questions to Lam Research Corp (LRCX) leadership • Q2 2025

    Question

    Harlan Sur inquired about the drivers of the strong China business, whether it represented a pull-in ahead of tariffs, and if the advanced packaging business was outperforming expectations, particularly with the migration to HBM4.

    Answer

    EVP and CFO Douglas Bittinger noted the stronger China spending came from a handful of customers and that advanced packaging is performing slightly better than expected. President and CEO Timothy Archer added that the HBM3e to HBM4e transition is a key driver, requiring approximately 30% more wafers for equivalent bit output, which benefits Lam's front-end and packaging businesses.

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    Harlan Sur's questions to Lam Research Corp (LRCX) leadership • Q1 2025

    Question

    Harlan Sur asked for a final number on 2024 advanced packaging revenue and its growth outlook, and questioned the sustainability of gross margin strength driven by the new Malaysia facility.

    Answer

    EVP & CFO Douglas Bettinger confirmed advanced packaging revenue exceeded $1 billion in 2024 and will grow again in 2025. On gross margins, he acknowledged the 100+ basis point benefit from the Asia strategy but warned of persistent headwinds from customer mix. CEO Timothy Archer positioned the Malaysia investment as a successful long-term strategy for a sustainable step-up in performance.

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    Harlan Sur's questions to Lam Research Corp (LRCX) leadership • Q3 2024

    Question

    Harlan Sur asked for an update on NAND market trends, seeking to confirm if higher utilization was still driving spares growth and to gauge confidence in the 2025 NAND WFE outlook. He also inquired about the growth trajectory for HBM-related revenues.

    Answer

    CEO Timothy Archer explained that the NAND recovery is being driven by technology upgrades to produce higher-performance bits for AI-related applications, a trend that strongly favors Lam's product portfolio. He also confirmed that the HBM and advanced packaging business has strengthened significantly, driven by AI demand, with the SABRE 3D platform showing strong momentum.

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    Harlan Sur's questions to Cadence Design Systems Inc (CDNS) leadership

    Harlan Sur's questions to Cadence Design Systems Inc (CDNS) leadership • Q2 2025

    Question

    Harlan Sur from J.P. Morgan questioned how the industry's shift to 3D-IC and advanced packaging is contributing to Cadence's bookings and revenue strength.

    Answer

    President & CEO Anirudh Devgan confirmed this is a major growth driver, positioning Cadence's Integrity 3D-IC and Allegro platforms as critical for these complex designs. He highlighted deep collaborations with TSMC and other foundries. While not broken out, he described advanced packaging as a significant part of the System Design & Analysis business that also pulls through revenue for core digital and analysis tools.

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    Harlan Sur's questions to Cadence Design Systems Inc (CDNS) leadership • Q1 2025

    Question

    Harlan Sur asked about the strong year-over-year growth in Cadence's China business and whether the focus on domestic chip design programs could be a tailwind, potentially leading to a more optimistic outlook than the company's prior 'flattish' view for the year.

    Answer

    CEO Anirudh Devgan acknowledged the strong Q1 performance in China, driven by AI and physical AI systems like autos and robotics. However, both he and CFO John Wall confirmed that despite the strong start, the company is maintaining its prudent guidance assumption that China revenue will be flat for the full year 2025.

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    Harlan Sur's questions to Cadence Design Systems Inc (CDNS) leadership • Q4 2024

    Question

    Harlan Sur from JPMorgan Chase & Co. asked why the company's three-year revenue CAGR was guided to drop below 15% despite a strong macro environment, and which areas besides China were subject to a cautious outlook.

    Answer

    CFO John Wall noted that while the guide implies low-teen growth ex-China, the company typically starts the year with a prudent forecast. CEO Anirudh Devgan shifted the focus to overall financial strength, highlighting that the 2025 outlook implies a "Rule of 40" score over 55% for the first time, reflecting a commitment to both strong revenue growth and significant profitability improvement.

