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    Joshua Buchalter • TD Cowen

    Joshua Buchalter's questions to Analog Devices Inc (ADI) leadership

    Joshua Buchalter's questions to Analog Devices Inc (ADI) leadership • Q3 22025

    Question

    Joshua Buchalter asked why the revenue level needed to achieve a 70% gross margin seems to have shifted from a previously mentioned $2.7 billion to around $3.0 billion, and what has changed.

    Answer

    EVP & CFO Richard Puccio clarified that the previous modeling assumed a return to a 'more normal' industrial mix. He explained that in Q3, industrial was only 45% of revenue, below that normalized level. As the industrial mix is projected to rise to ~49% in Q4, the company expects to return to the 70% margin range.

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    Joshua Buchalter's questions to Analog Devices Inc (ADI) leadership • Q2 2025

    Question

    Joshua Buchalter followed up on the industrial segment's strength, asking if management senses any end-customer restocking or if the recovery is purely based on end demand, given the outperformance relative to peers.

    Answer

    Executive Richard Puccio clarified that he wouldn't call it 'restocking,' but acknowledged that customers are purchasing more as they operate with lean inventories. He reiterated that ADI has been undershipping the industrial market for two years and expects to ship to demand in Q3. CEO Vincent Roche added that POS signals indicate a normalization between shipping and sell-through, suggesting a return to true demand patterns.

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    Joshua Buchalter's questions to Analog Devices Inc (ADI) leadership • Q1 2025

    Question

    Joshua Buchalter of TD Cowen followed up on channel inventory, asking if guidance includes any channel refill given levels are below the target range, and what signals ADI needs to see before rebuilding inventory.

    Answer

    CFO Rich Puccio stated that the Q2 guidance assumes shipping to sell-through with no channel refill. He expressed comfort operating below the 7-8 week target as long as customer needs are met, noting ADI is balancing this by holding more inventory internally, especially in die banks. CEO Vincent Roche added that centralized inventory management has proven effective and will continue to be a guide.

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    Joshua Buchalter's questions to Analog Devices Inc (ADI) leadership • Q4 2024

    Question

    Joshua Buchalter asked about factory utilization rates, noting ADI was unique in calling them out as higher, and how they are expected to trend in fiscal 2025.

    Answer

    CFO Rich Puccio attributed the ability to raise utilization to their agile, hybrid manufacturing model, which allows them to swing capacity back to internal fabs. He clarified that while utilization is still well below optimal levels, it has seen modest sequential increases for two quarters and is expected to continue increasing as revenue recovers through fiscal 2025.

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    Joshua Buchalter's questions to Microchip Technology Inc (MCHP) leadership

    Joshua Buchalter's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Joshua Buchalter asked what specific signals Microchip is looking for to justify raising factory utilization rates and why there is conviction that December is the right time. He also asked for any rules of thumb on how the underutilization and write-down charges are expected to unwind over time.

    Answer

    CEO Steve Sanghi explained the decision is based on a mathematical model forecasting future die needs against current inventory. He noted that production is so far below the shipment rate that they must begin ramping well before inventory is fully depleted to avoid an impossible-to-meet step-up in production later. CFO Eric Bjornholt added that inventory write-downs will likely decrease more quickly, while the reduction in underutilization charges will be more gradual as factory ramps take time.

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    Joshua Buchalter's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Joshua Buchalter asked about the signals management is watching to increase factory utilization and why they are confident December is the right time to do so, and also requested a rule of thumb for how margin charges will unwind.

    Answer

    CEO Steve Sanghi explained the decision to ramp factories in December is a mathematical necessity to avoid an impossibly steep ramp later, as current output is far below shipment rates. CFO Eric Bjornholt added that inventory write-down charges will likely decrease faster than underutilization charges, which will abate more gradually as factory ramps take time.

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    Joshua Buchalter's questions to Microchip Technology Inc (MCHP) leadership • Q4 2025

    Question

    Joshua Buchalter asked what has improved from a visibility standpoint to allow management to conclusively call a revenue bottom, given previously stated uncertainties.

    Answer

    CEO Steve Sanghi cited several factors providing increased confidence: 1) Distribution sell-through to end customers is now increasing after many quarters of decline. 2) Bookings rose significantly in the March quarter, with April's bookings being even stronger. 3) The starting backlog for the June quarter was higher than March's, and the current backlog for the September quarter is tracking even stronger, indicating sustained demand.

