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    Quinn Bolton

    Research Analyst at Needham & Company, LLC

    Quinn Bolton is Managing Director of Equity Research at Needham & Company, LLC, specializing in semiconductor and technology sector analysis with extensive coverage of firms such as Analog Devices, Microchip Technology, SkyWater Technology, Astera Labs, Super Micro Computer, Applied Materials, and Rigetti Computing. He is recognized for a strong track record, with over 1,100 stock recommendations, a price target met ratio of approximately 70%, and best-performing calls such as a 117% return in 14 days on Rigetti Computing. Bolton began his career in the early 1990s, previously holding senior roles at Oppenheimer & Co. and CIBC World Markets, and joined Needham in 2004. He holds undergraduate degrees in Electrical Engineering and Quantitative Economics from Stanford University, is a CFA charterholder, and is FINRA registered.

    Quinn Bolton's questions to Marvell Technology (MRVL) leadership

    Quinn Bolton's questions to Marvell Technology (MRVL) leadership • Q2 2026

    Question

    Quinn Bolton of Needham & Company asked for the revenue timing of Marvell's first scale-up switch fabric products and for the company's view on the market penetration of Linear Pluggable Optics (LPO) versus traditional DSP-based modules.

    Answer

    Sandeep Bharathi, President of the Data Center Group, stated that product introductions for scale-up switches will occur 'in the next two years.' Regarding LPO, Chairman & CEO Matt Murphy confirmed it is a 'niche use case' happening at a smaller scale, in which Marvell participates, but he asserted that the 'vast majority' of the market for the foreseeable future will remain DSP-based pluggable optics.

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    Quinn Bolton's questions to Marvell Technology (MRVL) leadership • Q1 2026

    Question

    Quinn Bolton from Needham & Company followed up on the potential for dual-sourcing, asking for clarification on whether customers pursuing 'multiple paths' could lead to dual-sourcing and about the NVLink Fusion partnership model.

    Answer

    Chairman and CEO Matt Murphy reiterated that given the large volumes, it's possible for customers to pursue multiple paths, but he expressed confidence in Marvell's revenue continuity and program ramps based on direct customer engagement. On NVLink, he clarified the initial model is a chiplet solution, where Marvell's custom XPU interfaces with an NVLink chiplet via a die-to-die connection.

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    Quinn Bolton's questions to Marvell Technology (MRVL) leadership • Q2 2025

    Question

    Quinn Bolton pressed for quantification on the AI revenue upside, asking if the full-year number is closer to $2 billion than the original $1.5 billion target. He also asked about DCI traction and its approximate percentage of the electro-optics business.

    Answer

    CEO Matt Murphy did not provide a new specific number for the AI target but pointed to the strong Q3 and Q4 growth outlook as evidence that they will 'clearly, clearly' exceed the $1.5 billion target. On DCI, he noted the business has grown dramatically from its origins and is a strategic area of investment for 800-gig and 1.6T, but did not provide a specific percentage of the electro-optics portfolio.

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    Quinn Bolton's questions to SEMTECH (SMTC) leadership

    Quinn Bolton's questions to SEMTECH (SMTC) leadership • Q2 2026

    Question

    Quinn Bolton from Needham & Company followed up on the Active Copper Cable (ACC) opportunity, seeking to clarify the timing and initial applications. He also requested an outlook for the Persei sensing business, particularly regarding growth in smart glasses and adoption in smartphones.

    Answer

    CEO Hong Ho clarified that the 100G per lane (800G) ACC ramp for interconnects will begin in Q4, as will the 1.6T ACC for scale-up applications. Regarding Persei, he confirmed its status as an industry standard in smartphones and noted active design engagements for next-generation smart glass platforms, viewing it as a potentially sizable future market.

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    Quinn Bolton's questions to SEMTECH (SMTC) leadership • Q1 2026

    Question

    Quinn Bolton of Needham & Company inquired about the performance of Semtech's cellular module business, questioning the revenue decline despite seven consecutive quarters of booking growth and the significant drop in its gross margin.

    Answer

    President & CEO Hong Hou explained the Q1 revenue dip was due to expected seasonality, but noted strong tailwinds from competitors' challenges should drive future acceleration. EVP & CFO Mark Lin attributed the lower gross margin to a product mix shift towards modules from higher-margin routers and a one-time inventory event, which were within the company's expectations.

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    Quinn Bolton's questions to SEMTECH (SMTC) leadership • Q4 2025

    Question

    Quinn Bolton sought clarification on whether the quarter-on-quarter data center growth comment was specific to the Q1 guide or for all of fiscal 2026. He also asked for a general breakdown of the $50 million data center business, particularly the mix between FiberEdge, CopperEdge, and other products targeting 400G/800G modules.

    Answer

    President and CEO Hong Hou clarified the quarter-on-quarter data center growth outlook was specific to the Q1 fiscal 2026 guidance. He added that if cloud service provider CapEx remains strong, he would expect strong year-over-year growth for the full fiscal year. Executive Mark Lin noted that FiberEdge net sales were at record levels but declined to provide a detailed breakdown of the data center portfolio. Both executives confirmed that 400-gig and 800-gig applications are a 'sweet spot' for growth.

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    Quinn Bolton's questions to SEMTECH (SMTC) leadership • Q3 2025

    Question

    Quinn Bolton inquired about the confidence in the Active Copper Cable (ACC) Total Addressable Market (TAM), seeking details on opportunities beyond the Catalina rack and the ramp timing for linear drivers. He also asked about the drivers for the increasingly positive outlook on Linear Pluggable Optics (LPO).

    Answer

    CEO Hong Hou reaffirmed the floor case for the ACC TAM, citing broader ecosystem awareness and design-in activity for linear equalizers on boards and in connectors, with revenue from these new applications expected by mid-calendar 2025. For LPO, he noted initial orders for 800G and 1.6T TIAs are in qualification for both scale-up and scale-out data center applications.

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    Quinn Bolton's questions to SEMTECH (SMTC) leadership • Q2 2025

    Question

    Quinn Bolton of Needham & Company sought clarification on the Active Copper Cable (ACC) opportunity and inquired about the specific use cases and market potential for Linear Pluggable Optics (LPO).

    Answer

    President and CEO Hong Hou confirmed the revised ACC opportunity forecast relates to a single platform, with other customer engagements representing additional upside. Regarding LPOs, Hou described them as versatile solutions for both 'scale up' and 'scale out' data center architectures, positioning them as a low-power, low-latency alternative to the large market of DSP-based optical transceivers. He highlighted Semtech's best-in-class TIA technology as key and anticipates initial LPO shipments in late fiscal 2026.

