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    Ross Seymore

    Managing Director and Senior Equity Analyst at Deutsche Bank

    Ross Seymore is a Managing Director and Senior Equity Analyst at Deutsche Bank specializing in the technology sector, with a particular focus on semiconductors and power electronics. He covers prominent companies such as NVIDIA, AMD, Broadcom, Texas Instruments, Power Integrations, Monolithic Power Systems, Xilinx, Maxim Integrated, Ambarella, MagnaChip, National Semiconductor, Alpha and Omega, Montage Technology, and Navitas Semiconductor, and has delivered consistently strong performance, maintaining a success rate of over 71% and achieving an average return of 8.3% on his stock recommendations, with individual calls yielding returns as high as 279%. Seymore began his analyst career before 2009, and since joining Deutsche Bank has earned recognition for his in-depth industry expertise and effective stock picking. He holds relevant securities licenses and is registered with FINRA, supporting his role as a trusted research professional for institutional investors.

    Ross Seymore's questions to Marvell Technology (MRVL) leadership

    Ross Seymore's questions to Marvell Technology (MRVL) leadership • Q2 2026

    Question

    Ross Seymore of Deutsche Bank asked for more details on the forecasted lumpiness in Marvell's custom silicon business, specifically questioning the headwinds in Q3 and the drivers behind the expected strong recovery in Q4.

    Answer

    Chairman & CEO Matt Murphy explained that the Q3 softness is a normal, temporary 'digestion' period typical of large hyperscale build-outs. He reassured that the optics business remains strong, growing double-digits in Q3, and confirmed that the custom business is expected to see a strong rebound in Q4, resulting in overall growth for the second half of the fiscal year compared to the first.

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    Ross Seymore's questions to Marvell Technology (MRVL) leadership • Q1 2026

    Question

    Ross Seymore from Deutsche Bank asked about Marvell's engineering capacity to support a broader customer base for custom XPUs beyond its initial large customers, referencing competitors' claims of wider engagements.

    Answer

    Chairman and CEO Matt Murphy confirmed that Marvell has the capacity to expand its engagements, citing increased and reallocated R&D spending over the last few years. He stated Marvell is well-positioned to support multiple new programs and noted the emergence of a "next wave" of hyperscale-class customers who can benefit from custom silicon, with more details to be shared at the upcoming AI investor event.

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    Ross Seymore's questions to Marvell Technology (MRVL) leadership • Q4 2025

    Question

    Ross Seymore of Deutsche Bank asked for reconciliation between Marvell's stated confidence in growing its lead custom XPU customer revenue through fiscal 2027 and a competitor's claims of gaining market share with that same customer.

    Answer

    Matthew Murphy, Chairman and CEO, affirmed Marvell's confidence, citing the successful production ramp of the current-generation XPU and deep engagement on the next-generation product. Murphy stated unequivocally that Marvell expects revenue from this customer's custom XPUs to grow in fiscal 2026 and fiscal 2027. He declined to comment on the customer's potential work with other partners, focusing instead on Marvell's direct visibility into its own programs.

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    Ross Seymore's questions to Marvell Technology (MRVL) leadership • Q3 2025

    Question

    Ross Seymore asked for clarification on CEO Matt Murphy's commitment to Marvell amid media speculation and questioned if the customer diversification timeline for custom compute has changed since the AI Day.

    Answer

    CEO Matt Murphy unequivocally affirmed his commitment, stating, "I am all in, okay? On Marvell," highlighting his eight-year tenure and focus on the AI opportunity. Regarding diversification, he confirmed the strategy is on track, with multiple large-volume programs currently ramping with two different customers. He also noted that a third major customer program is progressing for the future, reinforcing confidence in their long-term custom silicon ambitions.

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    Ross Seymore's questions to Marvell Technology (MRVL) leadership • Q2 2025

    Question

    Ross Seymore asked about the factors influencing gross margin into the next fiscal year, considering the mix between lower-margin custom silicon and the recovering, higher-margin merchant business.

    Answer

    CFO Willem Meintjes projected that the current gross margin trend would continue into next year, with growth from merchant products and benefits from manufacturing absorption offsetting the mix impact from custom silicon. CEO Matt Murphy added that the ultimate gross margin level depends on the recovery pace of traditional core businesses, but emphasized confidence in achieving operating margin targets through disciplined OpEx management.

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    Ross Seymore's questions to ANALOG DEVICES (ADI) leadership

    Ross Seymore's questions to ANALOG DEVICES (ADI) leadership • Q3 2025

    Question

    Ross Seymore asked for color on operating expenses (OpEx) for Q4 and, more importantly, how OpEx should be modeled relative to revenue in fiscal '26, given the variable compensation component.

    Answer

    EVP & CFO Richard Puccio explained that OpEx grew faster than normal in FY25 due to the normalization of variable compensation from a very low base in FY24. For FY26, he expects the rate of variable comp growth to decline, allowing for continued operating leverage in a revenue growth scenario as the baseline will be higher.

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    Ross Seymore's questions to ANALOG DEVICES (ADI) leadership • Q4 2024

    Question

    Ross Seymore asked a long-term question about whether the prior peak revenue of fiscal 2023 is attainable again and what factors would drive that.

    Answer

    CEO Vince Roche expressed confidence in reattaining prior peaks, citing a stronger portfolio, better customer relationships, and double-digit growth in the design win pipeline in fiscal 2024. He stated the belief that ADI's business is capable of double-digit growth through the rest of the decade and that fiscal 2025 will be a 'good down payment' on that future.

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    Ross Seymore's questions to indie Semiconductor (INDI) leadership

    Ross Seymore's questions to indie Semiconductor (INDI) leadership • Q2 2025

    Question

    Ross Seymore of Deutsche Bank asked for an update on the RADAR and Vision design win ramps, their potential scale, and any impact from tariffs or macro uncertainty. He also questioned if entering adjacent markets would require significant new sales channel investment.

