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    Kevin Cassidy • Rosenblatt Securities

    Kevin Cassidy's questions to Blaize Holdings Inc (BZAI) leadership

    Kevin Cassidy's questions to Blaize Holdings Inc (BZAI) leadership • Q2 2025

    Question

    Kevin Cassidy of Rosenblatt Securities asked for the reasoning behind the tightened full-year 2025 guidance, particularly the reduction at the high end, and inquired about the status of the supply chain and potential manufacturing constraints.

    Answer

    CFO Harminder Sehmi explained the updated 2025 guidance is not due to supply chain issues but reflects a clearer understanding of customer deployment schedules for the year. He also confirmed the 2026 revenue outlook remains unchanged. Sehmi further stated that the company is not facing supply chain challenges, noting their 14nm chip does not face capacity constraints with their foundry partner, Samsung.

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    Kevin Cassidy's questions to Canaan Inc (CAN) leadership

    Kevin Cassidy's questions to Canaan Inc (CAN) leadership • Q2 2025

    Question

    Kevin Cassidy of Rosenblatt Securities questioned the impact of miners pursuing AI and HPC co-location on Bitcoin mining rig demand, and asked for an update on the next-generation A16 ASICs and cooling technology trends.

    Answer

    CEO Nanjing Zhang stated that AI/HPC and Bitcoin mining are complementary, as mining's flexible power consumption can stabilize energy grids for AI workloads. Regarding technology, he confirmed the A16 ASIC is in the final chip assembly and testing stage. He also noted that while air-cooled systems are prevalent, demand for water-cooled and immersion cooling is growing, particularly among large institutional miners.

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    Kevin Cassidy's questions to Canaan Inc (CAN) leadership • Q1 2025

    Question

    Kevin Cassidy inquired about the equipment pricing trends (ASP) during Q1 amid Bitcoin price volatility and the outlook for Q2. He also asked how Bitcoin miners shifting to HPC and AI hosting is impacting Canaan's total addressable market.

    Answer

    CFO Jin James Cheng explained that Q1's average selling price (ASP) rose to $10.5/TH due to strong early demand for the A15 series. He expressed optimism for Q2's ASP but remained cautious for Q3 and Q4 due to U.S. tariff pressures. CEO Nangeng Zhang addressed the AI question, stating he views miners' pivots to AI as 'experimental quick seeks' rather than core strategic shifts.

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    Kevin Cassidy's questions to Canaan Inc (CAN) leadership • Q4 2024

    Question

    Kevin Cassidy inquired about the company's ASIC wafer orders with its foundry partner relative to its customer backlog, the architectural changes in the A16 ASIC contributing to its performance improvement, and the expected performance of an immersion-cooled version.

    Answer

    CEO Nangeng Zhang stated that the company is gradually increasing production and has not ordered at maximum capacity, allowing flexibility to allocate machines to its own mining operations if demand weakens. He attributed the A16's performance leap to cutting-edge technology and numerous small design innovations, a process he called design-technology co-optimization (DTCO). He also acknowledged the growing market trend towards liquid cooling due to higher machine energy density and the need for longer hardware lifecycles.

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    Kevin Cassidy's questions to Canaan Inc (CAN) leadership • Q3 2024

    Question

    Kevin Cassidy asked for a comparison of the current demand environment to the period following the 2020 Bitcoin halving and inquired about Canaan's operational readiness to meet the anticipated demand surge.

    Answer

    CEO Nangeng Zhang explained that while the overall demand rebound pattern is similar to 2020, the current market is more mature with more professional customers. To meet demand, he stated Canaan secured production capacity with advanced foundry orders, improved yield rates, and raised $80 million in recent financing ($50M + $30M) to support the supply chain and mining investments. He also noted that R&D for the next-generation A16 series is on track.

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    Kevin Cassidy's questions to CEVA Inc (CEVA) leadership

    Kevin Cassidy's questions to CEVA Inc (CEVA) leadership • Q2 2025

    Question

    Kevin Cassidy of Rosenblatt Securities inquired about the potential impact of increased NPU licensing on future royalty revenues, asking if the higher value of these ICs would lead to accelerated royalty growth. He also asked about the timing from licensing to royalty for these more complex designs and whether the product lifecycle for AI-related royalties might be shorter.