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    Quinn Bolton's questions to Rigetti Computing (RGTI) leadership

    Quinn Bolton's questions to Rigetti Computing (RGTI) leadership • Q2 2025

    Question

    Quinn Bolton from Needham & Company inquired about the long-term strategy for chiplet size versus chiplet count, potential CapEx requirements for larger tiles, the timeline for implementing quantum error correction, and the status of the National Quantum Initiative (NQI) reauthorization.

    Answer

    CEO Subodh Kulkarni stated that Rigetti will use its 9-qubit chiplet for the year-end 100+ qubit system but will explore larger chiplets for future systems to manage packaging complexity. He does not anticipate needing drastic new fab equipment. He projected that implementing sophisticated error correction codes is still a year or two away. On the NQI, he confirmed there is bipartisan support and ongoing hearings, but a final bill has not yet been consolidated.

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    Quinn Bolton's questions to Rigetti Computing (RGTI) leadership • Q1 2025

    Question

    Quinn Bolton sought clarification on the NQI reauthorization timeline, asked about the U.K. Innovate award project to upgrade the NQCC system to 36 qubits, including its timeline and expected gross margins, and posed a technical question on the roadmap to improve gate speeds from the current tens of nanoseconds to under 10 nanoseconds.

    Answer

    CEO Subodh Kulkarni reiterated that the NQI Act's timing is uncertain. For the NQCC upgrade, he outlined two paths: a simple upgrade using the existing chip or, preferably, installing the new 36-qubit chiplet system in the second half of 2025 after it's validated. He noted NQCC margins are low due to a strategic cost-sharing model. On gate speeds, Kulkarni explained that improvements come from tunable couplers, gate types, and chip geometry, while highlighting superconducting's 1,000-10,000x speed advantage over other modalities.

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    Quinn Bolton's questions to Rigetti Computing (RGTI) leadership • Q4 2024

    Question

    Speaking on behalf of Quinn Bolton, an analyst from Needham & Company asked if the Novera QPU sale to Montana State University was a competitive process and what feedback led to the university choosing Rigetti. The analyst also sought clarification on whether the DOE Quantum Leadership Act was a new bill or a reintroduction of the National Quantum Initiative Act, and asked for the expected share count in Q1.

    Answer

    CEO Subodh Kulkarni clarified that the sale to Montana State University was for fundamental research purposes, providing a user-friendly way for academics to gain hands-on experience with quantum computing, rather than for demonstrating a quantum advantage in a competitive bake-off. He also confirmed that the DOE Quantum Leadership Act is the same bill as the National Quantum Initiative renewal. CFO Jeffrey Bertelsen estimated the Q1 share count would be approximately 290 million shares.

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    Quinn Bolton's questions to Rigetti Computing (RGTI) leadership • Q3 2024

    Question

    Quinn Bolton inquired about the strategic shift towards chip tiling, the long-term balance between tile size and count, the roadmap for fidelity improvements beyond 99.5%, and when quantum error correction (QEC) will become a primary focus. He also asked if the low-margin NQCC contract was complete.

    Answer

    CEO Subodh Kulkarni explained that tiling smaller, high-yield 9-qubit chips is a highly scalable approach learned from the CMOS industry and is now central to Rigetti's roadmap. He stated that QEC is already becoming critical at the current ~99.5% fidelity level and is being actively developed with partners like Riverlane. Kulkarni also clarified that the lower-margin NQCC contract will continue to impact gross margins through Q1 2025.

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    Quinn Bolton's questions to MICROCHIP TECHNOLOGY (MCHP) leadership

    Quinn Bolton's questions to MICROCHIP TECHNOLOGY (MCHP) leadership • Q1 2026

    Question

    Quinn Bolton requested the assumed value of underutilization and write-off charges within the gross margin guidance and asked whether lead time extensions were driven by front-end (wafer) or back-end (packaging) constraints.

    Answer

    CFO Eric Bjornholt declined to provide a specific number but confirmed both charges would be lower sequentially. COO Richard Simoncic and CEO Steve Sanghi clarified that the lead time pressures are almost entirely from back-end constraints like substrates and packaging, not internal or external wafer supply, as they have sufficient die inventory.

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    Quinn Bolton's questions to MICROCHIP TECHNOLOGY (MCHP) leadership • Q1 2026

    Question

    Quinn Bolton asked for the value of total charges for underutilization and inventory write-offs assumed in the September gross margin guidance. He also questioned why wafer starts are not increasing until December if lead time extensions are being caused by back-end substrate or packaging constraints rather than front-end wafer supply.

    Answer

    CFO Eric Bjornholt declined to provide a specific number for the charges but stated they expect underutilization to be modestly lower and inventory write-offs to be lower. COO Richard Simoncic confirmed the majority of current constraints are in back-end packaging and substrates, not wafers, as the company has significant die inventory. CEO Steve Sanghi added that wafer supply is only constrained in a few very spotty external foundry nodes.

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    Quinn Bolton's questions to MICROCHIP TECHNOLOGY (MCHP) leadership • Q4 2025

    Question

    Quinn Bolton asked if the guided 85% incremental operating margin could increase further as production ramps and inventory reserves decline, or if it might happen even sooner.

    Answer

    CEO Steve Sanghi responded that while there are many positive moving parts, including declining write-offs and improving utilization, investors should expect the company to 'roughly keep that sort of incremental margin falling to the bottom for a few quarters.'

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    Quinn Bolton's questions to MACOM Technology Solutions Holdings (MTSI) leadership

    Quinn Bolton's questions to MACOM Technology Solutions Holdings (MTSI) leadership • Q3 2025

    Question

    Quinn Bolton of Needham & Company inquired about the timeline for the RTP fab to become a gross margin tailwind following its early transfer and the adoption pipeline for MACOM's Linear Pluggable Optics (LPO) solutions.

    Answer

    President and CEO Stephen Daly explained that MACOM is excited to have full control of the RTP fab, allowing for intensified efforts on yield and efficiency. He projected 25-50 basis points of improvement per quarter after Q4, suggesting it could become a tailwind in two to three quarters. CFO John Kober added that the team has identified opportunities for improvement over the next 90 days. Regarding LPO, Daly highlighted a growing ecosystem and customer pull driven by lower power, latency, and cost, confirming one production customer and expecting more in 2026.

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    Quinn Bolton's questions to MACOM Technology Solutions Holdings (MTSI) leadership • Q1 2025

    Question

    Quinn Bolton questioned why record defense revenue was not offsetting under-loading at the Lowell fab and asked for clarification on the growth drivers for the linear equalizer opportunity, specifically cables versus backplanes.

