Joshua Buchalter • TD Cowen

Question 1

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

May 8, 2025

Question

Joshua Buchalter questioned how much further the auto MCU market share could grow after reaching 32% and sought clarification on the downward trend for gross margin in the second half of the year despite expected revenue growth.

Answer

CEO Jochen Hanebeck stated he expects further auto MCU share gains, driven by the transition to the 40-nanometer generation, but noted the ultimate peak is difficult to predict. CFO Sven Schneider clarified that the full-year gross margin is guided to 'around 40%', with the second half potentially being slightly below that level if the tariff-related revenue haircut materializes, unlike the first half which was slightly above.

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Question 2

Joshua Buchalter's questions to Advanced Micro Devices Inc (AMD) leadership • Q1 2025

May 6, 2025

Question

Joshua Buchalter inquired about the drivers behind AMD's Q1 2025 outperformance and Q2 guidance, with a specific focus on the Client segment's strong growth and the performance of the Instinct AI accelerator business excluding China.

Answer

CEO Lisa Su attributed the Q1 strength to the Client, Gaming, and Data Center businesses, highlighting strong desktop ASPs and denying significant tariff-related pull-in for the Client segment. She noted the Q2 guide accounts for a $700M headwind from China export controls but expects continued strength elsewhere. On the Instinct ramp, Su stated Q1 performance was in line with expectations and expressed confidence in the MI350 launch, which is on track for mid-year and seeing high customer interest. CFO Jean Hu added that Q1 Client revenue was flattish sequentially despite a double-digit unit decline, driven by higher ASPs.