    Answer

    CEO Amir Panush confirmed that NPU deals feature superior economics and are expected to generate a meaningful increase in royalty per unit. He explained that the time-to-royalty is typically 18 to 24 months, similar to consumer products, and can even be shorter as customers are eager to deploy AI. Panush noted that the royalty tail's duration is dependent on the end market, with infrastructure and automotive applications having much longer lifecycles than typical consumer devices.

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    Kevin Cassidy's questions to CEVA Inc (CEVA) leadership • Q1 2025

    Question

    Kevin Cassidy of Rosenblatt Securities inquired about the specifics of the new ADAS NPU win, asking if it was with a Tier 1 supplier or tied to a secured OEM program. He also questioned if the ASP uplift for WiFi 7 would be similar to or greater than the transition to WiFi 6, and later asked how smaller, low-cost LLMs are affecting demand for CEVA's NPU IP.

    Answer

    CEO Amir Panush clarified the ADAS win is with a Tier 1 supplier for a next-generation platform that will be sold to multiple OEMs, validating the technology's maturity. He confirmed that WiFi 7 is expected to provide another ASP uplift on top of the significant increase already seen from the transition to WiFi 6. Panush also explained that the trend of smaller, optimized LLMs is a major positive catalyst, driving AI inference to edge devices and increasing demand for CEVA's power-efficient NPU solutions.

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    Kevin Cassidy's questions to CEVA Inc (CEVA) leadership • Q4 2024

    Question

    Kevin Cassidy of Rosenblatt Securities inquired about the potential for Ceva's NPU technology to be integrated into MCU customer designs alongside its wireless IP, and also asked for details on the timing and revenue ramp for the new long-term agreement with a U.S. mobile OEM.

    Answer

    Amir Panush, CEO, confirmed a clear trend of MCU players integrating AI, creating significant opportunities for Ceva's NeuPro-Nano NPUs to be licensed alongside its connectivity IP. Regarding the U.S. mobile OEM, Panush stated that Ceva could not provide specific details on the royalty ramp-up timing or volume, as that is determined by the customer, but he expressed strong optimism about the long-term growth opportunity.

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    Kevin Cassidy's questions to CEVA Inc (CEVA) leadership • Q3 2024

    Question

    Kevin Cassidy of Rosenblatt Securities asked for clarification on the gross margin impact from 5G platform customization, its duration, and whether the opportunity includes integrating Wi-Fi.

    Answer

    CFO Yaniv Arieli explained the temporary gross margin dip is due to allocating R&D resources for strategic 5G customization work, not a change in the business model, with annual non-GAAP margins remaining around 89-90%. CEO Amir Panush added that this deepens partnerships and drives better long-term economics. He confirmed there are significant opportunities to add more IP, including Wi-Fi, Bluetooth, and AI, to these platforms, increasing CEVA's content per device.

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    Kevin Cassidy's questions to Synaptics Inc (SYNA) leadership

    Kevin Cassidy's questions to Synaptics Inc (SYNA) leadership • Q4 2025

    Question

    Kevin Cassidy of Rosenblatt Securities asked new CEO Rahul Patel to compare his IoT strategy for Synaptics with his previous work at Qualcomm and inquired if Synaptics might need to acquire additional technologies to complete its solutions.

    Answer

    President & CEO Rahul Patel explained that Synaptics is uniquely positioned with core capabilities in mixed-signal, processors, and wireless connectivity, which are the key building blocks for IoT systems. He highlighted the plan to create integrated solutions, leveraging the Google Research partnership for Edge AI. Regarding M&A, Patel stated a disciplined approach, prioritizing organic growth but remaining open to inorganic opportunities that could accelerate the core IoT business.

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    Kevin Cassidy's questions to Synaptics Inc (SYNA) leadership • Q3 2025

    Question

    Kevin Cassidy from Rosenblatt Securities asked about the competitive landscape for low-power Wi-Fi 7 in IoT applications and whether Synaptics had a unique approach. He also inquired if the introduction of optimized LLMs like DeepSeek was increasing customer demand for the Astra AI platform.

