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    Nicolas Doyle

    Research Analyst at Needham & Company, LLC

    Nick Doyle is an Equity Research Analyst at Needham & Company, specializing in the semiconductor industry with a particular focus on processor and memory sub-industries. He covers key companies such as Pixelworks, Magnachip Semiconductor, and Silicon Motion Technology, and issues regular buy recommendations and price targets, though public performance metrics and success rates remain undisclosed. Beginning his career as a Wealth Management Intern at LPL Financial in 2013, Doyle held associate positions at UBS and Stifel—where he focused on semiconductors and semiconductor capital equipment—before joining Needham & Company in 2022. Doyle holds a B.S. in Finance from George Mason University, though there is no publicly verified information regarding his professional securities licenses or FINRA registration.

    Nicolas Doyle's questions to PIXELWORKS (PXLW) leadership

    Nicolas Doyle's questions to PIXELWORKS (PXLW) leadership • Q1 2025

    Question

    Nicolas Doyle sought clarification on mobile business engagements, asking about the status of programs with the lead customer and whether additional engagements would contribute to 2025 revenue. He also asked about the gross margin impact from product yield issues and the potential to return to historical levels.

    Answer

    Executive Todd DeBonis explained that the collaboration with the lead customer is for a new graphics accelerator solution for low-cost phones, which is now being marketed internally to that customer's program managers. Other engagements are already booked design wins for the X7P chip. Regarding margins, he clarified that the near-term pressure is from yield ramp-up on a new projector chip, not a mobile product, and he expects yields to improve. However, he noted that as the lower-margin mobile business ramps up, the overall product mix will become more important.

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    Nicolas Doyle's questions to PIXELWORKS (PXLW) leadership • Q4 2024

    Question

    Nicolas Doyle asked for a potential timeline for the ongoing strategic review process, requested more specifics on the ASIC design services and IP licensing opportunities, and sought clarification on the 2025 forecast for the digital projector business, particularly regarding the new SoC ramp and the potential transcoding order.

    Answer

    CEO Todd DeBonis declined to provide a specific timeline for the strategic review but noted he is encouraged by the progress. He stated the ASIC/IP licensing opportunities involve their core display and motion processing expertise and are being pursued to accelerate profitability. He clarified that the 'flattish' forecast for the Home and Enterprise segment does not include potential upside from the legacy transcoding order, and the new co-developed projector SoC is not expected to become the majority of projector revenue until 2026.

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    Nicolas Doyle's questions to MAGNACHIP SEMICONDUCTOR (MX) leadership

    Nicolas Doyle's questions to MAGNACHIP SEMICONDUCTOR (MX) leadership • Q1 2025

    Question

    Inquired whether recent strength in consumer and communication segments was due to a tariff-related pull-forward, how customers are communicating order patterns, and whether the lower Q1 operating expenses are sustainable for the rest of the year.

    Answer

    The company stated they saw only one very small, immaterial pull-in of $0.1M in Q1 related to tariffs. They monitor this by communicating with customers and analyzing backlog changes. Regarding OpEx, the Q1 level reflects the stripping out of direct display business costs, but further rightsizing and cost reductions will be needed to achieve the goal of quarterly adjusted EBITDA breakeven by year-end.

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    Nicolas Doyle's questions to MAGNACHIP SEMICONDUCTOR (MX) leadership • Q1 2025

    Question

    Nicolas Doyle of Needham & Company asked if the strong Q1 performance in consumer or communication segments represented a tariff-related pull-forward from customers and also questioned if the quarter's lower operating expense level is sustainable throughout the year.

    Answer

    Young-Joon Kim (executive) responded that the company saw only one very small, immaterial pull-in of approximately $0.1 million in the Power IC business for TV applications and no other significant pull-ins. Shin Young Park (executive) clarified that while Q1 OpEx reflects the removal of direct costs from the discontinued display business, further rightsizing of shared services is planned to achieve the target of quarterly adjusted EBITDA breakeven by the end of the year.

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    Nicolas Doyle's questions to MAGNACHIP SEMICONDUCTOR (MX) leadership • Q4 2024

    Question

    Questioned the drivers behind the 2025 gross margin guidance, specifically the impact of Gumi Fab underutilization and business mix, and asked about the OpEx assumptions for reaching the adjusted EBITDA breakeven target.

