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CFO Brice Hill confirmed that the higher Q3 China revenue was not a push from Q2, stating that the Q2 and Q4 levels are more indicative of the expected run-rate. He emphasized that investors should not expect immediate upside to the Q4 outlook even if licenses are approved, as it would take time to plan and build the equipment. He declined to quantify the license backlog.

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CEO David Goeckeler affirmed that China remains an attractive and important market for SanDisk. CFO Luis Visoso added that the Q4 bit shipment outperformance was broad-based across the entire product portfolio, not concentrated in a single end market.

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SVP & CFO Ken Rizvi noted healthy visibility for the September quarter and building visibility for December, while acknowledging that the March quarter typically sees some seasonality. President & CEO Rahul Patel addressed the industrial IoT question, explaining that Synaptics' platforms, particularly its processors and mixed-signal capabilities, are designed to scale across a wide landscape from consumer to industrial applications like factory control and EV charging.

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President and CEO John Lee explained that the base WFE portfolio is growing faster than the market, with the NAND upgrade cycle acting as a lumpy overlay that can cause quarterly fluctuations. He also noted that any pull-in for the PCB business was minimal, with strength in Q2 and the Q3 outlook being driven primarily by AI applications for both equipment and chemistry.

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President & CEO Fusen Chen projected that fiscal 2026 revenue would be 'flattish' compared to 2025, supported by high industry utilization and new product growth, despite typical seasonality. Regarding Intel, he acknowledged that revenue would be down from the prior year but noted that customer engagement remains healthy. For HBM, Chen confirmed they are working with two customers and plan to ship an initial system to one of them by the end of calendar year 2025 for the upcoming fluxless transition.

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VP of Investor Relations Rajvindra Gill reported that the automotive business is now tracking at approximately $60 million per quarter with significant year-over-year growth. CEO Philip Brace stated that visibility is currently strong across the board with no material difference between customer segments. He also reiterated a disciplined approach to OpEx, expecting only nominal growth targeted at core R&D.

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President and CEO Steve Kelley confirmed that the current data center revenue level is sustainable into 2026. He attributed this to high, ongoing investment rates by hyperscalers, the increasing power needs of new GPUs which drives content growth, and AE's strong design win rate. He also highlighted the company's willingness to invest in factory capacity to support this demand.

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CEO Tim Breen described RISC-V demand as a global phenomenon with strong interest across Asia, Europe, and the U.S. Regarding the China strategy, he stated they are not disclosing the partner, referring to the initiative as 'GF China.' He assured that the margin profile is in line with corporate averages and that robust IP protection controls, vetted by automotive-grade customers, are in place.

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CEO Jeffrey Andreson identified foundry logic, high-bandwidth memory, and continued NAND investment as the key demand drivers. He stated that the primary headwind to gross margin is the inability to fully ramp internal component supply to meet demand, rather than significant changes in customer pricing pressure. He added that tariff impacts are now better understood and are being passed on.

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CEO Tim Cook stated that iPhone channel inventory was reduced during the quarter and ended at the low end of their target range. SVP & CFO Kevan Parekh confirmed an estimated one-point pull-ahead at the total company level due to tariff discussions. On long-term AI, Cook called it a profound technology but declined to discuss specifics of Apple's strategy.

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EVP and CFO Doug Bittinger confirmed that spending from global multinationals in China grew over 90% quarter-over-quarter but did not attribute it to a specific reason. President and CEO Timothy Archer, without commenting on specific customer timing, stated that Lam is already focused on inflections beyond 2-nanometer, such as Moly adoption and dry resist, where the company is well-engaged with customers.

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EVP and CFO Douglas Bittinger confirmed a greater than 90% sequential spending increase from global multinationals in China but did not specify a reason. President and CEO Timothy Archer stated that while not commenting on specific customer decisions, Lam is already deeply engaged in inflections beyond 2nm, such as Moly adoption and dry resist, positioning the company for future nodes.

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President & CEO Greg Smith clarified the GPU opportunity is not yet a 'win' but an opportunity to compete, aided by their reputation with the customer in other segments. He noted their focus is on proving value to OSATs, foundries, and hyperscalers. For the robotics win, he declined to provide unit numbers but specified Teradyne is providing the arm and software platform, while the end customer handles end-of-arm tooling and vision systems.

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SVP & CFO Grant Brown and SVP of Sales and Marketing Dave Fullwood clarified that the estimated $15-30 million inventory buffer is related to components, not finished goods, and is already factored into guidance. Regarding AI, SVP & President of Advanced Cellular, Frank Stewart, agreed that trends associated with 5G-Advanced will continue to drive the need for more complex RF solutions, including additional RF paths and expanded use of higher power levels (Power Class 2), consistent with the company's previous Analyst Day commentary.