    Answer

    President and CEO Stephen Daly explained the Lowell fab situation is affected by a temporary volume reduction in a large radar program and weak demand for certain industrial products. CFO John Kober added that some recent defense growth came from acquisitions, which does not utilize the Lowell fab. Regarding linear equalizers, Daly stated that the primary growth opportunity is in active cables rather than backplanes.

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    Quinn Bolton's questions to SITIME (SITM) leadership

    Quinn Bolton's questions to SITIME (SITM) leadership • Q2 2025

    Question

    Quinn Bolton from Needham & Company inquired if SiTime has similar content opportunities on hyperscaler ASIC-based platforms as it does on merchant GPU platforms, and asked for details on the new Symphonic product's target applications and ASP.

    Answer

    CEO Rajesh Vashist confirmed that similar opportunities exist on hyperscaler ASIC platforms, but noted SiTime's penetration varies and often lags merchant silicon vendors, who tend to move faster. Regarding the Symphonic product, he stated it targets 5G, GPS, and millimeter-wave applications and commands a higher ASP because it offers a system-level solution. He anticipates future traction in private 5G networks for IoT, though this may be a year or more away.

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    Quinn Bolton's questions to SITIME (SITM) leadership • Q1 2025

    Question

    Quinn Bolton of Needham & Company, LLC inquired about the full-year growth expectations for SiTime's largest customer and the potential impact on gross margins from this lower-margin consumer business.

    Answer

    Executive Rajesh Vashist confirmed continued growth is expected from the largest customer, driven by new design wins, but noted uncertainty around the exact growth rate due to consumer product cycles and potential tariffs. CFO Beth Howe addressed gross margins, stating that while the new consumer business pressures the rate, the company is working to offset it through cost and yield improvements on other new products and remains committed to its 60% gross margin target by year-end.

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    Quinn Bolton's questions to SITIME (SITM) leadership • Q4 2024

    Question

    Quinn Bolton of Needham & Company inquired about management's confidence in the long-term growth target of 25-30% for 2025-2026 and asked for details on the drivers behind the Q1 gross margin guidance dip to 57% and the timeline to return to 60%.

    Answer

    CEO Rajesh Vashist affirmed that the 25-30% long-term growth target remains appropriate given the breadth of the market and product activity. CFO Beth Howe explained the Q1 gross margin decline was primarily due to revenue seasonality, manufacturing absorption, and increased depreciation from new product ramps. Mr. Vashist added that returning to a 60% gross margin is still a target the company is working towards.

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    Quinn Bolton's questions to SITIME (SITM) leadership • Q3 2024

    Question

    Quinn Bolton asked for more detail on content in GPU-to-GPU scale-up networks, the expected 2025 growth rate for the CED segment, and the trajectory for gross margins to return to the 60% target.

    Answer

    Executive Rajesh Vashist confirmed content in fully populated AI racks can be in the 'high hundreds of dollars' and that CED growth would exceed the company's overall ~30% target in 2025. CFO Beth Howe added that gross margins are expected to return to the 60% level by the second half of 2025, acknowledging a potential seasonal headwind in Q1.

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    Quinn Bolton's questions to IonQ (IONQ) leadership

    Quinn Bolton's questions to IonQ (IONQ) leadership • Q2 2025

    Question

    Quinn Bolton inquired about the revenue mix between quantum computing and networking, the drivers for the Q2 revenue beat, progress on the DARPA QBI program, and the expected closing timeline for the Oxford Ionics acquisition.

    Answer

    CFO Thomas Kramer stated the revenue beat was due to accelerated project implementation for existing customers, noting that major projects like the one with AFRL include both computing and networking components. CEO & Chairman Niccolo de Masi expressed high confidence in progressing in the DARPA QBI program, highlighting that both IonQ and Oxford Ionics were selected, creating a stronger combined entity. He confirmed the acquisition is expected to close later in 2025, pending UK regulatory approval.

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    Quinn Bolton's questions to Valens Semiconductor (VLN) leadership

    Quinn Bolton's questions to Valens Semiconductor (VLN) leadership • Q2 2025

    Question

    Quinn Bolton of Needham & Company followed up to ask if tariff uncertainty was impacting customers' long-term product development roadmaps and requested more detail on Valens' collaboration with the Qualcomm Snapdragon Ride platform.

    Answer

    CEO Gideon Ben-Zvi responded that customers' long-term product roadmaps remain intact, though development speed may be affected by macro factors. Regarding Qualcomm, he clarified that the collaboration was a demonstration to showcase the VA7000's ease of integration and fast interoperability with leading processors, a key value proposition for customers.

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    Quinn Bolton's questions to Valens Semiconductor (VLN) leadership • Q1 2025

    Question

    Quinn Bolton of Needham & Company, LLC sought more detail on the Mobileye partnership, asking at what specific camera resolution MIPI A-PHY demonstrates superior performance over incumbent technologies. He also inquired about progress with Chinese auto OEMs, the potential timeline for adoption in China, the margin impact of the local partnership, and requested a reiteration of the full-year 2025 guidance.

    Answer

    CEO Gideon Ben-Zvi clarified that A-PHY's advantage is not just about resolution but total bandwidth, where its resilience to noise becomes critical for safety systems. Regarding China, he emphasized the market's rapid A-PHY adoption and Valens' strategy of using local partnerships to penetrate the market, confirming active discussions with Chinese OEMs. CFO Guy Nathanzon addressed the guidance, stating that the full-year 2025 outlook remains unchanged at this time, though the company is monitoring potential tariff impacts.

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    Quinn Bolton's questions to Super Micro Computer (SMCI) leadership

    Quinn Bolton's questions to Super Micro Computer (SMCI) leadership • Q4 2025

    Question

    Quinn Bolton's associate asked about Super Micro's positioning regarding recent export licenses for certain NVIDIA and AMD products to the Middle East and whether the guidance includes these shipments. He also requested clarification on the DCBBS revenue ramp timeline.

    Answer

    CFO David Weigand and CEO Charles Liang stated they are not anticipating selling the specified products (like H20) in any significant quantities. Charles Liang clarified an earlier comment, explaining that DCBBS revenue will ramp gradually and could reach 20-30% of total revenue 'maybe next year, summer,' not in the immediate quarter.

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    Quinn Bolton's questions to Super Micro Computer (SMCI) leadership • Q2 2025

    Question

    Quinn Bolton followed up on the GB200 NVL72, asking if the primary gating factor is GPU supply from NVIDIA and whether Super Micro has a forecast for when that supply will become available. He also posed a longer-term question about whether a potential industry shift from AI training to inference would be positive, neutral, or negative for Super Micro's business.