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    Joshua Buchalter's questions to Microchip Technology Inc (MCHP) leadership • Q2 2025

    Question

    Joshua Buchalter asked for directional expectations on underutilization charges and inventory write-downs for the December quarter. He also inquired if the company is rethinking its relationship with the distribution channel post-cycle.

    Answer

    Executive J. Bjornholt stated he expects 'more of the same,' with continued low factory utilization and high inventory reserves, but noted the inventory consists of long-life products likely to sell in the future. CEO Ganesh Moorthy affirmed that channel partners remain an important part of their strategy, accounting for about 50% of sales and providing reach to a broad customer base.

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    Joshua Buchalter's questions to Advanced Micro Devices Inc (AMD) leadership

    Joshua Buchalter's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    Joshua Buchalter asked about supply chain lead times for the Instinct accelerator family and how AMD maintains a flat gross margin in Q3 despite a dilutive mix from the significant data center GPU ramp.

    Answer

    Chair and CEO Lisa Su stated that lead times are around 8-9 months and the supply chain is well-prepared. EVP, CFO & Treasurer Jean Hu explained that the dilutive impact of the MI350 ramp on gross margin is being offset by positive mix from the high-margin server business, growth in commercial PCs, and company-wide operational efficiencies.

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    Joshua Buchalter's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    Joshua Buchalter of TD Cowen inquired about the supply chain lead times for the Instinct MI350 and MI400 accelerators and the level of customer visibility required for large deployments. He also asked for an explanation of how Q3 gross margins are expected to remain flat sequentially despite a significant, margin-dilutive ramp in data center GPUs.

    Answer

    CEO Lisa Su noted that lead times are long, around 8-9 months, and that the company is working very closely with customers on co-engineering for future MI400 rack-scale deployments. CFO Jean Hu explained that the dilutive impact of the MI350 ramp in Q3 is being offset by several tailwinds, including strong sales of high-margin EPYC server CPUs, a richer product mix in the commercial PC business, and ongoing operational efficiencies.

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    Joshua Buchalter's questions to Advanced Micro Devices Inc (AMD) leadership • Q4 2024

    Question

    Joshua Buchalter asked for clarification on the MI350 timeline pull-in, questioning if it created a potential 'air pocket' in demand for H1 2025. He also inquired about the drivers of the strong Q4 Client segment growth and the risk of inventory buildup.

    Answer

    CEO Lisa Su stated the MI350 pull-in is an incremental positive and does not create an air pocket, as new MI300/MI325 deployments are slated for H1. Regarding the Client segment, Su attributed the strong Q4 to high sell-through and adoption of new products, particularly in desktop, not a substantial inventory build. She expressed confidence in growing Client revenue well ahead of the market in 2025.

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    Joshua Buchalter's questions to Advanced Micro Devices Inc (AMD) leadership • Q3 2024

    Question

    Joshua Buchalter asked about the growth runway for Data Center GPUs within AMD's existing customer base. He also inquired how the upcoming MI325X and MI350 products could act as catalysts to expand revenue and workload adoption with these key partners.

    Answer

    CEO Dr. Lisa Su emphasized the significant progress made in 2024, growing the Data Center GPU forecast from $2B to over $5B by hitting key milestones in scale, reliability, and performance with major customers. She sees a strong opportunity to grow further within this existing base by expanding workloads, citing Meta's move into training as an example. She noted the strengthening product portfolio and improved ROCm software ecosystem are key catalysts for driving deeper engagement and adoption.

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    Joshua Buchalter's questions to Arteris Inc (AIP) leadership

    Joshua Buchalter's questions to Arteris Inc (AIP) leadership • Q2 2025

    Question

    Joshua Buchalter asked for details on the scope of the new AMD agreement, questioning why AMD expanded its use of Arteris IP and how the deal, with FlexGen's higher ASP, would impact the financial model.

    Answer

    CEO K. Charles Janac explained that AMD chose Arteris's new FlexGen product after extensive evaluation due to its superior productivity and performance advantages for various products, including AI data center chiplets. CFO Nick Hawkins clarified that this significant deal was already factored into the company's existing financial guidance, as it is one of several major 'whale deals' Arteris secures regularly.

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    Joshua Buchalter's questions to Arteris Inc (AIP) leadership • Q1 2025

    Question

    Joshua Buchalter of TD Cowen asked if Arteris is seeing direct changes in customer behavior due to the current tariff and trade environment, and inquired about the drivers for the expected revenue and ACV from the FlexGen platform in the second half of the year.

