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    Melissa Weathers • Deutsche Bank

    Melissa Weathers's questions to Applied Materials Inc (AMAT) leadership

    Melissa Weathers's questions to Applied Materials Inc (AMAT) leadership • Q3 2025

    Question

    Melissa Weathers asked about the spending outlook for second-tier leading-edge players and what assumptions about their CapEx are factored into Applied's planning.

    Answer

    CFO Brice Hill avoided customer-specific comments but confirmed that Applied is up-to-date with all customer forecasts, which are updated multiple times per quarter. He reiterated that their leading-edge demand has become more concentrated with fewer customers than in the past.

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    Melissa Weathers's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    Melissa Weathers asked about the DRAM business, seeking to understand the balance between the cyclical dynamics of the broader DRAM market and the strong secular growth driven by High-Bandwidth Memory (HBM).

    Answer

    CFO Brice Hill clarified that strong HBM demand, growing at 40%, has kept the overall DRAM business at near-record levels, not a cyclical low. CEO Gary Dickerson added that Applied has gained 10 points of DRAM market share over a decade and is strongly positioned for DDR5, HBM, and the next major architecture inflection, 4F-squared.

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    Melissa Weathers's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    Melissa Weathers inquired about the DRAM business, asking for insight on how to balance the cyclical dynamics of traditional DRAM against the significant growth upside being driven by High-Bandwidth Memory (HBM).

    Answer

    CFO Brice Hill clarified that the DRAM market is operating at very high levels, not a cyclical low, propelled by strong AI-related demand. He highlighted that HBM is a key growth driver, expected to reach 16% of DRAM wafer starts this year. CEO Gary Dickerson added that Applied has gained 10 points of market share in DRAM over the last decade and is strongly positioned for future technology inflections like 4F-squared.

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    Melissa Weathers's questions to MKS Instruments Inc (MKSI) leadership

    Melissa Weathers's questions to MKS Instruments Inc (MKSI) leadership • Q2 2025

    Question

    Melissa Weathers from Deutsche Bank questioned if the NAND business lumpiness involves inventory replenishment or just-in-time demand, and asked why Q3 gross margins are not seeing more uplift from the higher-margin chemistry mix.

    Answer

    President and CEO John Lee clarified that customers are buying to need, not building inventory, due to normalized lead times. EVP and CFO Ramakumar Mayampurath explained that the gross margin benefit from a seasonal chemistry pickup is being offset by higher sales of lower-margin equipment and slightly lower overall volume compared to Q2.

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    Melissa Weathers's questions to MKS Instruments Inc (MKSI) leadership • Q1 2025

    Question

    Melissa Weathers of Deutsche Bank asked for more detail on the trends within the specialty industrial business, particularly the softness in automotive. She also inquired about the long-term growth rate drivers for the E&P chemistry business beyond typical seasonality, such as AI and content growth.

    Answer

    CEO John Lee described the automotive market as 'quite muted' and noted that the tariff environment has added 'a tremendous amount of more uncertainty,' making it volatile. For the chemistry business, Lee reiterated a long-term model of GDP plus 300 basis points, broken down by segment. He added that AI is providing an incremental growth tailwind to all PCB segments (package substrate, HDI, and MLB), similar to its effect on the chip industry.

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    Melissa Weathers's questions to MKS Instruments Inc (MKSI) leadership • Q4 2024

    Question

    Melissa Weathers from Deutsche Bank questioned MKS's content opportunity in NAND upgrades versus greenfield projects and the business impact from the ramp of leading-edge logic nodes like gate-all-around.

    Answer

    CEO John Lee clarified that while greenfield NAND fabs utilize a broad range of MKS tools, technology upgrades primarily benefit the company's RF power products as customers increase layer counts. For advanced logic, he confirmed MKS has significant content, specifically calling out its advanced ozone solutions as a key enabler for the gate-all-around technology transition.

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    Melissa Weathers's questions to MKS Instruments Inc (MKSI) leadership • Q3 2024

    Question

    Melissa Weathers requested more color on a back-end design win related to High-Bandwidth Memory (HBM), its potential size, and whether similar wins are expected. She also asked how MKS is positioned if the advanced logic market consolidates further.

    Answer

    President and CEO John Lee specified the HBM win was for lasers used in precise die cutting, a critical application for yield with multiple customers. Regarding potential consolidation in the logic market, Lee expressed confidence, citing MKS's long history of navigating such shifts. He emphasized that the value of their broad technology portfolio, reflected in their strong gross margins, ensures their position with key customers.

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    Melissa Weathers's questions to Entegris Inc (ENTG) leadership

    Melissa Weathers's questions to Entegris Inc (ENTG) leadership • Q2 2025

    Question

    Melissa Weathers from Deutsche Bank asked about the current mixed semiconductor industry conditions, particularly weaker utilization in NAND and mainstream logic, and its implications for second-half growth. She also inquired about the China business, including order resumption and the trajectory for the rest of the year.

    Answer

    CEO Bertrand Loy confirmed the mixed environment, noting strong AI-related demand is a small portion of wafer starts (<5%), while mainstream logic and NAND remain subdued. He anticipates modest wafer start growth for the full year with utilization in the mid-80s. Regarding China, Loy stated that after a slow start to Q2, business accelerated in May, leading to 8% sequential growth. He expects a stronger second half in China, contingent on stable trade policies.