    Answer

    CEO Charles Liang confirmed that for the GB200, they have proven the solution and received some allocation, but demand is much larger, so they are waiting for more allocation from their partner to ship in higher volume. Regarding the shift to inference, Liang viewed it as 'very positive.' He explained that as inference becomes more popular worldwide, the customer base will expand from a few hundred buyers to thousands of companies, growing the total market size. He believes Super Micro's application-optimized solutions are well-suited to serve this diversifying customer base.

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    Quinn Bolton's questions to Super Micro Computer (SMCI) leadership • Q1 2025

    Question

    Quinn Bolton asked if the company is seeing its backlog for Blackwell systems build, which would provide confidence for a stronger second half of the year. He also inquired about the consequences under its credit agreements if audited financials are not delivered by the specified deadline.

    Answer

    CEO Charles Liang indicated that customer engagement for new solutions is underway, including remote proofs-of-concept, and expressed confidence in future demand. Regarding the credit agreements, CFO David Weigand referred to the company's 8-K filings, noted the strong, long-term relationships with their banks, and stated they would seek waivers or extensions as needed, expressing no concern about access to capital.

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    Quinn Bolton's questions to Astera Labs (ALAB) leadership

    Quinn Bolton's questions to Astera Labs (ALAB) leadership • Q2 2025

    Question

    Quinn Bolton asked for a latency comparison between new scale-up Ethernet switches and Astera's PCIe/UALink solutions, and requested more color on the growth drivers for the Taurus product line, such as 800G adoption.

    Answer

    CEO Jitendra Mohan asserted that Astera's solutions offer lower end-to-end latency and better bandwidth utilization, but emphasized the primary advantage is UALink's open ecosystem. President & COO Sanjay Gajendra stated that Taurus growth will be driven by the market's transition to 800G Ethernet, with broader adoption and volume ramps expected in 2026, aligning with Astera's scale-focused business model.

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    Quinn Bolton's questions to Astera Labs (ALAB) leadership • Q1 2025

    Question

    Quinn Bolton sought clarification on whether the guided growth for the Aries product line includes the Aries SCM for scale-up applications. He also asked about the long-term revenue trajectory of the Scorpio X-Series versus the P-Series.

    Answer

    CFO Mike Tate confirmed that the Aries SCM is performing well and contributing to growth. CEO Jitendra Mohan projected that the Scorpio X-Series, which serves a rapidly growing market, is expected to become the company's single largest product line and a larger revenue contributor than the P-Series in the 2026-2027 timeframe.

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    Quinn Bolton's questions to Astera Labs (ALAB) leadership • Q4 2024

    Question

    Quinn Bolton questioned the impact of a potential shift toward smaller inference clusters on the connectivity TAM and asked if the Scorpio P-Series has design engagements on ASIC platforms.

    Answer

    CEO Jitendra Mohan responded that the business benefits from both training and inference growth, and that the 'unit of compute' is evolving to a rack-level AI server, which creates more complex connectivity challenges and a net positive opportunity for Astera. President and COO Sanjay Gajendra confirmed that Astera has engagements for its Scorpio P-Series for head-node connectivity on internal ASIC platforms, in addition to merchant GPU systems.

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    Quinn Bolton's questions to Astera Labs (ALAB) leadership • Q3 2024

    Question

    Quinn Bolton of Needham & Company sought to clarify the product mix within the Scorpio family's expected 2025 revenue contribution and asked for a framework to understand the typical attach rate of P-Series and X-Series switches per accelerator.

    Answer

    CFO Michael Tate confirmed that both Scorpio P-Series and X-Series will contribute to 2025 revenue, with P-Series ramping first and X-Series starting in the second half of the year. President and COO Sanjay Gajendra explained that the P-Series typically has a 1-to-1 attach rate per accelerator, while the X-Series attach rate is variable and depends on the specific back-end fabric architecture.

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    Quinn Bolton's questions to SILICON LABORATORIES (SLAB) leadership

    Quinn Bolton's questions to SILICON LABORATORIES (SLAB) leadership • Q2 2025

    Question

    Quinn Bolton asked about the slower sequential growth in the Home and Life business, the outlook for H2 2025, and sought reconfirmation of the target for continuous glucose monitors (CGM) to reach 10% of sales. He also inquired if gross margins could exceed the 57-58% target range in the future.

    Answer

    CEO Matt Johnson confirmed the CGM target of 10% of revenue remains on track, explaining that while individual customer ramps can be lumpy, 10 of their 12 largest ramps are on schedule, keeping overall growth expectations intact. CFO Dean Butler added that he expects gross margins to remain at the high end of the 56-58% target range for the next few quarters, driven by a strong industrial and distribution mix, but is not yet reassessing the long-term model to go higher.

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    Quinn Bolton's questions to SILICON LABORATORIES (SLAB) leadership • Q1 2025

    Question

    Quinn Bolton followed up on channel inventory, asking for a timeline to reach the 70-75 day target. He also asked about the competitive pricing environment and whether fab competitors were becoming more aggressive.

    Answer

    CFO Dean Butler indicated that normalizing channel inventory back to the target level could potentially happen by the end of the calendar year but might take a quarter or two longer, depending on the pace of point-of-sale (POS) growth. CEO Matt Johnson affirmed that the pricing environment has not meaningfully changed, stating that while competitors may use price, Silicon Labs continues to compete on product differentiation, which supports its premium gross margin.

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    Quinn Bolton's questions to SILICON LABORATORIES (SLAB) leadership • Q4 2024

    Question

    Quinn Bolton inquired about the expected shape of sequential revenue growth throughout 2025, given the company's confidence in new program ramps despite low visibility. He also asked about the pipeline and revenue contribution timeline for the new 917 WiFi device.

    Answer

    Chief Financial Officer Dean Butler confirmed confidence in sequential growth each quarter of 2025, driven by design win ramps, but noted that the exact rate is hard to predict due to short lead times. Chief Executive Officer Matt Johnson added that the new 917 WiFi device generated the largest opportunity pipeline in company history and will begin contributing to revenue in 2025, positioning it as a key future growth driver similar to their successful Bluetooth business.

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    Quinn Bolton's questions to LATTICE SEMICONDUCTOR (LSCC) leadership

    Quinn Bolton's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q2 2025

    Question

    Quinn Bolton of Needham & Company asked if point-of-sale (POS) demand in the industrial and auto market was increasing or stable. He also inquired about the company's preparations and potential impact from Section 232 tariffs.

    Answer

    CFO Lorenzo Flores confirmed that POS in the industrial and auto segment is increasing. CEO Ford Tamer addressed tariffs by explaining that country-specific tariffs are expected to supersede broader ones and that a significant portion of their channel supply chain utilizes a free trade zone in Mexico, mitigating direct impact.