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    Harlan Sur's questions to Cadence Design Systems Inc (CDNS) leadership • Q3 2024

    Question

    Harlan Sur asked if record-high inventory levels indicated that demand for new hardware systems was outpacing supply, potentially constraining Q4 shipments. He also requested a qualitative view on the China business for 2025 based on design activity.

    Answer

    CFO John Wall clarified that the inventory increase was due to a strategic multi-year component purchase, not a current supply constraint. CEO Anirudh Devgan noted that design activity in China is strong, especially in automotive. Wall added that historically, Cadence has never had two consecutive down years in China revenue and that the region has been recovering sequentially in 2024.

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    Harlan Sur's questions to Texas Instruments Inc (TXN) leadership

    Harlan Sur's questions to Texas Instruments Inc (TXN) leadership • Q2 2025

    Question

    Harlan Sur asked if the company's 'turns business' grew sequentially in Q2, viewing it as a key indicator of cyclical recovery. His follow-up inquired whether the industrial automation sub-segment was showing relative weakness due to tariff concerns, particularly with China-based customers.

    Answer

    CEO Haviv Ilan and VP & Head of IR Mike Beckman confirmed that the turns business accelerated in Q2, continuing a positive trend. Beckman added that the recovery in the industrial market was broad-based across all sectors and did not show specific weakness in industrial automation.

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    Harlan Sur's questions to Texas Instruments Inc (TXN) leadership • Q4 2024

    Question

    Harlan Sur asked about cycle health indicators like customer cancellations and turns orders, and followed up on how the $1.6 billion CHIPS Act grant would impact the free cash flow per share profile.

    Answer

    Executive Haviv Ilan confirmed that turns business was strong in Q4, while Executive Dave Pahl noted cancellations remain at low levels. Regarding the CHIPS Act, executives explained the timing of the cash is uncertain and tied to construction milestones. However, Executive Rafael Lizardi provided an updated, lower depreciation forecast for 2025 ($1.8B-$2.0B) and 2026 (lower half of $2.3B-$2.7B range) as a direct result of the grant.

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    Harlan Sur's questions to Micron Technology Inc (MU) leadership

    Harlan Sur's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    Harlan Sur from JPMorgan Chase & Co. referenced past comments about HBM being sold out for calendar 2025 and asked for an update on supply and pricing negotiations for calendar 2026, and whether forecasted customer demand for 2026 exceeds Micron's supply capability.

    Answer

    Chairman, President & CEO Sanjay Mehrotra reaffirmed that Micron's HBM supply is sold out for 2025. For 2026, he stated that the company is actively working with customers who are assessing their product mix needs across HBM3E, 12-high, and HBM4. He emphasized that HBM bit demand growth in 2026 is expected to significantly exceed overall DRAM growth and that Micron is focused on qualifying its HBM4 product to meet customer timelines for that year.

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    Harlan Sur's questions to Micron Technology Inc (MU) leadership • Q2 2025

    Question

    Harlan Sur asked for an outlook on gross margins beyond fiscal Q3, questioning if improvements are expected in Q4 and if they would span both DRAM and NAND segments. He also inquired about the drivers behind the upgraded calendar 2025 DRAM bit demand forecast, asking if segments other than HBM were contributing.

    Answer

    CFO Mark Murphy confirmed expectations for gross margins to be "up somewhat" in fiscal Q4, driven by better market conditions and HBM mix, but cautioned about headwinds from NAND underutilization costs and new fab start-up costs. CEO Sanjay Mehrotra attributed the stronger DRAM demand outlook to a recovery in consumer markets (PC and smartphone) as inventories normalize, AI-driven content growth, and sustained data center strength for HBM, high-density DIMMs, and LPDRAM.

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    Harlan Sur's questions to Broadcom Inc (AVGO) leadership

    Harlan Sur's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Harlan Sur of JPMorgan Chase & Co. inquired whether the 60% year-over-year AI business growth rate seen in the first three quarters of fiscal 2025 is a sustainable trajectory for the remainder of the year and into fiscal 2026.