    Answer

    Co-Founder, CEO & Director Donald McClymont stated that tariff impact is minimal as most RADAR components ship outside the U.S. He highlighted a high ASP per car ($25-$30) and a potentially rapid ramp. He also confirmed that entering adjacent markets like quantum will not require a significant OpEx increase.

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    Ross Seymore's questions to indie Semiconductor (INDI) leadership • Q1 2025

    Question

    Ross Seymore asked about the primary uncertainties for the second-half 2025 product ramp, questioning whether the risk lies more with launch timing or launch volumes. He also sought to understand the impact of the company's restructuring on its previously announced $7 billion strategic backlog.

    Answer

    Executive Donald McClymont identified the steepness and timing of the ramp as the main wildcard, noting that while launch start points are fixed, the ramp-up speed is harder to predict. Regarding the backlog, McClymont stated the impact from restructuring is 'very minimal,' affecting non-ADAS programs with disappointing volumes. He estimated a minor short-term revenue impact of $2-3 million in the second half but affirmed the vast majority of the strategic backlog remains intact.

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    Ross Seymore's questions to indie Semiconductor (INDI) leadership • Q3 2024

    Question

    Ross Seymore asked about near-term business trends, questioning why indie is outperforming peers who are seeing worsening visibility, and requested details on the revenue bridge from 2024 to 2025, including key product drivers.

    Answer

    Executive Donald McClymont explained that indie is bucking the macro trend because previously delayed programs are now ramping, making its growth profile dependent on share gains rather than the overall market. He detailed that the bridge to 2025 consensus revenue will be driven by an even split between user experience and vision-based products, with a small contribution from radar in the second half.

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    Ross Seymore's questions to POWER INTEGRATIONS (POWI) leadership

    Ross Seymore's questions to POWER INTEGRATIONS (POWI) leadership • Q2 2025

    Question

    Ross Seymore asked for a segment breakdown for the Q3 guidance, inquired about the automotive revenue ramp and what constitutes 'material' revenue, and later followed up on channel inventory expectations and the interplay between seasonality and cyclicality for Q4.

    Answer

    CFO Sandeep Nayyar projected flattish results for the Industrial and Consumer segments in Q3, with minor growth from other areas. He noted appliance weakness is being offset by a video game design win. President and CEO Jen Lloyd confirmed automotive is on track for high single-digit millions in revenue this year. Sandeep Nayyar reiterated the goal of low tens of millions by 2026, which they consider 'meaningful'. For the follow-up, he stated he expects channel inventory to be flattish and noted that the current tariff-driven adjustment is overriding typical seasonality.

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    Ross Seymore's questions to POWER INTEGRATIONS (POWI) leadership • Q1 2025

    Question

    Ross Seymore asked about the ramp timing for key design wins, particularly in high-power industrial, and whether there were any changes unrelated to tariffs. He also inquired about the outlook for gross margin and operating expenses for the remainder of the year.

    Answer

    CEO Balu Balakrishnan clarified that a minor delay in a high-power program was customer-specific, not macro-related, and is expected to ramp in Q2. He affirmed that overall business trends and bookings remain normal and consistent with guidance. CFO Sandeep Nayyar reiterated the full-year non-GAAP gross margin forecast of approximately 55.5% and anticipated that operating margin would benefit from leverage as revenues increase in the second half of the year.

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    Ross Seymore's questions to POWER INTEGRATIONS (POWI) leadership • Q4 2024

    Question

    Ross Seymore asked for the most significant update on the end-market environment compared to a month ago and sought confirmation on whether all four business segments are still expected to grow in the upcoming year.

    Answer

    CEO Balu Balakrishnan highlighted that the biggest update is the expectation for significant growth in the industrial segment, driven by infrastructure projects, renewables, and high-power applications. Both Balu Balakrishnan and CFO Sandeep Nayyar confirmed that all four segments are expected to grow, with industrial projected to see the largest dollar increase, followed by consumer.

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    Ross Seymore's questions to ADVANCED MICRO DEVICES (AMD) leadership

    Ross Seymore's questions to ADVANCED MICRO DEVICES (AMD) leadership • Q2 2025

    Question

    Ross Seymore from Deutsche Bank asked for an update on the MI355 accelerator ramp, specifically how customer adoption has trended compared to expectations from three months prior. He also requested guidance on the typical second-half seasonality for the Client and Gaming segments.

    Answer

    CEO Lisa Su stated that MI355 adoption is 'a bit faster' than previously expected, with broad-based customer interest. For the second half, she guided to single-digit sequential growth for the Client business in Q3 and flattish performance for Gaming. Dr. Su noted that for Q4, the console business is expected to decline substantially post-holiday build, which would likely cause the combined Client and Gaming segment to be down sequentially.

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    Ross Seymore's questions to ADVANCED MICRO DEVICES (AMD) leadership • Q2 2025

    Question

    Ross Seymore asked how the MI355 adoption ramp compares to prior expectations and sought clarity on the seasonality outlook for the Client and Gaming businesses for the second half of the year.

    Answer

    Chair and CEO Lisa Su noted that MI355 adoption is 'a bit faster' than previously expected, with broad-based customer interest. For the second half, she guided to single-digit sequential growth for Client in Q3 and flattish for Gaming. She specified that the console business is expected to decline substantially in Q4, which would likely lead to a sequential decline for the overall Client and Gaming segment.

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    Ross Seymore's questions to ADVANCED MICRO DEVICES (AMD) leadership • Q1 2025

    Question

    Ross Seymore inquired about the Embedded segment, asking for the drivers behind the company's confidence in a second-half recovery that would require significant sequential growth. He also asked for clarification on the full impact of the ZT Systems acquisition on operating expenses.