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    Quinn Bolton's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q1 2025

    Question

    Quinn Bolton asked about the potential tariff impact on the substantial revenue shipped to China and requested an estimate of how much of that is consumed locally ('China for China'). He also inquired about the competitive pressure from local Chinese FPGA vendors.

    Answer

    CEO Fouad Tamer explained that the percentage of revenue consumed in China is far lower than what is shipped there, and the business mix has shifted from Communications to Automotive and Industrial. He noted Lattice has slightly grown its China business while competitors have declined. CFO Lorenzo A. Flores added that based on their supply chain, they do not expect current inbound tariffs to China to be applicable, and they are working to mitigate any future impacts.

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    Quinn Bolton's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q1 2025

    Question

    Quinn Bolton asked about the potential tariff impact on shipments to China, how much of that revenue is consumed locally ('China for China'), and the level of competition from local Chinese FPGA vendors.

    Answer

    CEO Fouad Tamer clarified that revenue consumed in China is far lower than the ship-to figure, which includes Hong Kong. He noted that while local vendors have gained share in Communications from larger US peers, Lattice has grown its China business by shifting to Industrial and Automotive. CFO Lorenzo A. Flores added that due to their supply chain sourcing, they do not expect significant direct impact from inbound tariffs to China.

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    Quinn Bolton's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q4 2024

    Question

    Quinn Bolton followed up with a request for clarification on the revenue contribution from new products, asking if the mid-teens percentage for Avant and Nexus was a cumulative figure and what that implies for the revenue share of pre-Nexus products.

    Answer

    CEO Ford Tamer confirmed that the revenue contribution from new products was higher than the 13% reported in the previous quarter but stated the company would not break out the specific number going forward. He reiterated that the figure grew from single digits in the prior year, showing strong improvement for Nexus and Avant.

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    Quinn Bolton's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q3 2024

    Question

    Quinn Bolton of Needham & Company questioned why Lattice's revenue trend differs from its larger competitors, who saw a trough earlier in the year. He also sought to clarify if the 2025 revenue guidance of ~$130 million per quarter reflects true end consumption or if point-of-sale (POS) is higher.

    Answer

    CEO Ford Tamer responded that when viewed from the market peak in Q1 2023, Lattice has outperformed its peers and gained share in its target non-SoC FPGA market. Interim CFO Tonya Stevens confirmed that 2025 revenue will be lower than end consumption as the company works to reduce channel inventory to the midpoint of its target range through mid-2025.

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    Quinn Bolton's questions to ON SEMICONDUCTOR (ON) leadership

    Quinn Bolton's questions to ON SEMICONDUCTOR (ON) leadership • Q2 2025

    Question

    Quinn Bolton asked for clarification on the gross margin and utilization math, questioning how the company gets back 900 basis points of underutilization charges. He also inquired about the qualification and ramp timeline for new Smart Power Stages and the 800-volt rack opportunity.

    Answer

    CFO Thad Trent explained that post-impairment, full utilization is now in the low 90% range, which accounts for about 700 basis points of margin recovery, with another 200 basis points coming from FabRite initiatives. President and CEO Hassane El-Khoury stated that Smart Power Stages have a standard 12-18 month qualification cycle and will ramp with XPU supplier roadmaps, but declined to comment on specific customer timelines for the 800-volt opportunity.

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    Quinn Bolton's questions to ON SEMICONDUCTOR (ON) leadership • Q3 2024

    Question

    Quinn Bolton sought clarification on whether the AI data center wins at major hyperscalers were for CPU or GPU power. He also asked for confirmation on the expected gross margin impact from the East Fishkill fab.

    Answer

    CEO Hassane El-Khoury explained the data center strategy is to provide a cohesive power tree solution for both NVIDIA and ARM-based systems, without specifying the exact application. CFO Thad Trent confirmed the East Fishkill fab remains a ~100 basis point headwind to gross margin in Q4, with the impact expected to taper off linearly through 2025.

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    Quinn Bolton's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership

    Quinn Bolton's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q2 2025

    Question

    Quinn Bolton asked whether the new AI ASIC platforms tend to be single-sourced or multi-sourced for power management ICs. He also requested an outlook for the automotive segment in the second half of the year and its primary growth drivers.

    Answer

    Founder, Chairman, President & CEO Michael Hsing explained that sourcing strategies vary widely among customers, including single, dual, and multi-source arrangements, and MPS is equipped to meet diverse demands. For automotive, EVP & CFO Bernie Blegen projected a growth pickup in late Q3 and Q4 as new content ramps come online. Vice President of Finance Tony Balow highlighted long-term opportunities in 48-volt and zonal architectures.

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    Quinn Bolton's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q1 2025

    Question

    Quinn Bolton followed up on enterprise data, asking for a more precise forecast and addressing concerns about potential market share impact from a customer's next-generation GPU platform change. He also questioned the reason for the slight gross margin decline in the Q2 guidance.

    Answer

    CEO Michael R. Hsing stated that MPS offers a broad product portfolio to meet customer needs and feels more confident due to recent product qualifications, but declined to tighten the forecast range. CFO Bernie Blegen added that while confidence is higher, the timing of customer ramps remains uncertain. Regarding gross margin, Blegen attributed the slight dip in guidance to a mix of factors and general conservatism rather than a specific event or pricing pressure.

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    Quinn Bolton's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q4 2024

    Question

    Quinn Bolton asked about the expected revenue pattern through 2025, particularly the weighting between the first and second halves, and inquired about pricing pressure versus blended ASP trends in the Enterprise Data segment as new module solutions ramp.

    Answer

    EVP and CFO Bernie Blegen reiterated the expectation for a flattish year in enterprise data, weighted to the back half, but noted that the business can be volatile with short lead times. CEO Michael Hsing emphasized that MPS will stick to its gross margin model by providing high-performance products, whether silicon or modules. He stated that if a business doesn't fit their model, they won't take it, which is why they have successfully engaged with all hyperscalers.

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    Quinn Bolton's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q3 2024

    Question

    Quinn Bolton asked for a disclosure of any 10%+ customers for the September quarter, following a similar disclosure in the prior quarter's 10-Q. He also sought commentary on the reasonableness of Wall Street's 2025 revenue expectations for the Enterprise Data segment, considering the competing factors of new competition and new product ramps.

    Answer

    After a brief check, the executive team confirmed there would be one direct customer and multiple distributors called out as being over 10% of revenue in the upcoming 10-Q filing. Regarding 2025 Enterprise Data expectations, CEO and Founder Michael Hsing stated that MPS will be a significant player when the AI market reaches equilibrium. He noted that the ramp is still lumpy but confirmed that MPS has many more customers and designs that will turn into revenue next year.