    Answer

    CEO Hock Tan affirmed that this analysis was insightful and correct. He explained that based on improved visibility into hyperscale partner deployments, Broadcom expects the current growth trajectory to be sustained into fiscal 2026. He agreed that viewing the business through this 60% growth profile for this year and next is a fair assessment.

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    Harlan Sur's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Harlan Sur from JPMorgan Chase & Co. inquired whether Broadcom's AI business is on track to maintain its strong 60% year-over-year growth rate through the end of fiscal 2025 and into fiscal 2026, aligning with the company's previously stated long-term market growth outlook.

    Answer

    CEO Hock Tan affirmed this analysis, stating that based on improved visibility from hyperscale partners, the company expects the current AI revenue growth trajectory seen in fiscal 2025 to be sustained into fiscal 2026. He confirmed this was the visibility the company intended to provide.

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    Harlan Sur's questions to Broadcom Inc (AVGO) leadership • Q4 2024

    Question

    Harlan Sur asked whether Broadcom's AI business growth in fiscal 2025 would likely track the 35-40% data center CapEx growth projected for its top cloud customers.

    Answer

    President and CEO Hock Tan advised against using overall hyperscaler CapEx as a proxy for Broadcom's AI growth. He pointed out that such CapEx figures typically don't separate AI from non-AI spending, and the growth rate for AI infrastructure significantly outpaces traditional spending, making a direct correlation misleading.

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    Harlan Sur's questions to Broadcom Inc (AVGO) leadership • Q3 2024

    Question

    Harlan Sur asked about Broadcom's ability to meet upside demand for its XPUs and networking products in the second half of the year, questioning if the company is facing any supply constraints.

    Answer

    President and CEO Hock Tan confirmed that Broadcom is seeing pull-ins and upside orders from hyperscalers and expects this trend to accelerate into 2025. He stated definitively that Broadcom can meet this upside demand and is not supply constrained.

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    Harlan Sur's questions to Marvell Technology Inc (MRVL) leadership

    Harlan Sur's questions to Marvell Technology Inc (MRVL) leadership • Q1 2026

    Question

    Harlan Sur from JP Morgan Chase & Co inquired about the ramp of Marvell's 1.6T optical solutions, asking if shipments have begun ahead of next-gen AI platforms and if its 3-nanometer DSP is being mapped into these new systems.

    Answer

    Chairman and CEO Matt Murphy confirmed that Marvell has commenced shipments of its 1.6T solution on the 5-nanometer node. He noted that while 800G remains dominant this year, there is strong demand for the 3-nanometer 1.6T product due to its power savings, with a more significant ramp expected next year. He affirmed Marvell is well-positioned for the 1.6T transition.

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    Harlan Sur's questions to Marvell Technology Inc (MRVL) leadership • Q4 2025

    Question

    Harlan Sur of JPMorgan Chase & Co. sought details on the follow-on AI XPU program, asking if it was for training, its ramp timing, and process node. He also asked for an explanation of the 20% sequential increase in inventory versus a more modest 3% revenue growth guide.

    Answer

    Matthew Murphy, Chairman and CEO, confirmed the follow-on program is a high-volume continuation that will use advanced process nodes but declined to specify timing due to customer confidentiality. Willem Meintjes, CFO, explained that the inventory increase was a strategic build to support strong anticipated growth in custom programs and optics throughout the year, noting that inventory days remained flat quarter-over-quarter.

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    Harlan Sur's questions to Marvell Technology Inc (MRVL) leadership • Q3 2025

    Question

    Harlan Sur asked if it's fair to assume Marvell is the vendor for a key cloud customer's next-generation 3-nanometer custom training ASIC, given Marvell's strong execution and recent multi-year agreement.

    Answer

    CEO Matt Murphy did not directly confirm the specific program but emphasized the significance of the new five-year, multi-generational agreement with AWS. He reiterated Marvell's goal to capture over 20% of the $40 billion custom silicon TAM. Murphy highlighted that the broad agreement, which covers custom AI products and networking, provides even greater confidence in achieving their long-term revenue targets in this space.