    Answer

    CEO Karel Janac acknowledged some project replanning in China but noted that the broader economic uncertainty is encouraging larger companies to outsource system IP to commercial vendors like Arteris, keeping licensing activity robust. CFO Nicholas Hawkins added that while the business pipeline is strong, guidance ranges were widened due to macro uncertainty. Regarding FlexGen, Mr. Janac highlighted positive feedback from over 20 customer projects evaluating the technology and its full production status, leading to confidence in second-half bookings and revenue. Mr. Hawkins clarified that the financial impact will appear first in RPO and ACV, with a more muted effect on 2025 revenue due to its ratable nature.

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    Joshua Buchalter's questions to Arteris Inc (AIP) leadership • Q3 2024

    Question

    Joshua Buchalter of TD Cowen inquired about the impact of the challenging macroeconomic environment, specifically focusing on the dynamics of the China auto market and whether share shifts toward local vendors represent a net positive or headwind for Arteris. He also asked for more details on the contribution from the enterprise computing segment and its potential growth funnel.

    Answer

    CEO Karel Janac stated that Arteris's strategy is to engage with a wide range of customers, including start-ups, car manufacturers, and Tier 1s, ensuring they benefit regardless of market share shifts. He noted a strong presence in China with customers like NEO. CFO Nicholas Hawkins added that while key customer Mobileye faces headwinds, the impact on Arteris's full-year revenue is less than 1%. Regarding enterprise computing, Mr. Hawkins confirmed it is the largest revenue contributor at over 30%, driven by AI, with the broader AI/ML horizontal accounting for about 40% of total revenue.

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    Joshua Buchalter's questions to ON Semiconductor Corp (ON) leadership

    Joshua Buchalter's questions to ON Semiconductor Corp (ON) leadership • Q2 2025

    Question

    Joshua Buchalter asked for an update on inventory levels, questioning if they still expect a peak in Q2 followed by a decline, and sought commentary on the current pricing environment after previous mentions of more aggressive tactics.

    Answer

    CFO Thad Trent confirmed that inventory peaked in Q2 and is expected to decline through the rest of the year as strategic builds are consumed, which will be a tailwind to cash flow. He also clarified that utilization was flat quarter-over-quarter on a normalized basis. President and CEO Hassane El-Khoury stated that the pricing environment has been stable and within the company's expectations, with no new changes to report.

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    Joshua Buchalter's questions to ON Semiconductor Corp (ON) leadership • Q1 2025

    Question

    Joshua Buchalter asked for a reflection on the demand environment over the last few months and requested details on the Q1 restructuring charge and the current state of on-book and channel inventory.

    Answer

    CFO Thad Trent stated the quarter unfolded as expected, with early signs of stabilization in the industrial market. He explained the restructuring charge in gross margin was for inventory write-offs from manufacturing realignment. He confirmed on-book inventory is healthy at 119 days (excluding strategic builds) and should peak in Q2. CEO Hassane El-Khoury added that channel inventory is being managed with discipline.

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    Joshua Buchalter's questions to ON Semiconductor Corp (ON) leadership • Q4 2024

    Question

    Joshua Buchalter from TD Cowen requested more details on the drivers of the Q1 gross margin decline, specifically the unfavorable mix, and asked for metrics on inventory levels at automotive Tier 1 customers.

    Answer

    CFO Thad Trent broke down the Q1 gross margin decline: roughly half is from calculating under-absorption on a lower revenue base, 100 basis points from unfavorable product mix (due to softness in long-tail industrial), and the rest from lower utilization. CEO Hassane El-Khoury explained that Tier 1 inventory levels vary by customer and are a moving target as end demand deteriorates, making a single metric difficult, but confirmed onsemi is under-shipping to help deplete it.

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    Joshua Buchalter's questions to ON Semiconductor Corp (ON) leadership • Q3 2024

    Question

    Joshua Buchalter requested a more detailed breakdown of the low single-digit silicon carbide growth guidance and asked for commentary on the China auto market, given a peer's strong reported growth and concerns about potential pull-ins.

    Answer

    CEO Hassane El-Khoury declined to break down SiC growth by segment but noted that both North America and China were up, indicating regional share gains. He clarified that while onsemi's China auto business also grew, comparisons to peers may be difficult as onsemi's focus is on the drivetrain, where SiC plays a key role.

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    Joshua Buchalter's questions to Monolithic Power Systems Inc (MPWR) leadership

    Joshua Buchalter's questions to Monolithic Power Systems Inc (MPWR) leadership • Q2 2025

    Question

    Joshua Buchalter asked for metrics on the contribution from new AI ASIC platforms in the second half of the year compared to the lead GPU customer. He then pivoted to ask about the cautious outlook for the Storage & Compute segment and the potential for further share gains in DDR5.