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    Quinn Bolton's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership

    Quinn Bolton's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership • Q1 2026

    Question

    Quinn Bolton questioned the outlook for the December quarter, asking if the recovery cycle could overpower typical seasonality, and inquired about the timing for restocking the distribution channel.

    Answer

    CFO Derek D'Antilio acknowledged the historical 5% seasonal dip in December but suggested that strong secular trends in the current cycle could trump seasonality, putting the outlook in a -5% to +5% range. Regarding inventory, he stated that while they take it one quarter at a time, they are beginning to restock select parts for distributors, expecting a net flat sell-in for Q2.

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    Quinn Bolton's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership • Q4 2025

    Question

    Quinn Bolton of Needham & Company questioned why gross margin remains under pressure despite several quarters of revenue recovery and asked if automotive customers are requesting price cuts more frequently due to tariff uncertainty.

    Answer

    CEO Michael Doogue stated that pricing dynamics are following a normal annual cadence with low single-digit reductions in automotive. CFO Derek D'Antilio added that margin pressure was partly due to fulfilling orders from finished goods inventory while keeping production levels steady, causing some under-absorption. Doogue confirmed there have been no abnormal requests for price reductions related to tariffs.

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    Quinn Bolton's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership • Q3 2025

    Question

    Quinn Bolton from Needham & Company, LLC inquired about the potential for a better-than-normal gross margin recovery following the March quarter's dip and whether Allegro is observing customers re-emphasizing ICE vehicles due to slower EV growth.

    Answer

    CFO Derek D'Antilio stated that since the 200 bps margin headwind is Q4-specific, the margin drop-through from March to June should be better than the typical 65%. CEO Vineet Nargolwala responded that customers are not introducing new ICE platforms but are focusing on hybrid solutions, where Allegro's content opportunity is comparable to that in full battery electric vehicles.

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    Quinn Bolton's questions to ALLEGRO MICROSYSTEMS (ALGM) leadership • Q2 2025

    Question

    Quinn Bolton of Needham & Company sought to reconcile the December guidance with prior expectations, asking for an estimate of the company's true end-consumption run-rate versus ongoing inventory digestion.

    Answer

    CEO Vineet Nargolwala attributed the near-term weakness to a longer-than-expected inventory correction in North American and European auto markets, which has been compounded by OEM production cuts. CFO Derek D'Antilio estimated the underlying end-demand run rate is closer to $225 million per quarter, referencing the Q4 FY24 revenue of $250 million which included about $25 million of excess inventory shipment. Both executives affirmed their belief in the company's long-term growth model of auto production plus 8-10% content growth.

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    Quinn Bolton's questions to MAXLINEAR (MXL) leadership

    Quinn Bolton's questions to MAXLINEAR (MXL) leadership • Q2 2025

    Question

    Quinn Bolton inquired about potential tariff-related order pull-ins, sought clarification on the 'accelerating growth in 2026' commentary, and asked about the source of a significant foreign exchange charge.

    Answer

    CEO Kishore Seendripu stated that long lead times prevent any meaningful impact from tariff pull-ins and clarified that 'accelerating growth' refers to specific major design wins ramping. CFO Steve Litchfield attributed the $4M FX charge to currency fluctuations, primarily the Euro and Shekel.

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    Quinn Bolton's questions to MAXLINEAR (MXL) leadership • Q1 2025

    Question

    Quinn Bolton sought clarification on the potential impact of tariffs in Southeast Asia, how this uncertainty was factored into Q2 guidance, and the current outlook on the timing of 800-gigabit optical ramps at hyperscalers.

    Answer

    CFO Steve Litchfield confirmed they have factored the current tariff environment into their guidance and noted there are no reciprocal tariffs on their chips flowing through China. He acknowledged uncertainty around Southeast Asian tariffs but stated they are working with customers. On the 800-gigabit ramp, Mr. Litchfield reiterated comfort with their $60-$70 million optical revenue forecast for the year, with the key ramps still expected in the second half of 2025.

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    Quinn Bolton's questions to MAXLINEAR (MXL) leadership • Q4 2024

    Question

    Quinn Bolton from Needham & Company asked about the outlook for the cash balance in Q1 2025, considering working capital and restructuring charges, and requested clarification on recent Tier 1 design wins in wireless infrastructure and North American PON.

    Answer

    CFO Steven Litchfield projected cash flow breakeven around mid-year, likely in Q3 2025, while managing inventory and working capital. CEO Kishore Seendripu clarified that the H2 2025 wireless ramp includes both backhaul and Sierra O-RAN products, and the new PON engagement is a significant full-gateway win at a North American Tier 1 operator.

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    Quinn Bolton's questions to MAXLINEAR (MXL) leadership • Q3 2024

    Question

    Quinn Bolton asked if the book-to-bill ratio had returned to above one, given the positive commentary on bookings. He also questioned the performance of the infrastructure business excluding optical, noting it appeared very depressed, and asked when a recovery in areas like Panther and microwave backhaul is expected.

    Answer

    CFO Steve Litchfield confirmed a "really significant uptick" in bookings and that sell-through has been strong, though he did not provide a specific book-to-bill figure. He acknowledged that wireless infrastructure has been a drag on the infrastructure segment due to lower telecom spending but stated that Panther storage accelerators are gaining traction. He projected a recovery in 2025, with the overall infrastructure business expected to grow over 30%.

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    Quinn Bolton's questions to VICOR (VICR) leadership

    Quinn Bolton's questions to VICOR (VICR) leadership • Q2 2025

    Question

    Quinn Bolton inquired about the composition and timeframe of the ~$200 million return from patent litigation, the drivers behind the sub-1 book-to-bill ratio, and the outlook for bookings, 2025 revenue, and future royalty streams.

    Answer

    CEO Patrizio Vinciarelli confirmed the ~$200 million figure is locked in through 2026. Corporate VP Philip Davies stated the tariff hesitancy impacting bookings is now resolved. Vinciarelli reiterated his expectation for 2025 to be a record revenue year but noted significant uncertainty remains in forecasting, particularly around lumpy litigation outcomes, and that headwinds with an existing OEM licensee are not yet resolved.

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    Quinn Bolton's questions to VICOR (VICR) leadership • Q1 2025

    Question

    Quinn Bolton asked for details on a licensee transitioning to an unlicensed product, the scope of the ITC injunction against infringing imports, and the future growth drivers for both NBM products and royalty income.

    Answer

    CEO Patrizio Vinciarelli declined to elaborate on the specific licensee situation but confirmed that the ITC's exclusion order applies broadly to infringing products. He expressed confidence in the long-term growth of the licensing business and noted that the ITC win has led to a revival in demand for Vicor's NBM products. He stated that future growth will come from a combination of existing licensees ramping, potential new licensees, and overall product revenue growth.