    Answer

    Venkat Kodavati, SVP of Wireless, stated that Synaptics was the first to market with a Wi-Fi 7 solution for IoT, using an advanced process node and signal processing to achieve very low power, giving them a competitive advantage. Interim CEO Ken Rizvi and Vikram Gupta, SVP of IoT Processors, confirmed that new, efficient LLMs are increasing interest and driving customer engagements for the Astra platform by making advanced AI on the edge more feasible.

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    Kevin Cassidy's questions to Synaptics Inc (SYNA) leadership • Q2 2025

    Question

    Kevin Cassidy from Rosenblatt Securities asked about the production timeline for new designs in the Android and AR/VR markets following the Broadcom deal, and questioned how the expanded wireless portfolio could create pull-through for Synaptics' AI processors.

    Answer

    Interim CEO Ken Rizvi stated that the full $40 million+ revenue run-rate from the Broadcom deal will begin in the June quarter, with opportunities to ramp with new customers in calendar '26 and '27. SVP of Wireless Venkat Kodavati highlighted the acquisition of a skilled engineering team. SVP of IoT Processors Vikram Gupta explained that the combined processor and connectivity portfolio creates superior solutions, with the strong wireless offerings now creating pull for their processor products.

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    Kevin Cassidy's questions to Synaptics Inc (SYNA) leadership • Q1 2025

    Question

    Kevin Cassidy from Rosenblatt Securities asked for a comparison of the current Wi-Fi 7 upgrade cycle to previous Wi-Fi transitions and questioned the company's end-market exposure for IoT Wi-Fi, specifically between consumer and industrial markets.

    Answer

    President and CEO Michael Hurlston described the Wi-Fi 7 adoption cycle as consistent with past upgrades, expecting a rapid step-up to 20-25% penetration in IoT, followed by a slower multi-year climb to 50-60%. He and Head of Investor Relations Munjal Shah clarified that Synaptics' Wi-Fi exposure is predominantly consumer (around 65%) and enterprise (around 35%), with very little exposure to the industrial or automotive markets at present.

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    Kevin Cassidy's questions to Adeia Inc (ADEA) leadership

    Kevin Cassidy's questions to Adeia Inc (ADEA) leadership • Q2 2025

    Question

    Kevin Cassidy of Rosenblatt Securities questioned whether the new RapidCool technology is targeted for data centers or the network edge. He also asked for details on the ST Microelectronics deal, specifically its connection to hybrid bonding and chiplets, and the potential for similar deals with other semiconductor companies.

    Answer

    CEO & Director Paul Davis clarified that RapidCool is initially targeting data centers but has a roadmap for other applications. He confirmed the ST Microelectronics agreement is a portfolio license driven by Adeia's hybrid bonding technology and noted the broad industry adoption of hybrid bonding for both logic chiplets and high-bandwidth memory, signaling a strong market trend.

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    Kevin Cassidy's questions to Adeia Inc (ADEA) leadership • Q1 2025

    Question

    Kevin Cassidy inquired about the new U.S. professional sports league deal, its potential as a breakthrough to sign other leagues, and its possible extension into sports betting. He also asked if the newly acquired microLED and imaging portfolios included existing license revenue.

    Answer

    CEO Paul Davis confirmed the sports league deal is a significant achievement within their OTT vertical and that they believe it could lead to more agreements with similar entities. Regarding the acquired IP, Davis clarified that the portfolios do not currently have revenue streams attached but represent a mid-to-long-term growth opportunity, particularly the microLED assets which have synergies with the semiconductor industry and AI applications.

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    Kevin Cassidy's questions to Navitas Semiconductor Corp (NVTS) leadership

    Kevin Cassidy's questions to Navitas Semiconductor Corp (NVTS) leadership • Q2 2025

    Question

    Kevin Cassidy asked if the NVIDIA partnership announcement has accelerated GaN adoption in existing 48V data centers and questioned the inventory strategy for the TSMC-to-PowerChIP foundry transition.

    Answer

    CEO Gene Sheridan responded that while it's early, he is hopeful that proving GaN for 800V systems could create upside in current 48V data centers. Regarding the foundry transition, he confirmed that TSMC is committed to supplying products through 2027, and Navitas can execute last-time buys if needed, ensuring a seamless supply chain for customers during the migration.