    Answer

    Founder, Chairman, President & CEO Michael Hsing deflected the AI contribution question, emphasizing the growth in the rest of the business. On Storage & Compute, EVP & CFO Bernie Blegen explained the caution stems from two atypically strong quarters and historical market volatility, not a change in competitive position. Hsing added that caution is relative, given the segment's projected 40-50% full-year growth.

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    Joshua Buchalter's questions to Monolithic Power Systems Inc (MPWR) leadership • Q1 2025

    Question

    Joshua Buchalter followed up on the storage and compute segment's 38% sequential growth, seeking assurance that it wasn't due to inventory build. He also asked for more detail on the source of increased confidence in the enterprise data segment for the second half.

    Answer

    CFO Bernie Blegen clarified that the strong Q1 in storage and compute was an anticipated 'atypical seasonal uplift.' CEO Michael R. Hsing and Vice President of Finance Tony Balow reiterated that growth was broad-based across memory, notebooks, and desktops. Regarding enterprise data, Hsing and Blegen explained that increased confidence comes from being closer to the second half, providing better visibility on design wins and qualifications across multiple customers.

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    Joshua Buchalter's questions to Monolithic Power Systems Inc (MPWR) leadership • Q4 2024

    Question

    Joshua Buchalter asked about the competitive environment for new hyperscale ASIC programs, specifically regarding dual-sourcing, and requested clues on the company-level growth outlook for 2025 and which segments would be the biggest contributors.

    Answer

    EVP and CFO Bernie Blegen explained that MPS's ability to innovate, its time-to-market, and overall performance give it a first-mover advantage, but customer sourcing decisions are ultimately out of their control. CEO Michael Hsing added that the timing of these ramps is uncertain. Regarding 2025 growth contributors, Michael Hsing emphasized the company's diversified growth strategy, stating that multiple segments are expected to ramp and if one area slows, another will pick up, consistent with their strategy for the last 25 years.

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    Joshua Buchalter's questions to Monolithic Power Systems Inc (MPWR) leadership • Q3 2024

    Question

    Joshua Buchalter asked for clarification on the Enterprise Data segment, seeking to understand the relative impact of customer ordering patterns versus second-sourcing. He also questioned whether this diversification is occurring on new or existing AI platforms and asked for a rule of thumb on MPS's content opportunity in new AI accelerators.

    Answer

    EVP and CFO Bernie Blegen reiterated that no share position change is expected in Q3/Q4, framing second-sourcing as a long-term function of being the market leader. CEO and Founder Michael Hsing added that new designs for tensor processors (TPUs/SoCs) are starting to ramp. Regarding content opportunity, Hsing declined to give a specific rule of thumb, instead emphasizing that MPS provides the best, most power-efficient solutions, and the market growth will naturally drive their revenue.

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    Joshua Buchalter's questions to Allegro Microsystems Inc (ALGM) leadership

    Joshua Buchalter's questions to Allegro Microsystems Inc (ALGM) leadership • Q1 2026

    Question

    Joshua Buchalter asked about the technology driving near-term confidence in automotive current sensors and for an update on the legacy (non-e-mobility) auto business.

    Answer

    CEO Michael Doogue clarified that recent current sensor innovations use Hall effect technology, but the future roadmap is pivoting strongly to TMR, with superior TMR products now sampling. Regarding the legacy auto business, Mr. Doogue attributed its recent softness to inventory dynamics and timing of purchases, stating there is no negative long-term signal and the business should be fine.

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    Joshua Buchalter's questions to Allegro Microsystems Inc (ALGM) leadership • Q4 2025

    Question

    Joshua Buchalter of TD Cowen asked if new products in TMR and power are impacting the financial model enough to hit long-term growth targets and sought clarity on the timing of the announced $15 million restructuring savings.

    Answer

    CEO Michael Doogue expressed confidence in achieving the company's growth targets, citing strong momentum in high-growth markets like e-mobility, data center, and robotics. CFO Derek D'Antilio explained that the annualized $15 million in savings will begin in Q1 and phase in through FY26 and FY27, helping to offset planned OpEx increases and resulting in low single-digit OpEx growth for FY26.

