Kyle Smith's questions to AMBARELLA (AMBA) leadership • Q2 2026
Question
Kyle Smith of Stifel asked about the management's process for monitoring potential demand pull-ins related to tariffs, customer feedback on the Cooper development platform, and whether the ~10% annual OpEx growth expectation still holds given the strong revenue outlook.
Answer
CEO Fermi Wang detailed a rigorous internal and external process for monitoring inventory, including monthly reviews with customers and distributors, and stated they have not seen any abnormal inventory buildup. He also noted very positive feedback on the Cooper platform for its ability to simplify development across Ambarella's chip portfolio. CFO John Young advised that OpEx growth for the full year would likely be slightly higher than 10%, probably in the 12% range, to support new product development.