    Answer

    The 2025 gross margin is impacted by the wind-down of Transitional Foundry Services, which previously absorbed fixed costs, leaving the Gumi Fab underutilized. This will be felt more in the first half of 2025, with improvement expected in the second half as new power products ramp. It was clarified that Power IC has a higher margin and is not the cause of the pressure. For OpEx, it was noted that roughly 35% to 40% of historical OpEx was tied to the display business, which will now be discontinued.

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    Nicolas Doyle's questions to MAGNACHIP SEMICONDUCTOR (MX) leadership • Q3 2024

    Question

    Nicolas Doyle of Needham & Company inquired if the remaining $2 million in Q4 foundry revenue would delay the gross margin bottom to Q2 2025. He also asked about the cause of the third-quarter R&D spending increase and its expected future run-rate, linking it to the lower-than-expected EPS.

    Answer

    Executive Shin Young Park stated that some foundry revenue will persist in Q4 due to customer last-time-buys, which could have a minor carryover effect on margins into Q1 2025. She characterized the Q3 R&D increase as a normal quarterly fluctuation based on development timing, reaffirming the full-year OpEx guidance. She attributed the EPS variance to the mechanics of quarterly income tax provisions rather than a change in the annual outlook.

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    Nicolas Doyle's questions to SYNAPTICS (SYNA) leadership

    Nicolas Doyle's questions to SYNAPTICS (SYNA) leadership • Q3 2025

    Question

    Nicolas Doyle of Baird inquired about the specific drivers behind the strength in Core IoT for both the reported quarter and the forward guidance, asking about the contribution from Wi-Fi 7 and the Broadcom/Pixel ramp. He also asked about the competitive landscape for User Presence Detection (UPD), particularly against FPGA and software-only solutions.

    Answer

    Interim CEO Ken Rizvi clarified that Core IoT strength was driven by existing wireless products, with the Broadcom acquisition contributing around its expected $10 million quarterly run rate in the guide. He noted Wi-Fi 7 is a 2026 driver. Regarding UPD, Ken Rizvi and Vikram Gupta, SVP of IoT Processors, stated that Synaptics is gaining share with a lower-cost, power-efficient ASIC that outperforms FPGAs and has a robust software roadmap that provides more features than software-only alternatives.

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    Nicolas Doyle's questions to Cerence (CRNC) leadership

    Nicolas Doyle's questions to Cerence (CRNC) leadership • Q2 2025

    Question

    Nicolas Doyle from Needham & Company asked for specifics on the higher technology revenue offsetting professional services weakness in the FY25 guide, the strategic value of the MediaTek partnership for Cerence's edge solution, and the primary objective behind the lawsuit against Microsoft.

    Answer

    Executive Brian Krzanich clarified that the revenue offset is driven by stronger license volumes and improved pricing from reducing discounted fixed-price contracts. He described the MediaTek relationship as a three-way partnership with NVIDIA to create optimized, cost-effective automotive SoCs, simplifying integration for OEMs. Regarding the lawsuit, Krzanich stated the sole goal is to protect Cerence's foundational intellectual property, such as text-to-speech technology, and ensure the company is compensated for its use, thereby protecting shareholder investment.

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    Nicolas Doyle's questions to Cerence (CRNC) leadership • Q1 2025

    Question

    Nicolas Doyle asked about the potential size of the first major Cerence XUI customer program, the unit volume of the six recent start-of-production (SOP) programs, and the rationale for recognizing all fixed contracts in a single quarter.

    Answer

    CEO Brian Krzanich detailed that the first XUI program with a European OEM is for several million units over its life, with about one million in the first year, and confirmed it includes expected price-per-unit (PPU) upgrades. Executive Antonio Rodriquez added that formal PPU guidance will begin next quarter and that the company is seeing positive PPU growth from increased connected car adoption and higher-priced features. Regarding the $20 million in fixed contracts, Krzanich explained it was an opportunistic decision driven by strong customer demand at record-low discount rates.

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    Nicolas Doyle's questions to Cerence (CRNC) leadership • Q4 2024

    Question

    Nicolas Doyle questioned the quarter-over-quarter increase in professional services revenue despite recent staff reductions and asked for clarification on the projected $5-7 million headwind for fiscal 2025. He also asked what drove the significant jump in the license average PPU.