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    Joshua Buchalter's questions to Allegro Microsystems Inc (ALGM) leadership • Q3 2025

    Question

    Joshua Buchalter of TD Cowen sought confirmation that automotive inventory levels are now healthy, and asked about the competitive environment, the contribution from current sensing products, and the progress of the TMR business from the Crocus acquisition.

    Answer

    CEO Vineet Nargolwala confirmed that while some inventory hot spots remain, the overall risk is shifting toward potential shortages. He stated the competitive landscape is unchanged and highlighted strong momentum in current sensing and TMR products, with TMR expanding into medical applications and being sampled for automotive battery management systems. CFO Derek D'Antilio added that the company continues to invest in R&D while optimizing SG&A costs.

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    Joshua Buchalter's questions to Qualcomm Inc (QCOM) leadership

    Joshua Buchalter's questions to Qualcomm Inc (QCOM) leadership • Q3 2025

    Question

    Joshua Buchalter of TD Cowen asked about the drivers for the 5% sequential growth forecast in the handset market, questioning if there was evidence of inventory pull-ins from China. He also sought more details on the scope of the data center engagement with a hyperscaler and the fiscal 2028 revenue timeline.

    Answer

    CFO & COO Akash Palkhiwala stated there is no evidence of a pull-in and attributed the handset strength to upcoming new product launches creating strong OEM demand. On the data center, President & CEO Cristiano Amon confirmed advanced discussions and ongoing product development, noting the AlphaWave acquisition is complementary but declined to share further customer specifics at this time.

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    Joshua Buchalter's questions to Qualcomm Inc (QCOM) leadership • Q2 2025

    Question

    Joshua Buchalter asked for details on the assumptions within QUALCOMM's handset market guidance, specifically regarding potential tariff-related order pull-ins and any changes in order patterns from its largest customer. He also inquired about any updates on Huawei royalty negotiations.

    Answer

    Akash Palkhiwala stated that the guidance reflects QUALCOMM's current assessment of tariffs, with no material direct impact or significant customer order pull-ins observed, citing a diversified global supply chain. Alexander Rogers, President of Qualcomm Technology Licensing, added that there were no new updates regarding the ongoing discussions with Huawei.

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    Joshua Buchalter's questions to Qualcomm Inc (QCOM) leadership • Q1 2025

    Question

    Joshua Buchalter of TD Cowen asked for clarification on the fiscal 2025 guidance for the QTL segment, specifically the assumptions for handset unit shipments and royalty rates that support the flat year-over-year outlook.

    Answer

    CFO Akash Palkhiwala explained that the guidance is based on an assumption of a flat to low single-digit growth for the overall handset market. He noted that this baseline forecast does not yet incorporate potential upside from China's subsidy programs or a faster AI-driven device replacement cycle.

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    Joshua Buchalter's questions to Qualcomm Inc (QCOM) leadership • Q4 2024

    Question

    Joshua Buchalter sought details on the automotive business, specifically its exposure to China and the revenue mix between infotainment and ADAS. He also asked about the sustainability of handset growth outside of Qualcomm's top two customers.

    Answer

    CFO Akash Palkhiwala described the auto design-win portfolio as geographically diverse and not reliant on a single region. He noted current revenue is mainly from cockpit solutions, with ADAS as a future growth driver. For handsets, he highlighted that growth is driven by content increases and a mix shift to premium tiers, which overcomes the loss of prior-year Huawei revenue.

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    Joshua Buchalter's questions to STMicroelectronics NV (STM) leadership

    Joshua Buchalter's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    Joshua Buchalter of TD Cowen inquired about any changes in customer order patterns, such as pull-ins, due to the geopolitical environment and sought clarification on the Mobileye foundry relationship with TSMC.

    Answer

    President & CEO Jean-Marc Chery stated there have been no order pull-ins and that the market is in an up-cycle, though the automotive landscape is less stable. Regarding Mobileye, he confirmed that while TSMC technology is used, ST handles the design and engineering support for IQ5, IQ6, and IQ7, and expects no revenue impact for the next three to five years.

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    Joshua Buchalter's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    Joshua Buchalter of TD Cowen inquired about any changes in customer order patterns or potential pull-ins due to the geopolitical environment, and asked for clarification on the Mobileye foundry relationship with TSMC.

    Answer

    President & CEO Jean-Marc Chery confirmed that no order pull-ins were observed in June and that the automotive market's dynamic is due to shifting competition, not geopolitical pull-ins. Regarding Mobileye, he clarified that ST has used TSMC's technology since the IQ5 generation for design and support, and the recent announcement does not change their revenue outlook for the next 3-5 years.