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    Harlan Sur's questions to Marvell Technology Inc (MRVL) leadership • Q2 2025

    Question

    Harlan Sur asked if the recovery in data center storage (nearline HDD, PCIe Gen5 SSDs) is contributing to second-half strength, and whether Marvell is winning custom ASIC opportunities for the complex base logic die in next-generation HBM.

    Answer

    CEO Matt Murphy confirmed the data center storage business has been recovering steadily for six quarters and is on a path back to its normalized run rate of around $200 million per quarter. Regarding HBM, he affirmed that HBM memory interconnect is a key, complex IP that Marvell is developing and offers as part of its custom AI accelerator platform.

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    Harlan Sur's questions to ON Semiconductor Corp (ON) leadership

    Harlan Sur's questions to ON Semiconductor Corp (ON) leadership • Q1 2025

    Question

    Harlan Sur noted the divergence between stronger direct shipments and weaker distribution sales, asking if this implies lower inventory at direct customers. He also inquired about the level of 'turns business' assumed in the Q2 guidance.

    Answer

    CEO Hassane El-Khoury downplayed the direct vs. distribution divergence, noting that much of the distribution business serves direct customers and the trend reflects subsiding inventory drains in some markets. CFO Thad Trent added that while order patterns are more stable, the company still requires a similar level of turns business in Q2 as it did in Q1, as customers continue to book orders closer to lead times.

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    Harlan Sur's questions to Western Digital Corp (WDC) leadership

    Harlan Sur's questions to Western Digital Corp (WDC) leadership • Q3 2025

    Question

    Harlan Sur from JPMorgan asked if the company's outlook aligns with a low-20% nearline exabyte growth profile for the year. He also inquired about the expected mix of UltraSMR drives and their gross margin profile compared to CMR drives.

    Answer

    CEO Irving Tan confirmed that a low-20% exabyte growth forecast is 'in the ballpark.' He stated that the UltraSMR mix can fluctuate between 40-45% in any given quarter and that while both platforms have pricing leverage, UltraSMR drives provide better ASPs and CapEx efficiency due to their higher capacity.

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    Harlan Sur's questions to Western Digital Corp (WDC) leadership • Q1 2025

    Question

    Harlan Sur asked for the enterprise SSD revenue mix as a percentage of total Flash revenue for the past two quarters and inquired about the key technology drivers behind the competitiveness of their new high-capacity SSDs.

    Answer

    CFO Wissam Jabre clarified that the enterprise SSD mix exceeded 15% in Q1 and is expected to be between 15% and 20% for the full fiscal year. CEO David Goeckeler attributed the product competitiveness to a combination of getting the controller technology right, leveraging their strong BiCS NAND roadmap, and maintaining focus on building a stronger portfolio throughout the downturn.

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    Harlan Sur's questions to NVIDIA Corp (NVDA) leadership

    Harlan Sur's questions to NVIDIA Corp (NVDA) leadership • Q4 2025

    Question

    Harlan Sur from JPMorgan Chase & Co. questioned the demand dynamics for the next-generation Blackwell Ultra, set to launch in H2 2025, and how customers and the supply chain will manage simultaneous product ramps.

    Answer

    President and CEO Jensen Huang confirmed Blackwell Ultra is on track for the second half of the year. He explained that the transition will be much smoother than the Hopper-to-Blackwell shift because the system architecture remains the same. The previous transition was more challenging due to the move from an NVLink 8 to an NVLink 72 system. Huang also noted that planning for the subsequent architecture, Vera Rubin, is already underway with partners.

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    Harlan Sur's questions to Arm Holdings PLC (ARM) leadership

    Harlan Sur's questions to Arm Holdings PLC (ARM) leadership • Q3 2025

    Question

    Harlan Sur asked about the progress and monetization strategy for Arm's Chiplet System Architecture (CSA), viewing it as a strategic scaling of its system-level approach.