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    Melissa Weathers's questions to Entegris Inc (ENTG) leadership • Q1 2025

    Question

    Melissa Weathers asked for clarification on the Q2 outlook, seeking to understand the specific impact of China tariffs versus other cyclical factors and whether the business ex-China is performing as expected. She also inquired if macro uncertainty has altered the adoption timeline for Molybdenum (moly) by memory customers.

    Answer

    CEO Bertrand Loy explained that the Q2 guidance weakness is entirely due to new China tariffs, which could impact revenue by up to $50 million as customers pause U.S. shipments. He affirmed the ex-China business remains solid and is expected to grow sequentially. Loy also stated that major node transitions, including the moly ramp in 3D NAND, remain on track for the second half of the year despite the uncertain environment.

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    Melissa Weathers's questions to Entegris Inc (ENTG) leadership • Q4 2024

    Question

    Melissa Weathers asked for details on the Q1 guidance, noting it seemed below historical seasonality, and inquired about momentum in the advanced packaging business, including key trends and growth potential.

    Answer

    CEO Bertrand Loy explained that the Q1 guidance aligns with normal seasonal declines in wafer starts and CapEx but represents 7% year-over-year growth. He highlighted that advanced packaging is a significant growth area, approaching $100 million in 2024 revenue and expected to grow substantially in 2025, driven by opportunities in both the Advanced Purity Solutions and Materials Solutions divisions.

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    Melissa Weathers's questions to Entegris Inc (ENTG) leadership • Q3 2024

    Question

    Melissa Weathers asked to reconcile market weakness with strength in leading-edge AI, inquired about customer purchasing patterns during node ramps, and asked about normal seasonality post-divestitures.

    Answer

    CEO Bertrand Loy confirmed strong growth from advanced foundry, citing 15% year-to-date growth in Taiwan as a proxy for AI demand. He detailed that node ramps begin with filter orders for line flushing, followed by chemistries, which then normalize. Regarding seasonality, Loy noted that while recent years have been atypical, a normal year would see a slower Q1 followed by acceleration in Q2 and Q3.

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    Melissa Weathers's questions to Lattice Semiconductor Corp (LSCC) leadership

    Melissa Weathers's questions to Lattice Semiconductor Corp (LSCC) leadership • Q1 2025

    Question

    Melissa Weathers asked for an update on the full-year 2025 revenue outlook, which was previously guided to low single-digit growth, in light of new macro caution. She also inquired about the sequential decline in the Communications and Computing segment and its growth prospects.

    Answer

    CEO Fouad Tamer stated that the full-year 2025 outlook remains unchanged, supported by improving demand signals like customer consumption and a book-to-bill ratio above one, though he acknowledged caution due to potential tariffs. He clarified that the Communications and Computing segment's decline was driven by older client platforms, while the Server and Communication businesses both grew sequentially.

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    Melissa Weathers's questions to Lattice Semiconductor Corp (LSCC) leadership • Q4 2024

    Question

    Melissa Weathers inquired about the drivers behind cyclical improvements, such as backlog and book-to-bill ratio, asking whether specific end markets were outperforming and if the strength was due to market share gains or progress on channel inventory normalization. She also asked for more detail on the differing trends within the Communications and Computing subsegments.

    Answer

    CEO Ford Tamer attributed the positive signs to three factors: 1) steady progress in reducing channel inventory, with a target of mid-2025 for normalization; 2) a belief that Lattice is gaining market share, supported by strong design wins for its Nexus and Avant products; and 3) recovery across the industrial, automotive, and communications sectors. He noted that automotive saw a nice recovery in the quarter and that the communications segment was slightly stronger than in Q3.

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    Melissa Weathers's questions to Lattice Semiconductor Corp (LSCC) leadership • Q3 2024

    Question

    Melissa Weathers from Deutsche Bank asked for clarification on the expected 'U-shaped recovery,' questioning if the December quarter represents the cycle's bottom, whether the company is shipping to true end demand, and if any pricing or competitive pressures are affecting the 2025 outlook.

    Answer

    CEO Fouad Tamer explained that the U-shaped recovery outlook is consistent with the broader market, especially in the Industrial and Automotive segment, which he believes is about four quarters into a typical eight-quarter recovery cycle. He stated that the company is working with channel partners to normalize inventory levels by mid-2025. Tamer asserted that the current headwinds are market-wide dynamics, not due to pricing or competitive pressures, highlighting the stability of Lattice's gross margin as proof of its financial discipline.

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    Melissa Weathers's questions to KLA Corp (KLAC) leadership

    Melissa Weathers's questions to KLA Corp (KLAC) leadership • Q1 2025

    Question

    Melissa Weathers asked about the trend of KLA's business shifting more into high-volume manufacturing (HVM) and sought to contextualize the size of this opportunity at current and future nodes.

    Answer

    CFO Bren Higgins explained that unlike in the past, process control intensity is now remaining high or even increasing in HVM. This is due to the complex mix of designs at leading-edge nodes, which requires more robust yield management. He noted that customers are even adding more advanced inspection to older nodes as they run more complex HPC products, expanding the HVM opportunity for KLA.

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