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    Jeremy Kwan • Stifel

    Jeremy Kwan's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership

    Jeremy Kwan's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership • Q4 2025

    Question

    Jeremy Kwan of Stifel Financial Corp. inquired about the computing segment's strength, specifically the nature of the AI and graphics digestion period, the contribution from AI, and the outlook for gross margins and the use of proceeds from the recent joint venture asset sale.

    Answer

    CEO Stephen Chang clarified that the AI digestion period relates to a specific new program's initial shipments, but other AI programs are ramping. He noted AI and graphics together constitute about 25% of computing revenue. CFO Yifan Liang explained that Q4's gross margin improvement was mix-driven and guided for a similar mix in the next quarter. She added that the $150M from the JV sale will fund growth, technology, capacity, potential M&A, and that the board will evaluate shareholder returns.

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    Jeremy Kwan's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership • Q3 2025

    Question

    Jeremy Kwan of Stifel asked for details on the China JV's production and its contribution to wafer supply, factory utilization rates, cash flow dynamics, full-year CapEx outlook, the competitive pricing environment, and the specific opportunities within AI accelerator cards and data centers.

    Answer

    CFO Yifan Liang stated the China JV accounts for about 20% of total supply with minimal tariff impact, and internal factory utilization is 80-90%. She projected stable cash flow and full-year CapEx around $40-50 million. Liang also noted that while competition is increasing, the company manages pricing by introducing new, higher-performance products. Executive Stephen Chang added that growth in AI is driven by total solutions for accelerator cards and they have secured a new design win in a data center application.

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    Jeremy Kwan's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership • Q2 2025

    Question

    Jeremy Kwan asked for a quantification of the impact of ASP erosion and mix changes on gross margin, the outlook for pricing pressure, and current factory utilization levels. He also questioned the revenue level needed to reach the 30% long-term gross margin target, the dynamics of the gaming platform transition, and details on the repayment schedule for customer deposits.

    Answer

    Executive Stephen Chang explained the gaming platform is in year five of its cycle and is not expected to be a growth driver until the next-generation launch, with the company focusing on AI and smartphones in the interim. Executive Yifan Liang stated that ASP erosion was in the mid-to-high single-digit range for calendar 2024 and is expected to be in the mid-single-digit range in 2025, which will be countered by new product rollouts. Liang noted internal utilization is around 80% and confirmed the company's mid-term target is to reach $1 billion in revenue to achieve a gross margin above 30%. He also detailed that of the remaining customer deposits, about $25 million will be returned in calendar 2025.

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    Jeremy Kwan's questions to Alpha and Omega Semiconductor Ltd (AOSL) leadership • Q1 2025

    Question

    Jeremy Kwan followed up on pricing, asking about competition from China, and requested updates on the company's joint venture (JV), fab utilization rates, and the specific factors driving the sequential gross margin decline.

    Answer

    Executive Stephen Chang explained that AOSL's strategy against competition involves targeting higher-performance sockets, such as in premium smartphones, where its differentiated products have an advantage. Executive Yifan Liang reported that the JV is currently raising additional funds and remains a key supplier. She stated that fab utilization was around 80% for the quarter. Liang attributed the recent gross margin decline primarily to ASP erosion and expects future improvements to come from higher utilization and a better product mix.

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    Jeremy Kwan's questions to Maxlinear Inc (MXL) leadership

    Jeremy Kwan's questions to Maxlinear Inc (MXL) leadership • Q1 2025

    Question

    Jeremy Kwan requested a long-term ranking of MaxLinear's end markets by growth contribution through 2026 and asked for more details on the storage accelerator business, including key applications and customer traction.

    Answer

    CEO Kishore Seendripu identified Infrastructure as the most exciting long-term growth driver, followed closely by Broadband, which is benefiting from both a market recovery and new product cycles like PON and DOCSIS. For storage accelerators, he noted 20-odd proofs-of-concept are underway, with 2025 revenue of $10-$20 million driven by enterprise storage. He sees a path to $50-$75 million from enterprise alone, with potential to double that if compute-side design wins materialize.

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    Jeremy Kwan's questions to SiTime Corp (SITM) leadership

    Jeremy Kwan's questions to SiTime Corp (SITM) leadership • Q3 2024

    Question

    Jeremy Kwan, on for Tore Svanberg, asked for insight into SiTime's content in software-defined vehicles versus legacy cars and requested an update on the company's market penetration of precision timing versus traditional quartz.

    Answer

    Executive Rajesh Vashist detailed that the automotive SAM is $400-$500 million, with content focused on ADAS, sensors, and infotainment in innovative EVs. Regarding market penetration, he stated SiTime's SAM is ~$3 billion within a $10 billion total timing market, indicating significant room for growth from its current revenue base across ~300 diverse applications.

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    Jeremy Kwan's questions to Power Integrations Inc (POWI) leadership

    Jeremy Kwan's questions to Power Integrations Inc (POWI) leadership • Q3 2024

    Question

    On behalf of Tore Svanberg, Jeremy Kwan asked about Power Integrations' competitive lead in high-power GaN, its price comparison to silicon carbide, the extent of the portfolio being converted to GaN, and the long-term revenue outlook for GaN products.

    Answer

    CEO Balu Balakrishnan detailed the company's GaN strategy, noting that its 750-volt GaN is nearing cost parity with silicon MOSFETs and is highly competitive with silicon carbide up to tens of kilowatts. For higher voltages, he stated their products are competitive with silicon carbide up to 100+ watts, with future technology aiming to disrupt the market at hundreds of kilowatts. Balakrishnan emphasized that GaN is the future for nearly all new products and projected GaN revenue could exceed $100 million by 2028. CFO Sandeep Nayyar added that GaN could represent about 20% of total revenue within the next 2-3 years.

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