    Answer

    CEO Rene Haas confirmed accelerated demand for CSS and strong interest in the Arm Total Design partner program for chiplets. He explained that this is driven by extreme design complexity and the urgent need to bring AI-capable products to market faster, as compute demand is currently outpacing silicon supply.

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    Harlan Sur's questions to Arm Holdings PLC (ARM) leadership • Q2 2025

    Question

    Harlan Sur highlighted the strength in first-half licensing revenue and asked if, given strong design activity and CSS engagements, the company could grow its backlog for the full fiscal year.

    Answer

    CEO Rene Haas attributed the robust licensing demand to the broad-based need for more compute power for AI applications, noting that CSS licenses have doubled, exceeding expectations. CFO Jason Child added that while licensing revenue is tracking well ahead of initial plans, he does not anticipate a significant increase in the backlog (RPO) due to offsetting revenue recognition. He emphasized that the key focus should be on the strong 23% year-over-year royalty growth.

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    Harlan Sur's questions to Advanced Micro Devices Inc (AMD) leadership

    Harlan Sur's questions to Advanced Micro Devices Inc (AMD) leadership • Q4 2024

    Question

    Harlan Sur asked if the server CPU business grew double digits sequentially in Q4, including enterprise, and about share prospects in 2025. He also inquired about customer feedback on AMD's AI networking architecture and any upcoming innovations.

    Answer

    CEO Lisa Su confirmed the server business grew double digits sequentially in Q4 across both cloud and enterprise, and she sees a strong 2025 for server CPUs due to a competitive portfolio and go-to-market investments. On networking, Su emphasized its importance, noting increasing proof points with each product generation, close work with Ethernet partners, and the development of an in-house AI NIC via the Pensando team.

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    Harlan Sur's questions to Advanced Micro Devices Inc (AMD) leadership • Q3 2024

    Question

    Harlan Sur asked if the recovery momentum in the enterprise server CPU business continued in Q3 and if growth is expected in Q4. He also inquired about enterprise and cloud demand trends in China.

    Answer

    CEO Dr. Lisa Su confirmed that positive growth momentum in enterprise EPYC adoption continued in Q3 and that another quarter of sequential growth is expected for the overall server business in Q4. She noted that enterprise remains a key growth opportunity where AMD has been underrepresented. CFO Jean Hu added that AMD is also underrepresented in the China server market, which presents another opportunity for share gains.

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    Harlan Sur's questions to Synopsys Inc (SNPS) leadership

    Harlan Sur's questions to Synopsys Inc (SNPS) leadership • Q4 2024

    Question

    Harlan Sur asked about the impact of the latest Department of Commerce rules on EDA software on the fiscal '25 outlook. He also requested a qualitative description of the growth profiles for the Design Automation and IP businesses relative to the full-year outlook, given strong design activity.

    Answer

    CEO Sassine Ghazi and CFO Shelagh Glaser confirmed that the impact of the most recent U.S. semiconductor restrictions, which added some customers to the entity list, is fully incorporated into the FY25 guidance. Ghazi added that growth confidence is driven by accelerating roadmaps from customers in the AI infrastructure space, who are rapidly adopting advanced solutions across the portfolio, including multi-die design tools, hardware-assisted verification, and AI-driven EDA software.

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    Harlan Sur's questions to Synopsys Inc (SNPS) leadership • Q3 2024

    Question

    Harlan Sur asked about the potential impact of a major customer's (Intel) efficiency initiatives on Synopsys's business and sought an update on customer support for the Ansys acquisition, given rising chip-package and system-level design challenges.

    Answer

    CEO Sassine Ghazi explained that the customer's transition to external EDA and IP has been a long-term journey and does not foresee a significant near-term impact due to long-term agreements. He affirmed that customer support for the Ansys deal is strong and growing from both silicon and systems companies, as it directly addresses the integration challenges of electronics and physics from the chip to the system level.

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