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Chairman & Interim CEO Clarence Granger expressed confidence in the China business, noting it's a "China for China" strategy without direct tariff implications and that customer relationships are strong. He confirmed the European customer issue was resolved. Answering as Cheryl, VP of Marketing Cheryl Kneffler added that the products sold in China are broadly supported, mitigating risk. On inventory, she stated that while some remains, the situation has significantly improved, with the largest customer working down stock.

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CFO Roger Dassen declined to provide a bookings target for 2026, citing their lumpy nature. He disclosed that Q2 EUV bookings were skewed towards Logic and that DUV orders have now virtually covered all of 2025's shipment slots, with the remainder scheduled for 2026.

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EVP and Chief Business Officer Sumit Sadana explained that Micron is now an established, large-scale HBM supplier, unlike last year when it was still ramping. He noted that customers are still finalizing complex 2026 platform transition plans (e.g., HBM3E to HBM4), which dictates their purchasing mix. He expressed confidence in Micron's position and deep customer engagements for future HBM roadmaps.

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EVP and Chief Business Officer Sumit Sadana explained that Micron is now a scaled, trusted HBM supplier with deep customer engagements for HBM4 and HBM4E. He noted that customers are still finalizing their complex 2026 platform transition timelines, which involve shifts from 8-high to 12-high HBM3E and the adoption of HBM4. As these plans solidify, agreements will fall into place, and Micron is confident in its HBM business trajectory.

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Chairman, President & CEO Sanjay Mehrotra stated that the HBM4 trade ratio is greater than three, compared to approximately three for HBM3E, and will trend towards four with HBM4E. This increasing ratio puts pressure on non-HBM DRAM supply. Regarding margins, he explained that HBM commands high value in both GPU and ASIC-based accelerators and its value is growing, but did not provide a specific margin differentiation between the two customer types.

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Jeff Clarke, Vice Chairman and COO, explained that training and inference are distinct use cases and Dell aims to win both. He emphasized the significant data consumption in enterprise inference workloads, creating a large storage opportunity. He highlighted Dell's focus on building out a portfolio of high-performance, disaggregated storage systems like PowerScale, ObjectScale, and Project Lightning, which he believes is the bridge to improving storage attach rates for AI workloads.

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CEO George Kurian explained that the hard drive segment has declined as flash replaces high-performance drives and expects it to stabilize at a smaller number, primarily serving backup and archival use cases. He also noted that US public sector exposure is in the low teens percentage of revenue. CFO Wissam Jabre reiterated that Q1 product gross margin would be flattish with Q4, with gradual improvement expected thereafter, but did not provide a specific full-year target for the sub-segment.

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CFO Shai Shahar stated it's too early to speculate on future tariff impacts beyond the guided 1% headwind for Q2. CEO Mike Slessor explained that new fabs for additional capacity (not replacement) do drive incremental probe card demand, but typically with a 2-3 quarter lag before significant orders materialize.

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CEO Subodh Kulkarni detailed the company's roadmap, emphasizing that the chiplet (tiling) approach is the key strategy for scaling to thousands of qubits, leveraging proven semiconductor industry methods to overcome the limitations of monolithic chips. He expressed confidence in the scaling path and the error rate reduction target. CFO Jeffrey Bertelsen clarified that Rigetti's $100 million commitment is a continuation of its existing R&D efforts and will flow through operating expenses (OpEx), not representing a new or separate capital expenditure.

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CEO Subodh Kulkarni clarified that the NVIDIA/IQCC collaboration is focused on the fundamental QPU-GPU interface for hybrid computing, which highlights the speed advantage of superconducting qubits. The work with Riverlane is a distinct, parallel effort focused on the complex software layers of QEC. CFO Jeffrey Bertelsen added that he expects operating expenses to remain in line or only slightly higher than recent quarters, without a significant increase.

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CFO Kevan Krysler explained the RPO slowdown is a direct result of the year-over-year decline in Evergreen//One TCV sales for FY25. He highlighted the return to 20% growth for Evergreen//One in Q4 as a positive sign and noted that growth in this offering is factored into the FY26 revenue guide.

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CEO Enrique Lores explained the 15% figure uses the IDC definition of a PC with an NPU. He emphasized HP's focus is on "next-gen AI PCs" with >40 TOPS NPUs. Regarding costs, he stated commodity cost pressure is expected through the first half of FY25, with mitigation from repricing and cost actions taking effect in the second half. CFO Karen Parkhill added that strategic buys helped initially, and now the focus is on repricing, which takes time.

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