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    Joshua Buchalter's questions to STMicroelectronics NV (STM) leadership • Q1 2025

    Question

    Joshua Buchalter asked for an update on downstream inventory levels in the distribution channel and inquired about ST's strategic positioning and manufacturing flexibility amid the changing global trade environment.

    Answer

    CFO Lorenzo Grandi reported that channel inventory decreased in Asia during Q1 but remained elevated in EMEA and the Americas, with a significant reduction expected in Q2. CEO Jean-Marc Chery detailed the company's long-standing 'China for China' strategy and other footprint adjustments, stating that ST is well-equipped to handle the current trade situation and has not observed any panic from customers.

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    Joshua Buchalter's questions to STMicroelectronics NV (STM) leadership • Q2 2024

    Question

    Joshua Buchalter requested an update on channel inventory levels and asked if the outlook assumes a normalization during Q3. He also inquired about the drivers for the implied gross margin improvement in the fourth quarter.

    Answer

    Lorenzo Grandi, CFO, stated that distribution inventory levels did not improve in Q2 and are similar to Q1, with material improvement now expected in Q4. For the Q4 gross margin uplift, he identified improved product mix as the main driver, supplemented by a decline in unused capacity charges from the 350 basis point impact seen in Q3. He does not expect a positive impact from pricing.

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    Joshua Buchalter's questions to Texas Instruments Inc (TXN) leadership

    Joshua Buchalter's questions to Texas Instruments Inc (TXN) leadership • Q2 2025

    Question

    Joshua Buchalter asked for an explanation of the weakness in the China auto market, questioning if it was due to share loss or inventory dynamics. He also asked if customers outside China were altering their buying behavior due to TI's geopolitically dependable U.S. manufacturing.

    Answer

    CEO Haviv Ilan attributed the China auto performance to an inventory correction after a period of very strong demand. VP & Head of IR Mike Beckman noted that all major auto regions performed similarly on a sequential basis. Regarding geopolitical supply, Ilan stated that while customers value TI's U.S. capacity, the opportunity has not fully materialized as many are in a 'wait and see' mode on tariffs.

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    Joshua Buchalter's questions to Texas Instruments Inc (TXN) leadership • Q4 2024

    Question

    Joshua Buchalter asked about the company's near-to-medium-term inventory target and whether the competitive landscape has changed as peers' supply constraints have eased.

    Answer

    Executive Rafael Lizardi stated the inventory goal is to maintain high customer service while minimizing obsolescence. He expects inventory to rise by about $100 million in Q1 and then stabilize. Executive Haviv Ilan responded that he has not seen a significant change in the competitive backdrop, noting that the market is always competitive during a down cycle but that TI is well-positioned to compete.

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    Joshua Buchalter's questions to NXP Semiconductors NV (NXPI) leadership

    Joshua Buchalter's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    Joshua Buchalter asked how NXP could be certain that tariff-related pull-ins were not impacting results and questioned whether auto OEMs were sustaining investment in new technologies like software-defined vehicles (SDV).

    Answer

    CEO Kurt Sievers explained that NXP uses a disciplined process with AI-driven monitoring of order patterns to detect and discourage tariff-related pull-ins. He also confirmed that OEM investment in SDV is accelerating, as it is seen as a critical competitive tool for delivering consumer value and reducing costs, especially for Western OEMs competing with Chinese counterparts.

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    Joshua Buchalter's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    Joshua Buchalter of TD Cowen inquired about the signals NXP uses to ensure there are no tariff-related pull-ins and asked about auto OEM investment behavior regarding software-defined vehicles (SDV) amidst industry challenges.

    Answer

    CEO Kurt Sievers explained that NXP uses AI to monitor order patterns for deviations and directly questions customers about unusual activity, typically not supporting tariff-related pull-ins to maintain discipline. He stated that investment in SDV is accelerating, as it's a 'must-do' for Western OEMs to remain competitive on cost and features against Chinese players, positioning NXP's S32 family and related portfolio to capitalize on this trend.

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    Joshua Buchalter's questions to NXP Semiconductors NV (NXPI) leadership • Q4 2024

    Question

    Joshua Buchalter of TD Cowen asked if NXP expects to continue under-shipping end demand in Q2 and inquired how the TTTech Auto acquisition changes OEM conversations and competitive positioning.

    Answer

    CEO Kurt Sievers confirmed that a 'flat to slightly up' Q2 would mathematically mean NXP is still under-shipping end demand. Regarding the TTTech Auto acquisition, he explained it is a key strategic move that enables deeper co-design conversations with automotive OEMs on software-defined vehicle architectures, allowing NXP to move up the value stack and become a leading partner for these new platforms.

