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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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CEO Ford Tamer confirmed that the revenue contribution from new products in Q4 was higher than the 13% figure cited in the previous quarter. He reiterated that the contribution grew from single-digits in the prior year and showed good improvement. However, he stated that the company would not be breaking out the specific percentage going forward.

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CEO Fouad Tamer responded that when viewed over a longer timeframe, starting from Q1 2023, Lattice has outperformed its peers and has been gaining share in the small to mid-range non-SoC FPGA market. Interim CFO Tonya Stevens and Tamer both confirmed that for 2025, they expect reported revenue to be lower than end consumption (POS) as the company and its partners work to draw down inventory levels to the midpoint of their target range by mid-year.

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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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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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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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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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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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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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