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    Quinn Bolton's questions to VICOR (VICR) leadership • Q4 2024

    Question

    Quinn Bolton from Needham & Company asked about the financial impact of the new hyperscaler license, whether it included NBM product orders to help fill the ChiP fab, the scope of the license, and the drivers for the 18% sequential growth in Advanced Products revenue.

    Answer

    CEO Patrizio Vinciarelli described the new license as "significant" but could not disclose financial terms due to confidentiality. He confirmed the agreement incentivizes product orders that will help load the new fab over time, though the ramp would not be immediate. He also clarified the license covers any NBM module from any source. Philip Davies, VP of Global Sales and Marketing, attributed the strong Advanced Products growth primarily to a recovery in the HPC market.

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    Quinn Bolton's questions to VICOR (VICR) leadership • Q3 2024

    Question

    Quinn Bolton of Needham & Company inquired about the market impact of the recent ITC ruling against Delta, asking if customers are now more inclined to license Vicor's IP. He also sought an updated timeline for Gen 5 product adoption following a recent delay, questioned the margin impact from a legacy HPC program, and asked about the future trajectory of royalty revenue from licensees.

    Answer

    CEO Patrizio Vinciarelli stated that while some customers are skeptical of competitors' workarounds, Vicor anticipates ongoing legal challenges for those using infringing products. He clarified the Gen 5 delay was due to a PCB respin, not ASICs, and expects initial shipments to a key customer in the next couple of months. Vinciarelli also confirmed the legacy product mix impacted Q3 margins but expects the effect to diminish in Q4, and he anticipates royalty revenue will continue to trend up with licensee volumes.

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    Quinn Bolton's questions to Credo Technology Group Holding (CRDO) leadership

    Quinn Bolton's questions to Credo Technology Group Holding (CRDO) leadership • Q4 2025

    Question

    Quinn Bolton questioned whether tariff risks were impacting the Q1 gross margin guidance and asked about the potential for Credo's two new hyperscale customers to reach 10% revenue contribution during fiscal 2026.

    Answer

    CFO Dan Fleming stated that tariff risks are not expected to have a significant impact on Q1 gross margin. CEO Bill Brennan added that the company is actively diversifying its manufacturing geography. Regarding new customers, Brennan noted that while both have the long-term potential to become 10% customers, it's difficult to predict for fiscal 2026, though one customer's ramp is now expected to begin mid-year.

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    Quinn Bolton's questions to Credo Technology Group Holding (CRDO) leadership • Q3 2025

    Question

    Quinn Bolton questioned the revenue trend outside of Credo's largest customer, which appeared to decline sequentially, and asked about the timeline for revenue rediversification. He also probed for confidence in the sustainability of the large customer's revenue surge, asking about the risk of an inventory build or a future "air pocket."

    Answer

    CFO Dan Fleming projected the largest customer's revenue would be in the same "ZIP code" in Q4 as in Q3, implying that the guided 19% sequential growth would come from other customers, reducing concentration to around two-thirds of total revenue. CEO William Brennan addressed sustainability by highlighting the standard practice of receiving 12-month forecasts and noted that multiple customers are at different deployment stages, which should lead to diversification and mitigate air pockets. He expects a new large customer to ramp significantly in fiscal '26.

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    Quinn Bolton's questions to Credo Technology Group Holding (CRDO) leadership • Q2 2025

    Question

    Quinn Bolton asked about the attach rate of AECs per GPU and the source of confidence for continued growth into fiscal '26. He also sought to clarify if the second-half growth is driven by higher GPU volumes, increased attach rates, or a mix shift to higher-ASP products.

    Answer

    CEO William Brennan noted a trend towards a higher ratio of AECs per GPU but attributed confidence for fiscal '26 growth to broad design and qualification activity across multiple customers. He specified that the current revenue inflection is primarily driven by an increase in the sheer number of GPUs being deployed within existing architectures, rather than a change in attach rates or product mix.

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    Quinn Bolton's questions to Credo Technology Group Holding (CRDO) leadership • Q1 2025

    Question

    Quinn Bolton questioned why the Q2 gross margin guidance wasn't higher, given the expectation for flat product margins and a slightly higher IP mix. He also asked for an update on the royalty component within the IP business.

    Answer

    CFO Dan Fleming responded that business performance is not always linear and the company prefers to maintain a conservative guidance posture. CEO William Brennan added that while a royalty stream from a USB customer exists, it is not expected to be a material part of the IP business, which will continue to be dominated by licensing revenues.

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    Quinn Bolton's questions to D-Wave Quantum (QBTS) leadership

    Quinn Bolton's questions to D-Wave Quantum (QBTS) leadership • Q1 2025

    Question

    Quinn Bolton sought clarification on the Julich system sale, asking if the recognized revenue included the Advantage2 upgrade. He also asked about the pipeline of customers moving applications into production, following the lead of Ford Otosan and others.

    Answer

    CEO Alan Baratz clarified that the Julich system is an Advantage system with an option to upgrade to Advantage2, which has not yet been exercised, distinguishing it from the new Davidson Advantage2 installation. Regarding the production pipeline, Baratz suggested that the companies presenting at the recent Qubits user conference are a strong indicator of the organizations on the path to production.

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    Quinn Bolton's questions to D-Wave Quantum (QBTS) leadership • Q4 2024

    Question

    Quinn Bolton of Needham & Company asked if the gap between Q4 bookings and Q1 revenue guidance indicated a significant rise in QCaaS bookings. He also questioned if the Jülich deal includes an ongoing recurring revenue component for maintenance and support. Lastly, he inquired about the go-to-market plan for Advantage2, specifically regarding its qubit count.

    Answer

    CFO John Markovich stated that QCaaS bookings in Q4 were 'incrementally greater' than in Q3 and confirmed the Jülich booking includes an Advantage2 upgrade option, ongoing support/maintenance, and Leap/QCaaS access, with components recognized beyond Q1. CEO Alan Baratz explained the go-to-market for Advantage2 will start with the 4,400-qubit system and that future scaling will focus on a multi-chip processor approach.

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    Quinn Bolton's questions to D-Wave Quantum (QBTS) leadership • Q3 2024

    Question

    Quinn Bolton inquired about the production rollout timeline for the NTT DOCOMO application and its potential annual QCaaS revenue. He also asked for an update on momentum in the government sector and the prospects for the reauthorization of the National Quantum Initiative (NQI).