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    Joshua Buchalter's questions to NXP Semiconductors NV (NXPI) leadership • Q3 2024

    Question

    Joshua Buchalter asked why gross margins, after a long period of stability, are now de-levering with revenue and inquired about the progress of software-defined vehicle (SDV) engagements amid OEM volatility.

    Answer

    CFO Bill Betz attributed the gross margin decline primarily to lower revenue over a fixed cost structure, along with some negative mix impact. CEO Kurt Sievers affirmed that there is no change in SDV content assumptions and that traction with the S32 platform remains strong. He noted the key risk is not content adoption but the potential for lower unit production from Western OEMs compared to their more competitive Chinese counterparts.

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    Joshua Buchalter's questions to Broadcom Inc (AVGO) leadership

    Joshua Buchalter's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Joshua Buchalter from TD Cowen questioned the Q3 gross margin guidance, noting that the implied incremental margin seems low. He asked if factors beyond the mix shift to custom XPUs were at play and inquired about the long-term margin profile of the custom business.

    Answer

    CFO Kirsten Spears attributed the guided 130 basis point sequential decline in gross margin primarily to a higher mix of XPU revenue, which she reiterated has slightly lower margins. She confirmed no other factors were at play. CEO Hock Tan added that the analyst's simple analysis was "totally wrong."

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    Joshua Buchalter's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Joshua Buchalter of TD Cowen asked for clarification on the Q3 gross margin guidance, noting the implied incremental margin seemed low, and inquired about the long-term margin profile of the growing custom silicon business.

    Answer

    CFO Kirsten Spears explained that the guided 130 basis point sequential decline in consolidated gross margin is primarily driven by a higher mix of custom accelerator (XPU) revenue, which has historically carried margins slightly lower than the corporate average. CEO Hock Tan added that the analysis is complex with many moving parts.

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    Joshua Buchalter's questions to Credo Technology Group Holding Ltd (CRDO) leadership

    Joshua Buchalter's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q4 2025

    Question

    Joshua Buchalter inquired about the competitive differentiation of Credo's Pilot software platform and asked for details on the infrastructure build-outs of the company's new, diversifying customer base.

    Answer

    CEO Bill Brennan described the Pilot software platform as a key differentiator, leveraging a decade of experience to provide customers with critical debug, telemetry, and diagnostic tools that enhance reliability and uptime. He stated that this platform provides visibility across all tiers of innovation, from SerDes IP to the full system. Regarding new customers, Brennan confirmed their initial ramps are primarily for AI deployments, with longer-term opportunities in disaggregated switching.

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    Joshua Buchalter's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q2 2025

    Question

    Joshua Buchalter inquired about the go-to-market strategy for optical DSPs and if the new 3nm 200-gig product marks a competitive step-change. He also asked about customer approaches to second-sourcing in the AEC market following a competitor's announcement.

    Answer

    CEO William Brennan clarified that near-term DSP growth will come from 50-gig and 100-gig per lane products, with the 200-gig opportunity being a longer-term play for fiscal '27. On competition, Brennan acknowledged customers want multiple AEC suppliers but stressed Credo's strategy of being first-to-market with customized, reliable solutions gives them a strong competitive position, even with the expectation of eventual second-sourcing.

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    Joshua Buchalter's questions to Marvell Technology Inc (MRVL) leadership

    Joshua Buchalter's questions to Marvell Technology Inc (MRVL) leadership • Q1 2026

    Question

    Joshua Buchalter from TD Cowen asked for more detail on why a hyperscale customer might explore 'multiple tracks' for an ASIC, questioning if it's for different performance skews or entirely different workloads.

    Answer

    Chairman and CEO Matt Murphy politely declined to provide additional color on the topic beyond his previous statements, indicating he had shared the maximum detail possible for the call. He suggested that the upcoming AI Day might offer more discussion around different business models.

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    Joshua Buchalter's questions to Infineon Technologies AG (IFNNY) leadership

    Joshua Buchalter's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Joshua Buchalter asked about the potential for further market share growth in the auto MCU business and sought clarification on the gross margin trajectory for the second half of the fiscal year.

    Answer

    CEO Jochen Hanebeck expressed expectations for some further gains in auto MCU market share, driven by the transition to the 40-nanometer generation, but noted it's difficult to predict the exact peak. CFO Sven Schneider clarified the "around 40%" gross margin guidance, suggesting the second half might be slightly below 40% if the tariff haircut materializes, while the first half was slightly above.

