Liam Pharr

Liam Pharr sought clarification on whether the offset to content gains at the largest customer was due to the '17' generation becoming a larger part of the mix or shifts between models of the same generation. He also asked about data center progress relative to the broad markets segment average and the complementarity and potential competition between Skyworks' and Qorvo's Wi-Fi portfolios post-combination.

Answer

CEO and President Philip Brace clarified that the potential moderation by mix is due to uncertainty in how particular models will sell, making it difficult to predict. He reiterated that blended content should be stable. For data centers, he confirmed it's growing faster than the overall broad markets, driven by power isolation products for high-voltage servers and timing products for high-bandwidth architectures. Regarding Wi-Fi, he stated that both portfolios have unique positions, and the combined company will evaluate going forward while maintaining customer commitments.

Liam Pharr sought clarification on whether content gains being offset by mix refers to the iPhone 17 becoming a greater part of the mix or shifts between models of the same generation. He also asked about data center growth relative to the overall broad markets segment and the complementarity/competition of Wi-Fi portfolios post-merger.

Answer

CEO Philip Brace clarified that the potential moderation by mix is due to uncertainty in how particular models will sell, as the customer's sales mix is unknown. He confirmed that the data center segment is growing faster than overall broad markets, driven by power isolation and timing products. Regarding Wi-Fi, he stated that both companies' portfolios have unique positions, and they will evaluate the strategy post-merger while maintaining customer commitments.

Liam Pharr of Bank of America, on for Vivek Arya, asked about Skyworks' content visibility in flagship phones for the upcoming year and whether the pricing environment for new sockets has changed recently.

Answer

CEO Philip Brace explained that visibility for the next cycle is limited as key decisions are made in the late fall, but he is encouraged by long-term drivers like internal modem adoption and AI-driven refresh cycles. He described the pricing environment as consistently and highly competitive, stating it has not materially changed.

Liam Pharr with Bank of America asked about the trajectory of Nova's gate-all-around (GAA) business for Q4 2025 and through 2026. He also inquired about Nova's M&A strategy, specifically where the company aims to expand and what capabilities it seeks to acquire.

Answer

Gaby Waisman, President and CEO of Nova, confirmed that GAA is a key business driver, with Nova exposed to all four GAA players and on track to meet its $500 million aggregated business target for 2024-2026. She noted significant growth in GAA business in 2025, expected to continue into 2026. Regarding M&A, she stated that Nova has the capital to pursue inorganic growth, primarily focusing on semiconductor process control but open to other segments with strong semiconductor ties.

Liam Pharr inquired about the trajectory of gate all-around (GAA) technology for Nova in Q4 2025 and throughout 2026. He also asked about Nova's M&A strategy, including desired expansion areas and capabilities for acquisition.

Answer

Gabby Waisman, President and CEO, stated that GAA continues to drive Nova's business, with the company on track to achieve its $500 million aggregated business target from 2024-2026, expecting continued growth in 2026. She added that Nova has the financial capacity for inorganic growth, focusing predominantly on semiconductor process control and related segments, with a dedicated team pursuing opportunities.

Liam Pharr from Bank of America asked for commentary on recent M&A rumors and industry consolidation, as well as the company's strategy if it remains independent. He also inquired about the sustainability of the current growth drivers in IoT and auto through 2026.

Answer

CEO Fermi Wang declined to comment on rumors but emphasized that Ambarella's leadership in Edge AI, with 36 million SoCs shipped, makes it a strategically important company. For growth sustainability, Wang stated the company is working to secure a major L2+/L3 automotive design win to drive future growth, while IoT is growing significantly now. VP Louis Gerhardy added that growth is broad-based across many Edge AI verticals, not just a few markets, including enterprise security, telematics, portable video, and robotics.

Liam Pharr from Bank of America, on behalf of Vivek Arya, asked if Synopsys's largest customer remains a growth area amid their R&D spending reductions and questioned the company's market share position there. He also asked about the 'Plan B' for the pending ANSYS acquisition if it fails to close.

Answer

CEO Sassine Ghazi explained that agreements with their largest customer are multi-year and committed, so EDA software revenue is generally not impacted by roadmap fluctuations, though hardware may see quarterly shifts. Regarding the ANSYS deal, he stressed that closing the transaction is the only scenario being considered, citing strong customer support and active, cooperative negotiations with China's SAMR.

Liam Pharr from Bank of America, on behalf of Vivek Arya, questioned if Synopsys's largest customer remains a growth area amid its R&D spending cuts and asked about market share dynamics. He also asked for the company's 'Plan B' if the pending Ansys acquisition does not close.

Answer

CEO Sassine Ghazi explained that agreements with its largest customer are multi-year and committed, so roadmap fluctuations generally do not impact EDA software revenue. On the Ansys deal, he emphasized that closing the transaction is the only scenario being considered, citing strong customer support and active, cooperative negotiations with the remaining regulator in China (SAMR).