    Answer

    CFO Jean Hu explained that confidence in the Embedded segment's recovery comes from improving order patterns and book-to-bill ratios, particularly in the aerospace, defense, and test and measurement markets. She guided to a flattish Q2, with year-over-year growth expected to resume in Q3 and especially Q4. On OpEx, Hu confirmed the incremental quarterly expense from the ZT design team is about $50 million and that the company remains disciplined, expecting earnings to grow faster than revenue.

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    Ross Seymore's questions to ADVANCED MICRO DEVICES (AMD) leadership • Q3 2024

    Question

    Ross Seymore asked for an update on the Embedded business, questioning the drivers behind its muted recovery in Q4 and the directional outlook for 2025. He also inquired about the EPYC server CPU business and whether the 'crowding out' effect from GPU spending was easing.

    Answer

    CEO Dr. Lisa Su explained the Embedded segment's recovery is mixed, with strength in test & emulation and aerospace, but continued softness in communications and industrial, leading to modest growth expectations for Q4 and 2025. Regarding EPYC, she noted the market environment has improved as cloud and enterprise customers resume spending, and AMD's strong product portfolio is driving share gains, complementing the AI opportunity rather than being crowded out.

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    Ross Seymore's questions to Astera Labs (ALAB) leadership

    Ross Seymore's questions to Astera Labs (ALAB) leadership • Q2 2025

    Question

    Ross Seymore inquired about the customer profile for the Scorpio product family, how its 'anchor tenant' status is being leveraged to drive other business, and the drivers behind the strong gross margin and future tax rate.

    Answer

    President & COO Sanjay Gajendra detailed that Scorpio P serves a broad scale-out market while Scorpio X targets over 10 hyperscalers and AI platform providers for scale-up, pulling in other products. CFO Mike Tate explained that strong revenue drove margin upside, but growing hardware module sales will guide margins toward the 70% long-term target. He also clarified the Q3 tax rate of 20% is a catch-up, with a long-term rate expected around 13-15%.

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    Ross Seymore's questions to Astera Labs (ALAB) leadership • Q1 2025

    Question

    Ross Seymore questioned the shift in focus from customer diversification to product diversification, asking how Astera's broadening portfolio is applied differently between custom ASIC and merchant GPU platforms. He also asked about the competitive landscape on the custom silicon side.

    Answer

    COO Sanjay Gajendra explained that the Scorpio X fabric switch is becoming a key 'anchor socket' in custom ASIC platforms, creating significant opportunities for Astera Labs to attach more products. He addressed competition by stating that hyperscalers value supply chain diversity and Astera's technological differentiation with its purpose-built AI solutions and COSMOS software, which ensures continued customer engagement.

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    Ross Seymore's questions to Astera Labs (ALAB) leadership • Q4 2024

    Question

    Ross Seymore asked for a framework on customer and product diversification for 2025 compared to 2024, and also inquired about the gross margin trajectory for the second half of 2025.

    Answer

    CEO Jitendra Mohan described customer concentration as an 'occupational hazard' in the data center market, noting that while Astera ships to all hyperscalers, revenue mix can fluctuate based on each customer's technology adoption cadence. CFO Michael Tate indicated that the gross margin mix between hardware and silicon should remain at a similar level through the first half of the year, implying the hardware mix is not expected to increase as a percentage of total revenue during that period.

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    Ross Seymore's questions to Astera Labs (ALAB) leadership • Q3 2024

    Question

    Ross Seymore from Deutsche Bank questioned the key drivers behind the strong ramp in business from custom AI accelerator platforms. He also sought to clarify if the previously discussed increase in dollar content per GPU was primarily due to the new Scorpio products.

    Answer

    President and COO Sanjay Gajendra explained that the custom AI accelerator ramp is driven by hyperscalers increasing investment in their own internal programs. He clarified that the rising dollar content per accelerator is due to both the natural ASP uplift from newer protocols like PCIe Gen 6 and the introduction of higher-value products like Scorpio.

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    Ross Seymore's questions to GLOBALFOUNDRIES (GFS) leadership

    Ross Seymore's questions to GLOBALFOUNDRIES (GFS) leadership • Q2 2025

    Question

    Ross Seymore of Deutsche Bank sought clarification on the company's confidence in full-year revenue growth, which implies a strong Q4, and the role of non-wafer revenue. He also asked about the impact of tariff-related inventory pull-ins and the duration of that headwind.

    Answer

    CFO John Hollister confirmed the base case for full-year growth and a strong Q4 driven by NRE programs and tape-outs. CEO Tim Breen explained that direct tariff-related pull-ins were not significant in Q2. He noted the broader, short-term impact is on consumer confidence, while the long-term strategic opportunity lies in customers diversifying their supply chains to GFS's global footprint, particularly in the U.S.

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    Ross Seymore's questions to GLOBALFOUNDRIES (GFS) leadership • Q1 2025

    Question

    Ross Seymore asked for a breakdown of the second-quarter revenue guidance by end market. He also inquired about the company's general strategy for inorganic growth opportunities and M&A.

    Answer

    CFO John Hollister indicated that the sequential revenue improvement for Q2 is expected to be fairly well-distributed across end markets. CEO Timothy Breen explained that the M&A strategy is focused on accelerating the company's core strategy, particularly by adding value to its differentiated chip portfolio, similar to the previous acquisition of Tagor Technologies. President and COO Niels Anderskouv added that the company is well-positioned with $3.7 billion in cash and a $1 billion undrawn revolver.

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    Ross Seymore's questions to GLOBALFOUNDRIES (GFS) leadership • Q4 2024

    Question

    Ross Seymore of Deutsche Bank inquired about any changes in U.S. customer behavior or design win activity related to geopolitical uncertainty and the CHIPS Act, and asked for the key drivers of the Q1 sequential revenue decline beyond normal seasonality.