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    Joshua Buchalter's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Joshua Buchalter asked about the potential for further market share gains in automotive MCUs and sought clarification on the expected gross margin decline in the second half of the year.

    Answer

    CEO Jochen Hanebeck stated he expects further gains in automotive MCU share, driven by the ongoing transition to the 40-nanometer AURIX generation where major design wins occurred. CFO Sven Schneider clarified the gross margin outlook, explaining that while the full-year forecast is 'around 40%,' the second half may trend slightly below that level if the tariff-related revenue haircut materializes, whereas the first half was slightly above.

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    Joshua Buchalter's questions to Lattice Semiconductor Corp (LSCC) leadership

    Joshua Buchalter's questions to Lattice Semiconductor Corp (LSCC) leadership • Q1 2025

    Question

    Joshua Buchalter asked if new product growth is expected to accelerate in 2026 with the layering in of Nexus and Avant products. He also sought clarification on the timing of Avant's meaningful revenue contribution, noting a potential shift in commentary from 2026 to 2027.

    Answer

    CEO Fouad Tamer confirmed that new product revenue as a percentage of total revenue is expected to accelerate from mid-teens in 2024 to high-teens in 2025, and then to the mid-20s in 2026. He clarified that Avant's revenue will layer in over time, with some impact in 2025 and more variants contributing through 2026 and 2027, which is typical for long FPGA qualification cycles.

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    Joshua Buchalter's questions to Lattice Semiconductor Corp (LSCC) leadership • Q4 2024

    Question

    Joshua Buchalter asked for metrics on how new products like Avant and Nexus 2 are expected to contribute to 2025 growth. He also inquired about the competitive environment for the mid-range Avant platform since its launch.

    Answer

    CEO Ford Tamer noted that new products (Nexus and Avant) grew from a single-digit percentage of revenue in 2023 to mid-teens in 2024, with that contribution expected to continue growing. On competition, he emphasized that Lattice's products are custom-made for the small and mid-range segments, not scaled-down versions of larger FPGAs. He highlighted the power, size, and architectural advantages of their LUT4-based designs, which he believes are ideally suited for their target market.

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    Joshua Buchalter's questions to Lattice Semiconductor Corp (LSCC) leadership • Q3 2024

    Question

    Joshua Buchalter of TD Cowen asked for the underlying assumptions for the low single-digit growth forecast in 2025, including the magnitude of inventory digestion. He also questioned if the long-term 15-20% revenue growth target is still valid and asked about visibility into end-customer inventory versus channel inventory.

    Answer

    CEO Fouad Tamer reaffirmed that the 15-20% long-term revenue growth target remains correct, with an expected return to that rate in 2026. He described the 2025 outlook as having flattish revenue through the first half as inventory normalizes, followed by a return to growth. Interim CFO Tonya Stevens added that while they have good visibility into distributor inventory, tracking inventory at over 10,000 end customers is harder, but they feel they now have a better handle on it.

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    Joshua Buchalter's questions to Mobileye Global Inc (MBLY) leadership

    Joshua Buchalter's questions to Mobileye Global Inc (MBLY) leadership • Q1 2025

    Question

    Joshua Buchalter asked for clarification on the full-year guidance, which implies a weaker second half, and inquired about the nature of customer engagement and design win activity for advanced products.

    Answer

    Executive Daniel Galves and CEO Amnon Shashua explained that the guidance reflects conservatism amid macro uncertainty, not a specific negative signal from customers. Shashua added that design win activity for core ADAS is very strong, and while advanced product decisions are slightly slower due to macro issues, new engagements with top-10 OEMs for Level 3 and Chauffeur are progressing.

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    Joshua Buchalter's questions to Mobileye Global Inc (MBLY) leadership • Q3 2024

    Question

    Joshua Buchalter inquired about the 2025 outlook for SuperVision and Chauffeur volumes, given market uncertainties, and asked for an updated view on normalized growth for core ADAS in Western markets now that inventory issues have stabilized.

    Answer

    Executive Daniel Galves stated it's too early for specific 2025 guidance but suggested the H2 2024 EyeQ run rate is a better starting point. He expects Mobileye to outperform its top 10 customers' production by mid-single digits. An executive, likely EVP of Business Development and Strategy Nimrod Nehushtan, added that long-term ADAS growth will come from increased market share and new customer wins, with regulatory requirements providing a tailwind for average selling prices (ASPs).

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