    Answer

    CEO Alan Baratz confirmed that production applications are expected to generate revenue in the high hundreds of thousands of dollars annually but stated that NTT DOCOMO has not yet publicized its rollout schedule. Regarding the government sector, Baratz noted that the reauthorization of the NQI could unlock significant funding. He also highlighted that being deemed 'awardable' on the Department of Defense's Tradewinds platform is a major step that simplifies the procurement process for government agencies.

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    Quinn Bolton's questions to SkyWater Technology (SKYT) leadership

    Quinn Bolton's questions to SkyWater Technology (SKYT) leadership • Q1 2025

    Question

    Quinn Bolton questioned management's confidence in the second-half ATS revenue recovery, given the previous quarter's delayed forecast and ongoing budget uncertainty in Washington. He also asked for the approximate size of the advanced computing business and the specific nature of the work being done with Si-Quantum.

    Answer

    CEO Thomas Sonderman expressed confidence in the ATS recovery, citing the U.S. government's prior $300 million investment in these critical national security programs and ongoing customer dialogues. He expects funding clarity by the end of Q2. Sonderman stated that advanced compute represents about 10% of the business, with 90% of that tied to quantum computing. He described SkyWater's work for Si-Quantum as providing expertise in superconducting and other films technology, including photonics, as part of their value chain.

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    Quinn Bolton's questions to GLOBALFOUNDRIES (GFS) leadership

    Quinn Bolton's questions to GLOBALFOUNDRIES (GFS) leadership • Q1 2025

    Question

    Quinn Bolton asked about the reasons for the relatively low incremental gross margin fall-through implied in the second-quarter guidance. He also inquired about the expected timing for the volume ramp of the recently announced co-packaged optics (CPO) design wins.

    Answer

    CFO John Hollister attributed the Q2 gross margin dynamic primarily to product mix. Regarding co-packaged optics, CEO Timothy Breen stated the industry has moved from an 'if' to a 'when' on CPO adoption. President and COO Niels Anderskouv added that the performance and power benefits of CPO have created urgency among major players, and GlobalFoundries expects to be among the earliest to ramp these solutions with customers.

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    Quinn Bolton's questions to GLOBALFOUNDRIES (GFS) leadership • Q4 2024

    Question

    Quinn Bolton of Needham & Company, LLC asked for the 2025 outlook for the Home and Industrial IoT end market and questioned whether an ASP lift was assumed in the forecast to reach a 30% gross margin by year-end.

    Answer

    CBO Niels Anderskouv stated that the IoT market bottomed in 2024 and is expected to return to growth in 2025 as customer inventories normalize. CFO John Hollister explained that the margin improvement relies on a "generally stable pricing environment" for its differentiated technologies, not a significant ASP lift. The primary drivers are utilization, cost structure, and mix.

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    Quinn Bolton's questions to Navitas Semiconductor (NVTS) leadership

    Quinn Bolton's questions to Navitas Semiconductor (NVTS) leadership • Q1 2025

    Question

    Speaking for Quinn Bolton, Nick Doyle asked about the 2025 smartphone market outlook, potential tariff impacts on mobile, and whether the channel slowdown in EV and industrial was due to demand or inventory.

    Answer

    CEO Eugene Sheridan stated that Navitas's mobile growth depends more on increasing GaN adoption than on modest smartphone unit growth. He sees strong trends for adoption at 65W and higher. He clarified the broader channel slowdown was a combination of both slowing demand and an inventory overhang, which he believes is now near its end and should resolve in a quarter or two.

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    Quinn Bolton's questions to Navitas Semiconductor (NVTS) leadership • Q4 2024

    Question

    Quinn Bolton inquired about the sustainability of the new, lower operating expense target of $15.5 million per quarter and whether the cuts could limit future growth. He also asked for an update on the 2025 revenue expectations for the data center business.

    Answer

    CFO Todd Glickman confirmed the go-forward non-GAAP OpEx target of $15.5 million per quarter, stating it should remain fairly flat and that the business is now 'rightsized' to grow without further cuts. CEO Gene Sheridan declined to provide a specific 2025 revenue breakout for the data center segment but affirmed the trajectory is good and growing sequentially, supported by a strong Q4 for design wins.

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    Quinn Bolton's questions to AMBARELLA (AMBA) leadership

    Quinn Bolton's questions to AMBARELLA (AMBA) leadership • Q4 2025

    Question

    Quinn Bolton asked about the primary drivers for fiscal '26 revenue growth beyond the CV5 and CV7 families and sought clarification on the sequential decline in automotive revenue for Q4 and Q1.

    Answer

    CEO Fermi Wang confirmed that while CV5 and CV7 will contribute over half of the growth, the older CV2 family is also expected to see healthy growth. He clarified that the legacy video processor business will continue a slow decline. Wang also stated the minor sequential auto revenue decline is not related to inventory correction but reflects conservatism due to potential indirect tariff impacts on customers.

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    Quinn Bolton's questions to AMBARELLA (AMBA) leadership • Q3 2025

    Question

    Quinn Bolton asked for a breakdown of the automotive pipeline, specifically the percentage driven by Level 2+ opportunities and the pipeline's geographic distribution.

    Answer

    President and CEO Dr. Fermi Wang clarified that in the 'won' portion of the funnel, CV3 (for Level 2+) is below 50%, but in the 'pipeline' portion, it is well above 50%. He noted that about 15% of the pipeline is from China, with a higher percentage from Europe. CFO John Young added that the 6-year funnel methodology may understate the China opportunity due to its faster design cycles.

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    Quinn Bolton's questions to AMBARELLA (AMBA) leadership • Q2 2025

    Question

    An analyst on behalf of Quinn Bolton asked if Ambarella's recent passenger OEM win created a 'halo effect' for other automotive engagements. They also questioned if the company was seeing negative impacts from the aggressive pricing environment in the China auto market.

    Answer

    CEO Fermi Wang acknowledged that any design win helps, particularly in validating Ambarella's scale and experience for automotive OEMs. However, he emphasized that each new engagement is a competitive battle on technology, price, and support. While confirming intense pricing pressure in China, Wang stated that in balance, the company does not expect its overall gross margin profile to change significantly in the near term.

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    Quinn Bolton's questions to SYNAPTICS (SYNA) leadership

    Quinn Bolton's questions to SYNAPTICS (SYNA) leadership • Q1 2025

    Question

    Quinn Bolton from Needham & Company followed up on potential 'green shoots' in the Enterprise segment, asking for more detail on demand stabilization in enterprise IT. He also inquired about the general pricing environment for processors and wireless products.

    Answer

    President and CEO Michael Hurlston confirmed a better outlook for the Enterprise segment, attributing recent strength more to new product cycles and share gains than a broad IT spending recovery. He noted the pricing environment is relatively stable. CFO Ken Rizvi added that the company's strong design-win positions on certain products limit pricing pressure.

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