    Answer

    CEO Thomas Caulfield and CBO Niels Anderskouv noted that geopolitical uncertainty is increasing the importance of supply chain diversification for customers, leading to more conversations about sourcing from GF's U.S. fabs, particularly in aerospace, defense, and data center. CFO John Hollister stated that the Q1 sequential revenue decline was primarily due to seasonality across various end markets and was not driven by any single large factor.

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    Ross Seymore's questions to GLOBALFOUNDRIES (GFS) leadership • Q3 2024

    Question

    Ross Seymore asked about the factors driving GlobalFoundries' strong second-half 2024 performance despite broader market weakness, and how this positions the company for 2025. He also sought clarification on gross margin drivers, specifically the impact of LTA-related payments in Q4 and the outlook for 2025.

    Answer

    CEO Thomas Caulfield attributed the outperformance to GF's concentration in the smart mobile and automotive end markets, noting the latter is growing high single digits for the year due to content gains. For 2025, he expects an "up year" for GF, with Q1 2025 revenue growing year-over-year but declining sequentially from Q4 2024 at the high end of normal seasonality. CFO John Hollister confirmed that the absolute level of LTA-related benefits in Q4 would be similar to Q3 and that gross margin improved through 2024 net of these benefits due to operating leverage. He expects continued margin improvement with higher utilization in 2025.

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    Ross Seymore's questions to Navitas Semiconductor (NVTS) leadership

    Ross Seymore's questions to Navitas Semiconductor (NVTS) leadership • Q2 2025

    Question

    Ross Seymore asked about the expected revenue trajectory during the transition to AI data centers and the potential gross margin structure for this new business focus.

    Answer

    CEO Gene Sheridan explained that Navitas anticipates 'softer' revenue in the near term as it reduces dependency on the mobile market. He noted that growth from 48V data center projects will begin layering in during 2026, with the more significant 800V opportunity ramping in 2027. Sheridan reiterated the long-term gross margin target of over 50%, driven by high-performance markets and cost efficiencies from the new 8-inch wafer partnership with PowerChIP.

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    Ross Seymore's questions to Navitas Semiconductor (NVTS) leadership • Q1 2025

    Question

    Ross Seymore asked about the visibility into second-half growth, the timing and magnitude of the $450 million in design wins, and the company's operating expense plan and timeline for reaching EBITDA breakeven.

    Answer

    CEO Eugene Sheridan explained that the design wins will convert to revenue starting late this year, with the vast majority ramping in 2026. CFO Todd Glickman confirmed the non-GAAP OpEx target remains around $15.5 million per quarter and that the company still expects to reach EBITDA breakeven with quarterly revenues in the high $30 million range in 2026.

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    Ross Seymore's questions to Navitas Semiconductor (NVTS) leadership • Q4 2024

    Question

    Ross Seymore asked about the timing of the cyclical bottom, the slope of the recovery, the performance of the silicon carbide business versus the broader market, and the competitive landscape regarding pricing and inventory.

    Answer

    CEO Gene Sheridan stated that Q1 2025 appears to be the cyclical bottom for Navitas, with a recovery expected in Q2 and healthy growth in the second half. He attributed the silicon carbide slowdown to weakness in EV, solar, and industrial markets, which is now stabilizing. Sheridan noted that while some ASP erosion occurred in SiC, the situation has improved, and the GaN market has not seen as dramatic an impact.

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    Ross Seymore's questions to ON SEMICONDUCTOR (ON) leadership

    Ross Seymore's questions to ON SEMICONDUCTOR (ON) leadership • Q2 2025

    Question

    Ross Seymore asked about the current cyclical environment, contrasting signs of stabilization with ongoing headwinds, and inquired when secular growth drivers like AI and Trejo would overcome the impact of business exits.

    Answer

    President and CEO Hassane El-Khoury noted signs of stabilization, with automotive bottoming in Q2 and expected to grow in Q3, but he remains cautious about calling a full recovery. He highlighted that the AI data center business has doubled year-over-year for the second consecutive quarter and the Trejo platform is gaining significant traction. CFO Thad Trent addressed gross margins, explaining the near-term caution on utilization and outlining the long-term path to the 53% target through improved utilization, FabRite initiatives, and a favorable product mix.

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    Ross Seymore's questions to ON SEMICONDUCTOR (ON) leadership • Q1 2025

    Question

    Ross Seymore asked why onsemi's Q2 revenue guidance appears conservative compared to peers and requested key metrics to model gross margin following the company's recent manufacturing realignment.

    Answer

    CEO Hassane El-Khoury explained that the flat revenue guidance is due to onsemi's specific end-market exposure, particularly to the automotive EV market outside of China, which has not yet recovered. CFO Thad Trent provided new gross margin metrics, stating that each point of utilization improvement now adds 25-30 basis points to gross margin, an increase from the previous 20-25 basis points. He noted that the full benefit of depreciation savings will not be seen until Q4 2025.

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    Ross Seymore's questions to ON SEMICONDUCTOR (ON) leadership • Q4 2024

    Question

    Ross Seymore of Bank of America Securities questioned the severity of the revenue decline, asking whether it was due to ON-specific issues versus end-market weakness, and if the product portfolio needed larger adjustments. He also inquired about the potential magnitude of planned structural cost actions.

    Answer

    CEO Hassane El-Khoury explained that the most significant decline was in the noncore business, where onsemi is intentionally avoiding price volatility, a consistent part of its strategy. CFO Thad Trent quantified this volatile noncore business at $350-$400 million. Regarding the cost actions, Trent stated that plans are still being developed and updates will be provided as they are finalized.