    Answer

    Interim CFO Antonio Rodriquez confirmed the $5-7 million professional services headwind for FY25 is a year-over-year reduction from FY24, reflecting a strategic focus on higher-value projects. CEO Brian Krzanich added that quarterly professional services revenue can be 'lumpy'. Rodriquez explained the PPU increase was driven by a favorable mix, with shipped licenses including a higher number of valuable software components.

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    Nicolas Doyle's questions to Super Micro Computer (SMCI) leadership

    Nicolas Doyle's questions to Super Micro Computer (SMCI) leadership • Q3 2025

    Question

    Nicolas Doyle, on for Quinn Bolton, asked about supplier GPU allocations for the new Blackwell platform. He questioned if the allocations are similar to what Supermicro received for Hopper and how the supply situation has evolved as more competitors enter the server market.

    Answer

    CEO Charles Liang acknowledged that component allocation is still a factor, stating that some customers want Blackwell immediately and the company must wait for its allocation. He noted that while the situation is 'a little bit better' than during the Hopper time frame, some supply constraints remain.

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    Nicolas Doyle's questions to SEQUANS COMMUNICATIONS (SQNS) leadership

    Nicolas Doyle's questions to SEQUANS COMMUNICATIONS (SQNS) leadership • Q1 2025

    Question

    Nicolas Doyle asked for details on the gross margin improvement roadmap for the Calliope 2 product and inquired about the nature of the upcoming changes to the Board of Directors.

    Answer

    CEO Georges Karam explained that the gross margin profile for Calliope 2 is consistent with other products, targeting around 50% for chips and 30-35% for modules. He stated that the recent lower product gross margin was primarily due to the impact of fixed manufacturing costs on low initial volumes and higher costs for the initial launch of Calliope 2, rather than a fundamental issue with the product's profitability. Regarding the board, Karam announced plans to refresh the Board of Directors by reducing its size to below seven members and bringing in new individuals. He noted this process would begin at the next shareholder meeting and is expected to be completed over the next two to three quarters, resulting in a smaller board with more than half new members.

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    Nicolas Doyle's questions to SkyWater Technology (SKYT) leadership

    Nicolas Doyle's questions to SkyWater Technology (SKYT) leadership • Q4 2024

    Question

    Nicolas Doyle, on behalf of Quinn Bolton, asked for details about the supply agreement with Infineon, specifically regarding take-or-pay clauses and the fungibility of capacity. He also questioned the drivers behind the strong Q4 gross margin for the combined ATS and Wafer Services business and its sustainability into 2025.

    Answer

    Executive Thomas Sonderman confirmed the supply agreement includes parameters like take-or-pay to ensure full utilization for Infineon, but noted that efficiency gains will create opportunities to add other customers over time. Executive Steve Manko explained that the Q4 gross margin upside was driven by a favorable ATS mix and some one-time cost deferrals and reductions, clarifying that these specific tailwinds were not primarily from the Wafer Services business and are not expected to repeat at the same level.

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    Nicolas Doyle's questions to SkyWater Technology (SKYT) leadership • Q3 2024

    Question

    Nicolas Doyle, on behalf of Quinn Bolton at Needham & Company, questioned the softer-than-expected tool revenue guidance for Q4 2024 and for 2025. He also requested an update on the number of customers transitioning from ATS to Wafer Services and the visibility for further transitions in 2025.

    Answer

    CEO Thomas Sonderman explained that tool revenue timing is dependent on supplier delivery schedules but reaffirmed the $200 million co-investment target for 2024-2026. CFO Steve Manko added that 2025 tool revenue is expected to be back-end loaded due to the Florida facility ramp. Regarding customer transitions, Sonderman highlighted the recent long-term supply agreement with NanoDx as a key example of progress and expressed confidence that such conversions will drive Wafer Services growth in 2025.

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    Nicolas Doyle's questions to LATTICE SEMICONDUCTOR (LSCC) leadership

    Nicolas Doyle's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q4 2024

    Question

    Nicolas Doyle, on for Quinn Bolton, asked for clarification on the channel inventory reduction, questioning if reaching the three-month target by mid-year requires a market recovery or can be achieved through execution alone. He also asked for the key drivers behind the computing segment's year-over-year revenue growth in 2024.