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    Kevin Cassidy's questions to Navitas Semiconductor Corp (NVTS) leadership • Q4 2024

    Question

    Kevin Cassidy asked for details on the 40 data center design wins, specifically the distribution across different power supply levels (2.7kW to 8.5kW) and whether these deployments are tied to specific GPU upgrade cycles like Blackwell or Reuben.

    Answer

    CEO Gene Sheridan explained that while initial designs were broad, the sweet spot is now concentrating at higher power levels, such as 4.5kW for CRPS and 8.5kW for ORV3, where GaN and SiC benefits are maximized. He noted that new designs are increasingly focused on the next generation of processors, like the 'Reuben-class', and are not exclusively tied to NVIDIA, with other server and AI processors also in the mix.

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    Kevin Cassidy's questions to Navitas Semiconductor Corp (NVTS) leadership • Q3 2024

    Question

    Kevin Cassidy inquired about the new low-voltage GaN dual-sourcing partnership with Infineon, asking about IP licensing, customer demand drivers, and opportunities for product differentiation. He also asked about the impact of a potential smartphone market shift towards entry-level devices.

    Answer

    CEO Eugene Sheridan confirmed a broad-based GaN cross-license agreement with Infineon, which gives customers confidence and accelerates adoption by providing a dual-source option, a common request. He clarified that while specs and footprints will be common, Navitas will still differentiate through system design support and other sole-source solutions. Regarding smartphones, Sheridan stated that the key factor is charging power, not phone price, noting that Navitas is successfully bringing 45W+ GaN fast chargers to lower-cost phones, making it a growth area.

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    Kevin Cassidy's questions to Rambus Inc (RMBS) leadership

    Kevin Cassidy's questions to Rambus Inc (RMBS) leadership • Q2 2025

    Question

    Kevin Cassidy from Rosenblatt Securities inquired about how the growth in the AI ASIC (XPU) market is affecting demand for Rambus's silicon IP. He also asked about the impact of recent DDR4 end-of-life announcements on the company's business.

    Answer

    CEO Luc Seraphin stated that the AI ASIC boom is accelerating demand for high-speed memory interfaces and connectivity IP, leading to strong customer engagement for HBM4, PCIe 7, and security IP solutions. Regarding DDR4, Seraphin noted it has a minimal impact as DDR4 sales have been very limited for several quarters and are expected to remain low or decrease.

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    Kevin Cassidy's questions to Rambus Inc (RMBS) leadership • Q1 2025

    Question

    Kevin Cassidy asked if the recent strength in Silicon IP revenue is expected to continue and inquired about the anticipated adoption rate for MRDIMMs on new CPUs.

    Answer

    CFO Desmond Lynch indicated that Q2 Silicon IP revenue is expected to be relatively flat with Q1. CEO Luc Seraphin noted it is still early to predict a precise MRDIMM adoption rate but explained its adoption will be driven by high-end systems, especially for AI, that require a bridge to DDR6-level capacity and bandwidth.

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    Kevin Cassidy's questions to Rambus Inc (RMBS) leadership • Q4 2024

    Question

    Kevin Cassidy inquired about the breadth of the customer base for next-generation HBM IP and asked about the market opportunity for Rambus modules in ARM-based server CPU platforms.

    Answer

    CEO Luc Seraphin explained that for leading-edge IP like HBM4, the company engages with a smaller, more advanced set of customers. He also stated that the buffer chip business is agnostic to CPU architecture (x86 vs. ARM) because it serves the standard DIMM memory interface, which is common to both.

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    Kevin Cassidy's questions to Rambus Inc (RMBS) leadership • Q3 2024

    Question

    Kevin Cassidy of Rosenblatt Securities inquired about the Q3 variance between contract revenue and licensing billings, the revenue recognition timing for the new HBM4 controller IP, and the expected market adoption for MRDIMM versus standard RDIMM.

    Answer

    CFO Desmond Lynch clarified that the Q3 revenue variance was a classification shift where higher 'off-the-shelf' IP sales boosted licensing billings, with total Silicon IP revenue remaining on track. CEO Luc Seraphin explained that HBM IP revenue is recognized upon delivery, not production, and positioned MRDIMM as a high-bandwidth solution for applications like AI that will coexist with, not replace, the standard RDIMM market.