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    Ross Seymore's questions to ON SEMICONDUCTOR (ON) leadership • Q3 2024

    Question

    Ross Seymore asked whether the slowdown in the silicon carbide (SiC) business is a cyclical issue or a more concerning secular change, and questioned if onsemi can maintain its 45% gross margin floor amid weak demand and lower capital spending.

    Answer

    CEO Hassane El-Khoury stated the SiC slowdown is cyclical, tied to lumpy EV adoption rather than a long-term strategic shift, noting that planned vehicle models did launch. CFO Thad Trent confirmed no change to the 45% gross margin floor or 53% peak target, attributing the resilience at 65% utilization to cost optimization and the 'Fab Right' strategy.

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    Ross Seymore's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership

    Ross Seymore's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q2 2025

    Question

    Ross Seymore asked for a breakdown of the Enterprise Data segment, questioning the difference in growth rates between AI-related business and traditional server business. He also inquired about any evidence of tariff-related pull-in activity outside of enterprise data.

    Answer

    EVP & CFO Bernie Blegen responded that the lines between traditional CPU and AI are becoming blurry, making it difficult to separate their growth rates, but affirmed the overall outlook is very positive. Regarding tariffs, Blegen stated that the company believes the current demand is driven by the cycle itself, with insufficient information to confirm tariff-related behavior. Founder, Chairman, President & CEO Michael Hsing added that such factors are beyond their control.

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    Ross Seymore's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q1 2025

    Question

    Ross Seymore inquired about any significant segment performance divergences expected in the second-quarter guidance and asked about any observed changes in customer behavior, such as tariff-related order pull-ins.

    Answer

    CFO Bernie Blegen responded that the Q2 guidance anticipates a narrow variance of plus or minus 5% across all business segments, indicating broad-based strength with no major divergences. CEO Michael R. Hsing added that any tariff-related order shifts have been too small to be clearly identified, highlighting the overall consistency driven by the company's diversification. Vice President of Finance Tony Balow also noted other business drivers like AI PC are contributing to strength in computing.

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    Ross Seymore's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q4 2024

    Question

    Ross Seymore asked for an update on market share dynamics in the server CPU space and inquired about the growth drivers and business profile for the communications segment.

    Answer

    EVP and CFO Bernie Blegen responded that the lines between CPU and GPU are becoming blurry, making it difficult to comment on specific market share shifts, as many MPS products support both. CEO Michael Hsing added that MPS is gaining significant share on the server side and revenue will ramp as the market recovers. Regarding communications, Bernie Blegen confirmed that the primary area of strength and the key inflection point is in optical solutions, which is part of the broader data center opportunity.

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    Ross Seymore's questions to MONOLITHIC POWER SYSTEMS (MPWR) leadership • Q3 2024

    Question

    Ross Seymore questioned the drivers behind the strong sequential growth in non-Enterprise Data segments, asking if it reflects a cyclical recovery or is specific to MPS's design wins. He also asked about the risk of pricing pressure from increased market supply and competition. Later, he inquired about inventory levels both internally and in the channel.

    Answer

    EVP and CFO Bernie Blegen explained the growth is a mix of both cyclical improvement and company-specific factors, highlighting new revenue from prior design wins in Communications and Automotive, plus an improved memory market. CEO and Founder Michael Hsing added that the growth was seen across the board. On pricing, Hsing stated that while competitors may lower prices, MPS competes on value and performance, not price. Regarding inventory, Blegen confirmed channel inventory days went down. Hsing added that internal inventory is at an "uncomfortable" low level due to high demand but doesn't foresee a shortage.

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    Ross Seymore's questions to QUALCOMM INC/DE (QCOM) leadership

    Ross Seymore's questions to QUALCOMM INC/DE (QCOM) leadership • Q3 2025

    Question

    Ross Seymore of Deutsche Bank asked about the relationship with Samsung, specifically regarding its use of its own processors and whether Qualcomm expects to maintain 100% share in the Galaxy S series. He also inquired if the target for double-digit content increases in premium handsets still holds true.

    Answer

    President & CEO Cristiano Amon clarified the Samsung relationship has a new baseline share of 75%, with anything above that considered upside. CFO & COO Akash Palkhiwala confirmed strong content growth, noting the Android business grew ~10% in fiscal 2025, exceeding Investor Day targets, and that non-Apple QCT revenue has grown over 15% annually for two years.

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    Ross Seymore's questions to QUALCOMM INC/DE (QCOM) leadership • Q2 2025

    Question

    Ross Seymore asked about the impact on operating expenses as QUALCOMM's share at its largest U.S. customer declines, and how the company's margin structure might change. He also inquired about the reasoning behind the decision to increase the capital return target to 100% of free cash flow.

    Answer

    Akash Palkhiwala explained that the OpEx strategy involves maintaining the current spending scale while transitioning investment from handsets to growth areas like automotive and IoT, with the goal of replacing the lost revenue over time. He noted the increased capital return reflects confidence in strong cash flow, a growing cash balance, and an opportunity to leverage the current stock price for buybacks while maintaining flexibility for M&A.

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    Ross Seymore's questions to QUALCOMM INC/DE (QCOM) leadership • Q1 2025

    Question

    Ross Seymore of Deutsche Bank asked about the drivers of the IoT segment's performance, questioning if sequential declines were normal seasonality, and inquired if the strong QCT gross margin was structurally higher.

    Answer

    CFO Akash Palkhiwala clarified that the IoT segment's sequential profile is influenced by normal seasonality in consumer IoT post-holidays, while the industrial and edge networking sub-segments remain strong. He attributed the robust QCT gross margin to a favorable product mix from strong premium-tier handset volume, which can fluctuate.