    Answer

    CEO Ford Tamer responded that continued market recovery along current trends is needed to hit inventory targets by mid-year, noting the recovery has been gradual over the past 18 months. He stated that the computing segment's strength was driven by servers, which grew double-digits for the full year, with applications across general-purpose and AI servers, including security, I/O expansion, and control functions.

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    Nicolas Doyle's questions to Silicon Motion Technology (SIMO) leadership

    Nicolas Doyle's questions to Silicon Motion Technology (SIMO) leadership • Q4 2024

    Question

    Nicolas Doyle, on for Quinn Bolton, asked about the key drivers for achieving the full-year gross margin target of 48% to 50%. He also inquired about the primary competitors in the automotive market and the company's geographic exposure in that segment.

    Answer

    CEO Wallace Kou explained that gross margin expansion will be driven by the new PCIe5 8-channel controller, which commands a higher ASP and is expected to capture over 50% of the high-end market. He added that new UFS controllers, including UFS 4.1, also carry above-average margins. Regarding the automotive market, he declined to comment on specific NAND partners but emphasized that Silicon Motion aims to be the preferred outsourcing partner for all NAND makers.

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    Nicolas Doyle's questions to SKYWORKS SOLUTIONS (SWKS) leadership

    Nicolas Doyle's questions to SKYWORKS SOLUTIONS (SWKS) leadership • Q1 2025

    Question

    Nicolas Doyle asked about the drivers for the expected growth in Broad Markets, the timeline for inventory headwinds to subside in the industrial and infrastructure segments, and for more details on the new 5G premium Android content wins.

    Answer

    CFO Kris Sennesael noted that visibility in industrial and infrastructure remains low due to persistent customer inventory, though channel inventory is clean. He highlighted that Skyworks has less exposure to these areas compared to its larger connected IoT and automotive businesses, which are driving growth. Regarding Android wins, he reiterated their selective approach with customers like Samsung for their premium Galaxy line.

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    Nicolas Doyle's questions to SKYWORKS SOLUTIONS (SWKS) leadership • Q4 2024

    Question

    Nicolas Doyle requested more specific details on the 'tremendous opportunity' in Android, such as products or connectivity types. He also questioned the business strategy behind not halting shipments more aggressively to burn through broad market inventory faster.

    Answer

    CEO Liam K. Griffin elaborated that the opportunity with Google and Samsung extends beyond smartphones into broader technology applications like AI, creating a deeper strategic partnership. CFO Kris Sennesael explained their inventory strategy is to ship in line with end-customer demand to avoid building excess channel inventory. He noted that they manage this carefully, but sometimes customer forecasts are inaccurate, leading to inventory build-up despite their efforts.

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    Nicolas Doyle's questions to SILICON LABORATORIES (SLAB) leadership

    Nicolas Doyle's questions to SILICON LABORATORIES (SLAB) leadership • Q3 2024

    Question

    Nicolas Doyle of Needham & Company asked about the timeline for distributor channel inventory restocking to reach the historical 80% mix and requested more detail on the expected scale of the continuous glucose monitor (CGM) design win ramps in 2025.

    Answer

    CEO Robert Johnson stated the company is in 'no rush' to return the channel mix to its historical 80% level, anticipating it will take several quarters as customer confidence and POS gradually recover. On the CGM opportunity, he confirmed the addressable market represents hundreds of millions of units and that Silicon Labs is securing significant share with over a dozen design wins set to ramp in 2025.

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    Nicolas Doyle's questions to Qorvo (QRVO) leadership

    Nicolas Doyle's questions to Qorvo (QRVO) leadership • Q2 2025

    Question

    Nicolas Doyle asked for clarification on Qorvo's strategy for the entry-tier Android segment, questioning if they are exiting it entirely and how long the mix shift would be an overhang. He also requested more detail on the drivers behind the company's operating expense reductions.

    Answer

    CFO Grant Brown characterized the Android situation as a TAM 'reset' of about $1 billion that will impact results into early fiscal 2026, after which they expect to resume growth. SVP of Sales and Marketing, David Fullwood, confirmed that due to pricing discipline, Qorvo does not plan to participate in the entry-tier market. Regarding OpEx, Brown stated the guided reduction reflects the change in the Android business and that resource allocation is an ongoing process to focus on the best investments, though he did not provide a longer-term forecast.

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