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    Kevin Cassidy's questions to Penguin Solutions Inc (PENG) leadership

    Kevin Cassidy's questions to Penguin Solutions Inc (PENG) leadership • Q3 2025

    Question

    Kevin Cassidy of Rosenblatt Securities inquired about the five new customer bookings in the Advanced Computing segment, asking about their origin (partnerships vs. direct), the sales cycle length, and the mix of hardware versus software and services. He also asked for more details on the progress of the collaboration with SK Telecom.

    Answer

    Mark Adams, President & CEO, explained that the sales cycle for these types of wins is typically 12-18 months. He clarified that for new customers, revenue is usually recognized for hardware upfront, which has lower margins, while higher-margin software and services revenue is recognized over time. Regarding the SK Group partnership, Adams stated they are making good progress with SK Telecom on AI data center initiatives and are exploring system-level product opportunities with SK Hynix, noting the relationship is progressing well beyond just the financial investment.

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    Kevin Cassidy's questions to Ambarella Inc (AMBA) leadership

    Kevin Cassidy's questions to Ambarella Inc (AMBA) leadership • Q1 2026

    Question

    Kevin Cassidy from Rosenblatt Securities asked if the strong product cycle could alter Ambarella's traditional revenue seasonality and sought confirmation that the new edge infrastructure SoCs are based on their transformer-capable architecture.

    Answer

    CEO Fermi Wang reiterated that geopolitical uncertainty makes seasonality a question mark for the current year, hence the wider guidance range, but a normal seasonal pattern is still possible. Both Fermi Wang and VP of Corporate Development Louis Gerhardy confirmed that the new edge infrastructure products leverage their third-generation CVflow AI accelerator architecture, which is designed to run advanced transformer-based models.

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    Kevin Cassidy's questions to Ambarella Inc (AMBA) leadership • Q4 2025

    Question

    Kevin Cassidy asked if the 2-nanometer development would focus on products similar to the N1 or more on CV devices, and inquired if the company is testing other models besides DeepSeek due to potential restrictions.

    Answer

    CEO Fermi Wang clarified that they have two 2-nanometer projects underway to address two different markets: one for camera products and another for a different IoT product type. He also explained that while DeepSeek is used for demos, he views the rise of such models as a market trend and fully expects U.S. AI companies to introduce similar offerings.

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    Kevin Cassidy's questions to Ambarella Inc (AMBA) leadership • Q3 2025

    Question

    Kevin Cassidy asked about the development timeline for Ambarella's 2-nanometer platform, including its expected tape-out date and target markets, and if the associated spending was already in the OpEx run rate.

    Answer

    President and CEO Dr. Fermi Wang projected the first 2-nanometer chip tape-out for around Q4 of fiscal 2026, targeting IoT enterprise and other IoT markets to address new AI workloads like Gen AI. CFO John Young confirmed that spending for the 2-nanometer project is already being amortized and is factored into the current OpEx run rate.

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    Kevin Cassidy's questions to Ambarella Inc (AMBA) leadership • Q2 2025

    Question

    Kevin Cassidy asked how the current strong product cycle compares to past cycles in terms of differentiation and customer stickiness. He also inquired if the absence of a key distributor from the 10% customer list signaled a declining contribution from the consumer IoT segment.

    Answer

    CEO Fermi Wang explained that this product cycle is differentiated by the market's demand for high AI performance at low power consumption, which creates significant customer stickiness. He confirmed that the absence of the specific 10% customer was due to persistent weakness in the consumer IoT (home security) market, where growth is much slower than in enterprise, other IoT, or automotive segments.

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    Kevin Cassidy's questions to Terawulf Inc (WULF) leadership

    Kevin Cassidy's questions to Terawulf Inc (WULF) leadership • Q4 2024

    Question

    Kevin Cassidy of Rosenblatt Securities questioned how falling Bitcoin prices might alter the company's mining strategy and asked if there were any U.S. customs issues delaying the final 10% of its new miner deployment.