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    Ross Seymore's questions to INTEL (INTC) leadership

    Ross Seymore's questions to INTEL (INTC) leadership • Q2 2025

    Question

    Ross Seymore asked about the timeline for fixing the x86 business to build the necessary trust for the foundry strategy and inquired about the drivers for Q3 gross margin guidance and the longer-term outlook.

    Answer

    CEO Lip-Bu Tan stated that trust in the foundry will be built through consistent execution on the 18A process, with a key milestone being the Penta Lake launch by year-end. CFO David Zinsner explained that Q3 gross margins are pressured by the ramp of Lunar Lake and early costs for Panther Lake. He noted future tailwinds include higher volumes of Panther Lake, improving foundry margins, and better product pricing and cost structures.

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    Ross Seymore's questions to INTEL (INTC) leadership • Q2 2025

    Question

    Ross Seymore from Deutsche Bank asked about the timeline for rebuilding trust in Intel's x86 business to support its foundry ambitions and sought clarity on the drivers for Q3 gross margin and the outlook into next year.

    Answer

    CEO Lip-Bu Tan stated that rebuilding trust starts with execution on Intel 18A, where he sees steady progress and has increased confidence in launching the Panther Lake SKU by year-end. CFO David Zinsner explained the Q3 gross margin decline is predominantly driven by the ramp of Lunar Lake (due to in-package memory) and the initial, higher-cost ramp of Panther Lake. He noted that higher volumes for Panther Lake should become a tailwind for margins next year.

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    Ross Seymore's questions to INTEL (INTC) leadership • Q1 2025

    Question

    Ross Seymore of Deutsche Bank asked about balancing the need to fix the product roadmap with the imperative to fill Intel's own foundry capacity, and inquired about the key drivers for gross margin in 2025 and 2026.

    Answer

    CEO Lip-Bu Tan explained his focus is on flattening the organization to deliver superior products, noting that the product teams must use the best option, internal or external. CFO David Zinsner detailed gross margin pressures from the product mix shift to Lunar Lake and 18A start-up costs in 2025, but projected improvement in 2026 from Panther Lake's better margin profile and the benefits of in-sourcing wafers.

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    Ross Seymore's questions to INTEL (INTC) leadership • Q4 2024

    Question

    Ross Seymore of Deutsche Bank AG questioned the competitiveness of Intel's data center roadmap, asking how much Granite Rapids closes the gap and for an update on Clearwater Forest's timeline. He also inquired about the drivers behind the Q1 gross margin decline and the outlook for the full year.

    Answer

    Michelle C. Holthaus, Interim Co-CEO, stated it will take 1-2 years to regain a competitive footing in the data center, with Granite Rapids being a first step and Clearwater Forest now slated for H1 2026. CFO and Interim Co-CEO David Zinsner explained the Q1 gross margin dip was due to lower revenue and product cost pressures, but expects improvement through 2025 driven by a better EUV wafer mix from Intel Foundry.

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    Ross Seymore's questions to INTEL (INTC) leadership • Q3 2024

    Question

    Ross Seymore asked about the external metrics investors can use to track the Intel 18A ramp and for a chronological breakdown of gross margin performance, including the drivers for Q3's upside, Q4's decline, and the outlook for 2025.

    Answer

    CEO Pat Gelsinger stated that while 18A financial benefits are not expected until 2026, Intel will provide qualitative updates on progress, such as lifetime deal value (LDV) and new customer wins. CFO David Zinsner explained that Q3 gross margin upside was due to selling previously reserved inventory, a benefit that won't repeat in Q4. He added that Q4 margins will also be impacted by 18A start-up costs. For 2025, margins will face headwinds from the Lunar Lake product mix, which has memory integrated into the package.

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    Ross Seymore's questions to TEXAS INSTRUMENTS (TXN) leadership

    Ross Seymore's questions to TEXAS INSTRUMENTS (TXN) leadership • Q2 2025

    Question

    Ross Seymore pressed further on the perceived shift in tone, asking what changed regarding the cycle's strength or tariff uncertainty to cause a more typical seasonal Q3 guide. He also requested an update on the CapEx and depreciation framework for 2025 and 2026.

    Answer

    CEO Haviv Ilan suggested that Q2 results were likely boosted by customers building inventory amid tariff uncertainty, a phenomenon that has since normalized, warranting a more prudent Q3 forecast. CFO Rafael Lizardi confirmed that the previously stated CapEx and depreciation guidance for 2025 and 2026 remains unchanged.

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    Ross Seymore's questions to TEXAS INSTRUMENTS (TXN) leadership • Q4 2024

    Question

    Ross Seymore questioned if the pricing environment had changed and asked about long-term market share gain expectations now that supply is no longer a major constraint.

    Answer

    Executive Haviv Ilan responded that the pricing environment remains stable, with like-for-like parts declining at a historical low-single-digit rate, though product mix has shifted. On market share, he emphasized it's a long-term measure and expressed confidence in TI's ability to compete and grow, highlighting the recent return to year-over-year growth in the analog business in Q4 after eight quarters of decline.

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    Ross Seymore's questions to TEXAS INSTRUMENTS (TXN) leadership • Q3 2024

    Question

    Ross Seymore of Deutsche Bank asked if the sharp cyclical rebound seen in China's auto business is indicative of what could happen in other regions. He also inquired about the structural drivers for operating expenses (OpEx) in 2025.

    Answer

    CEO Haviv Ilan suggested that China's market dynamics, including faster design cycles and inventory corrections, contribute to more accelerated cycles, but he expects all markets to eventually recover. CFO Rafael Lizardi outlined the 2025 OpEx strategy, stating that R&D investments will continue to grow while the focus for SG&A will be on efficiency, leading to slower growth in that area.

