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    Michael Mani • Bank of America Securities

    Michael Mani's questions to Nova Ltd (NVMI) leadership

    Michael Mani's questions to Nova Ltd (NVMI) leadership • Q2 2025

    Question

    Michael Mani, on behalf of Vivek Arya, asked about the business momentum and revenue contribution from the Sintronics acquisition, the potential impact of a major customer's CapEx cut on the $500M Gate-All-Around revenue target, and the progress of the 'lab-to-fab' strategy for materials metrology.

    Answer

    President & CEO Gabriel Waisman expressed a bullish outlook on Sintronics, noting encouraging customer adoption. He conveyed confidence in achieving the Gate-All-Around revenue goal due to broad positioning across all four key customers. Regarding the 'lab-to-fab' strategy, he highlighted progress with the XPS platform's new features for 3D NAND and strategic evaluations for the METRION and Ellipson tools at advanced node customers.

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    Michael Mani's questions to MKS Instruments Inc (MKSI) leadership

    Michael Mani's questions to MKS Instruments Inc (MKSI) leadership • Q1 2025

    Question

    Michael Mani, on for Vivek Arya at Bank of America Securities, asked for specifics on tariff pain points, including product areas and the role of the China manufacturing footprint. He also inquired about the medium-term path for the semiconductor business to return to its 2022 peak levels, considering the mix between NAND, logic, and foundry.

    Answer

    CEO John Lee explained that tariff impacts are primarily on the vacuum side of the business, as some factories in China ship worldwide, whereas the chemistry business is largely localized ('China for China'). For the semi recovery, Lee acknowledged the headwind from shipping restrictions to China but highlighted growth opportunities in lithography, metrology, gate-all-around, backside power, and advanced packaging that can help MKS grow and return to peak levels over time.

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    Michael Mani's questions to MKS Instruments Inc (MKSI) leadership • Q4 2024

    Question

    Representing BofA Securities, Michael Mani asked about the puts and takes for gross margin throughout the year and the status of the design win pipeline stemming from synergies with recent acquisitions.

    Answer

    CFO Ramakumar Mayampurath and CEO John Lee explained that the Q1 gross margin dip to a guided 46.5% is due to a higher equipment mix and seasonal weakness in chemistry sales from the Lunar New Year. They expect ongoing operational excellence programs and a rebound in chemistry's revenue share to be tailwinds for margin. Lee confirmed the cross-divisional design win pipeline remains strong, with revenue conversion typically taking one to three years.

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    Michael Mani's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership

    Michael Mani's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q1 2025

    Question

    Michael Mani, on for Vivek Arya, asked about areas of strength or weakness in the backlog and the potential impact on reaching a $250 million quarterly run rate. He also inquired about the timeline and P&L impact of the Lowell and North Carolina fab initiatives.

    Answer

    President and CEO Stephen Daly highlighted that the company's backlog is at a record level after three consecutive quarters with a book-to-bill of 1.1, expressing confidence in strong growth. Regarding the fab investments, he described them as a long-term (5+ year) program with no near-term P&L impact. The Lowell modernization is expected to eventually improve margins through better yields and throughput, while the North Carolina expansion is focused on future capacity growth, all contingent on CHIPS Act funding.

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    Michael Mani's questions to Coherent Corp (COHR) leadership

    Michael Mani's questions to Coherent Corp (COHR) leadership • Q2 2025

    Question

    Michael Mani, on behalf of Bank of America, asked about the evolving market landscape for VCSELs, EMLs, and silicon photonics as the 1.6T ramp approaches, and questioned the key drivers and remaining opportunities for gross margin improvement.

    Answer

    CEO James Anderson stated that Coherent's strategy is to invest across a broad portfolio of ingredient technologies and work with customers to deploy the optimal solution, using a mix of internal manufacturing and external sourcing. CFO Sherri Luther added that the Q2 gross margin improvement was driven by higher volume, cost reductions, and manufacturing yield improvements. She noted that the company remains focused on its long-term goal of over 40% gross margin and will provide more details at the Investor Day.

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    Michael Mani's questions to KLA Corp (KLAC) leadership

    Michael Mani's questions to KLA Corp (KLAC) leadership • Q4 2024

    Question

    Michael Mani of Bank of America inquired about the growth outlook for the process control market in 2025, questioning if KLA's mid-single-digit WFE forecast was conservative given strong lithography spending. He also asked about the expected revenue linearity for the year.

    Answer

    CFO Bren Higgins affirmed the WFE growth outlook, highlighting that KLA's market share is expected to increase due to strong investment in leading-edge logic (N2), high-bandwidth memory (HBM), and accelerating advanced packaging demand. For linearity, he indicated the business is expected to maintain relative stability around the $3 billion quarterly revenue level for the first half of the year.

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    Michael Mani's questions to Skyworks Solutions Inc (SWKS) leadership

    Michael Mani's questions to Skyworks Solutions Inc (SWKS) leadership • Q4 2024

    Question

    Michael Mani, on behalf of Vivek Arya, asked for an update on which broad markets segments have seen incremental changes in the last 90 days and where Skyworks is still undershipping demand. He also inquired about the key drivers for gross margin expansion back to 50%.

    Answer

    CFO Kris Sennesael detailed that Edge IoT has seen improvements but is still being undershipped. Networking, infrastructure, automotive, and industrial remain soft with significant undershipping due to excess inventory. For gross margins, he cited factory utilization, cost reductions, and product mix as primary drivers. However, he noted the slower-than-expected broad markets recovery is a headwind, leading to a forecast of flattish gross margins for fiscal 2025, with improvement expected late in the year.

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