    Answer

    CEO Paul Prager confirmed there were no customs issues with the miners. He stressed that the company's long-term strategy is not dictated by Bitcoin's price, as the primary focus is building a premier HPC/AI data center business. The decision to convert mining capacity will be driven by strong HPC customer demand rather than short-term crypto market fluctuations.

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    Kevin Cassidy's questions to Terawulf Inc (WULF) leadership • Q3 2024

    Question

    Kevin Cassidy sought clarification on whether the new redundant power infrastructure is exclusively for the HPC colocation facilities and asked about the deployment plan for the mining machines acquired from the Nautilus transaction.

    Answer

    CFO Patrick Fleury confirmed that the redundant power is principally focused on the HPC operations, as bitcoin mining is a more flexible load that does not require the same level of uptime. He also explained that the more efficient miners from the Nautilus deal were installed at Lake Mariner to upgrade the fleet, while the less efficient miners were sold for cash.

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    Kevin Cassidy's questions to Bitdeer Technologies Group (BTDR) leadership

    Kevin Cassidy's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Kevin Cassidy inquired about the customer qualification and acceptance timeline for the new SEALMINER A2 rigs shipping in March. He also asked if the A3 qualification process would be quicker and how many customers were in the initial A2 batch.

    Answer

    Chairman and CEO Jihan Wu stated that the committed shipping time already includes the necessary qualification period. He further explained that the process from chip verification to mass production for a new model like the A3 takes about six months. Chief Strategy Officer Haris Basit added that the initial A2 batch was sold to over 60 customers.

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    Kevin Cassidy's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Kevin Cassidy from Rosenblatt Securities inquired about the customer qualification timeline for the SEALMINER A2 and A3 rigs and asked how many customers were part of the initial A2 shipment.

    Answer

    Chairman and CEO Jihan Wu stated that the committed shipping timeline for the A2 already accounts for the necessary customer qualification period and that the A3 development cycle from chip verification to mass production is about six months. Chief Strategy Officer Haris Basit confirmed that the initial A2 orders involved more than 60 customers.

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    Kevin Cassidy's questions to Bitdeer Technologies Group (BTDR) leadership • Q3 2024

    Question

    Kevin Cassidy asked for clarification on the definition of a Tier 3 data center and for an estimate on the relative profitability of an HPC/AI data center versus a Bitcoin mining operation.

    Answer

    Jeff LaBerge and Haris Basit explained that Tier 3 standards are part of the assessment for a leading AI data center, which has far more stringent requirements than Bitcoin mining to protect the large capital investment. Regarding profitability, Jeff LaBerge stated that financial models can justify either path depending on hash price assumptions, and the decision also weighs the strategic benefit of revenue diversification.

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    Kevin Cassidy's questions to Luminar Technologies Inc (LAZR) leadership

    Kevin Cassidy's questions to Luminar Technologies Inc (LAZR) leadership • Q3 2024

    Question

    Kevin Cassidy asked about the technology roadmap for transitioning from Iris to Halo, including whether the EX90 would eventually be upgraded. He also sought a more specific estimate of Halo's cost reduction and inquired about the status of Luminar's mapping initiative.

    Answer

    CEO Austin Russell explained that Halo's development is accelerated by leveraging prior investments and that it is being designed to be backward-compatible with Iris for a smooth transition. He estimated Halo's cost would be 'less than half' of Iris's. Regarding mapping, he emphasized the unprecedented scale of data collection from production vehicles like the EX90, which will fuel the mapping and broader ecosystem initiatives.

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    Kevin Cassidy's questions to Valens Semiconductor Ltd (VLN) leadership

    Kevin Cassidy's questions to Valens Semiconductor Ltd (VLN) leadership • Q3 2024

    Question

    Kevin Cassidy asked if Valens had any customers contributing over 10% of revenue in the quarter and whether the design pipeline would lead to customer concentration or more broad-based growth.

    Answer

    CFO Guy Nathanzon stated there were no 10% customers in Q3. CEO Gideon Ben-Zvi elaborated that future growth will be mixed; automotive wins are large and can create concentration temporarily, while audio-video and industrial growth is more distributed across many smaller customers. He affirmed there is no long-term risk of dependency on a single customer.

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