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    Ross Seymore's questions to NXP Semiconductors (NXPI) leadership

    Ross Seymore's questions to NXP Semiconductors (NXPI) leadership • Q2 2025

    Question

    Ross Seymore of Deutsche Bank inquired about the change in management's confidence regarding the cyclical recovery compared to the previous quarter and asked for details on gross margin drivers and the OpEx impact of pending acquisitions.

    Answer

    CEO Kurt Sievers stated that confidence in a new upcycle is 'clearly better' than 90 days ago, with all four tracked signals showing improvement. CFO Bill Betz explained that higher factory utilization had minimal impact on Q2 gross margins but is a factor for Q3. He also noted that while the two pending acquisitions will increase OpEx, the company has mechanisms to absorb much of the cost, though they may be 'a bit higher' if the deals close in the quarter.

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    Ross Seymore's questions to NXP Semiconductors (NXPI) leadership • Q2 2025

    Question

    Ross Seymore asked for an update on NXP's confidence in a cyclical recovery compared to the prior quarter and questioned the gross margin impact from increased fab utilization and the OpEx effect of pending acquisitions.

    Answer

    CEO Kurt Sievers stated that confidence in a cyclical recovery is "clearly better" than 90 days prior, citing strengthening signals like customer backlogs and order rates. CFO Bill Betz clarified that the gross margin impact from higher fab utilization was minimal in Q2 and would be small in Q3. He also noted that the OpEx from two smaller pending acquisitions could be largely absorbed, as their headcount is relatively small.

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    Ross Seymore's questions to NXP Semiconductors (NXPI) leadership • Q1 2025

    Question

    Ross Seymore asked how NXP is perceived by customers and governments regarding tariffs given its manufacturing footprint, and also inquired about trends and potential 'green shoots' in the Industrial & IoT business.

    Answer

    CEO Kurt Sievers stated that the direct impact of tariffs is immaterial, though the indirect impact is uncertain. He explained that NXP positions itself as a European company in China, which is seen as an opportunity, while complying with all U.S. regulations. For Industrial & IoT, he noted that while the segment is guided to grow, the strength is currently more from consumer IoT, driven by specific design wins in China, and was cautious about calling this a broad-based recovery for the core industrial sector.

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    Ross Seymore's questions to NXP Semiconductors (NXPI) leadership • Q4 2024

    Question

    Ross Seymore of Deutsche Bank questioned the drivers behind the surprisingly flat sequential guidance for the Industrial & IoT segment and asked if the accelerated end-of-life process for the Communication Infrastructure business is now complete.

    Answer

    CEO Kurt Sievers attributed the relative strength in Industrial & IoT to demand from Asia, particularly China, amplified by low channel inventory. Regarding Communication Infrastructure, he clarified that the end-of-life process for the digital networking products, which represent about 30% of the segment, is not complete and will continue to cause declines beyond Q1.

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    Ross Seymore's questions to NXP Semiconductors (NXPI) leadership • Q3 2024

    Question

    Ross Seymore asked about the sudden change in customer behavior that led to a weaker outlook and questioned the drivers behind the decline in gross margin.

    Answer

    CEO Kurt Sievers explained that an unexpected and broad weakness in the Industrial & IoT market emerged in August, which is now extending to the Western Automotive segment, causing Tier 1 customers to become more cautious and reduce inventory. CFO Bill Betz added that the Q3 gross margin miss was due to an unfavorable product mix, with weaker high-margin Industrial sales and stronger dilutive Mobile sales. He noted that factory utilization is in the low 70s and will be a headwind until revenues recover.

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    Ross Seymore's questions to Broadcom (AVGO) leadership

    Ross Seymore's questions to Broadcom (AVGO) leadership • Q2 2025

    Question

    Ross Seymore from Deutsche Bank asked for more detail on the drivers behind the strong AI growth forecast for the next fiscal year, specifically questioning the role of inference and whether the confidence stems from custom processors (XPUs), connectivity, or both.

    Answer

    CEO Hock Tan confirmed that the optimistic outlook is driven by a combination of factors. He stated that Broadcom is seeing increased deployment of both custom XPUs and the associated networking components, noting that demand for XPUs is higher than originally anticipated. Tan explicitly highlighted that they are observing "much more inference now," which is contributing to this accelerated demand.

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    Ross Seymore's questions to Broadcom (AVGO) leadership • Q2 2025

    Question

    Ross Seymore of Deutsche Bank asked for more detail on the drivers behind the sustained AI growth forecast for fiscal 2026, specifically questioning the role of inference and whether the confidence stems from custom accelerators (XPUs), networking, or both.

    Answer

    CEO Hock Tan confirmed that the confidence in the 2026 AI growth trajectory is driven by a combination of factors. He highlighted an acceleration in the deployment of custom accelerators (XPUs) for inference workloads, which he noted is happening faster than originally anticipated, and stated that this goes hand-in-hand with increased demand for AI networking solutions.

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    Ross Seymore's questions to Broadcom (AVGO) leadership • Q1 2025

    Question

    Asked about the conversion rate from design engagements to large-scale deployment for XPU customers, given the industry debate over whether design wins always materialize into significant volume.

    Answer

    Hock Tan explained that Broadcom's definition of a 'design win' is when a product is produced and deployed at scale, a process that can take 1.5 to 2 years. He emphasized that Broadcom is highly selective, partnering only with customers who require sustainable, large volumes, which ensures a high conversion rate from engagement to deployment.

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    Ross Seymore's questions to Broadcom (AVGO) leadership • Q4 2024

    Question

    Ross Seymore asked about capital allocation plans for fiscal 2025, specifically how the company intends to use the 50% of free cash flow not allocated to dividends, probing the balance between debt paydown, buybacks, and potential M&A.

    Answer

    President and CEO Hock Tan and CFO Kirsten Spears both stated that the primary use of free cash flow beyond dividends will be to pay down debt and de-lever the balance sheet following the VMware acquisition. Spears specified a focus on reducing interest expense by targeting term loans, while Tan affirmed that debt reduction is the priority over M&A for now.

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    Ross Seymore's questions to Broadcom (AVGO) leadership • Q3 2024

    Question

    Ross Seymore inquired about the software segment, asking for the reason behind the apparent decline in classic Broadcom software revenue while VMware performed strongly, and whether the business is reaching a stable base for future growth.

    Answer

    President and CEO Hock Tan focused on VMware's successful business model transformation, highlighting the strong adoption of VMware Cloud Foundation (VCF) and accelerated bookings. He indicated this positive trend is expected to continue, driving future growth for the overall software segment.

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    Ross Seymore's questions to ARM HOLDINGS PLC /UK (ARM) leadership

    Ross Seymore's questions to ARM HOLDINGS PLC /UK (ARM) leadership • Q4 2025

    Question

    Ross Seymore from Deutsche Bank asked a long-term strategic question about Arm's increasing trend of signing deals directly with OEMs, like the auto EV maker, and the potential implications for its TAM and relationships with traditional fabless semiconductor companies.

    Answer

    CEO Rene Haas explained that the move to custom silicon by OEMs is driven by a need for differentiation and the dominance of the Arm software ecosystem. He expects this trend of direct engagement to accelerate, especially with complex AI workloads, while affirming that the market for traditional fabless semiconductor companies will continue to exist.

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    Ross Seymore's questions to ARM HOLDINGS PLC /UK (ARM) leadership • Q2 2025

    Question

    Ross Seymore asked about the growth potential for Arm Total Access (ATA) agreements, questioning if the addressable market is now larger than previously thought and how to model its future growth.

    Answer

    CEO Rene Haas explained that the ATA model is scalable with different variations, making it suitable for the vast majority of Arm's customer base, thus expanding the potential market. He noted customers value the model for easy experimentation and fixed R&D costs. CFO Jason Child added that they are now over 50% of the way to their goal of having 80% of license revenue from ATA customers, and these contracts include ~7% annual price increases and renewal upsides.

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    Ross Seymore's questions to AMBARELLA (AMBA) leadership

    Ross Seymore's questions to AMBARELLA (AMBA) leadership • Q4 2025

    Question

    Ross Seymore asked if the policy-related conservatism in the full-year guide affects one business segment more than the other and requested details on how the company plans to achieve operating leverage.

    Answer

    CEO Fermi Wang clarified that the conservatism is geography-dependent, related to manufacturing locations, rather than market-dependent. Executive Louis Gerhardy added that for fiscal '26, IoT is expected to grow faster than auto, though both will grow. Gerhardy also explained that operating leverage will be driven primarily by revenue growth at healthy margins, combined with controlled OpEx.

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    Ross Seymore's questions to AMBARELLA (AMBA) leadership • Q3 2025

    Question

    Ross Seymore asked about the primary drivers for the strong Q3 revenue and Q4 guidance, questioning if it was a secular inflection or a cyclical rebound. He also inquired about the year-over-year decrease in the automotive revenue funnel and whether Ambarella's growth profile has shifted more toward IoT.

    Answer

    President and CEO Dr. Fermi Wang explained that Q3's strength was a mix of recovery from inventory correction and new product growth from the CV5 AI SoC, while Q4's outlook is driven by secular new product adoption. Regarding the auto funnel, Dr. Wang attributed the reduction to a slower-than-anticipated market adoption of Level 2+ systems, leading to project delays and cancellations, but affirmed long-term optimism for the CV3 platform.

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    Ross Seymore's questions to AMBARELLA (AMBA) leadership • Q2 2025

    Question

    Ross Seymore sought to distinguish the impact of the inventory burn ending versus new product ramps on the Q3 growth. He also asked about the expected relative growth rates of IoT versus automotive next year, the company's definition of seasonality, and the strategy for managing OpEx amid revenue growth to achieve profitability.

    Answer

    CEO Fermi Wang confirmed the inventory burn concluded in Q2 and that growth is now driven by CV5 ramps and CV22 normalization. He stated a personal belief that IoT will outgrow automotive next year, driven by the CV72 ramp. Executive Louis Gerhardy defined seasonality as Q2/Q3 being strong with Q4/Q1 typically down. CFO John Young added that the primary focus is achieving non-GAAP profitability, so OpEx growth will be managed carefully to deliver on the roadmap while driving leverage.

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    Ross Seymore's questions to MAXLINEAR (MXL) leadership

    Ross Seymore's questions to MAXLINEAR (MXL) leadership • Q4 2024

    Question

    Ross Seymore from Deutsche Bank inquired about the drivers behind the improving bookings and backlog, asking for color by end market or geography, and sought confirmation of the full-year 2025 non-GAAP operating expense target.

    Answer

    CFO Steven Litchfield confirmed that improving bookings and backlog are providing better visibility. He attributed the trend to both a cyclical recovery in markets like broadband and market share gains from new product ramps. He also reaffirmed the full-year 2025 non-GAAP OpEx target of $220 million to $225 million, expecting a modest downward trend through the year.

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    Ross Seymore's questions to MAXLINEAR (MXL) leadership • Q3 2024

    Question

    Ross Seymore inquired about the drivers behind the Q4 guidance, where infrastructure, connectivity, and industrial segments are expected to grow significantly while broadband declines. He also asked for an update on the progress of the previously announced operating expense reduction plan.

    Answer

    CFO and Chief Corporate Strategy Officer Steve Litchfield attributed the Q4 growth to improved demand across the board, particularly a strong, back-end loaded contribution from 800G optical products and a modest recovery in connectivity and industrial markets. He confirmed that the company is on track to achieve its targeted 20-25% year-over-year OpEx reduction for the next year, with the majority of cost savings already realized.

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