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    Ruben Roy • Stifel

    Ruben Roy's questions to Viavi Solutions Inc (VIAV) leadership

    Ruben Roy's questions to Viavi Solutions Inc (VIAV) leadership • Q4 2025

    Question

    Ruben Roy inquired about the impact of tariffs on the Q1 revenue guidance and the long-term visibility and competitive landscape for Viavi's data center and 1.6T test solutions.

    Answer

    President and CEO Oleg Khaykin explained that the tariff impact of approximately $1.5 million has been fully mitigated through pricing and supply chain adjustments. He noted that while 400G and 800G are the current volume drivers, the new 1.6T test solution is a key competitive differentiator that secures future business across the entire data center ecosystem, which he expects to become a larger market than traditional service providers.

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    Ruben Roy's questions to Viavi Solutions Inc (VIAV) leadership • Q3 2025

    Question

    Ruben Roy inquired about the tangible impact of U.S. tariffs, asking if revenue delays are already occurring, the percentage of revenue exposed, and the strategy for passing on the associated $3 million in costs.

    Answer

    CEO Oleg Khaykin stated that while no orders have been canceled, some purchase orders (POs) are being reapproved, creating potential delays. He estimated roughly 15% of revenue is subject to tariffs overall. Khaykin clarified that Viavi will absorb the $3 million cost for already-committed POs but will add a non-negotiable tariff adder to all new orders, a practice he sees as universal in the industry. CFO Ilan Daskal confirmed the $3 million impact is embedded in the guidance.

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    Ruben Roy's questions to Viavi Solutions Inc (VIAV) leadership • Q2 2025

    Question

    Ruben Roy inquired about the drivers of demand for fiber monitoring, asking if it was primarily telcos or if hyperscalers were becoming more involved. He also asked for visibility into the 800-gig shipment momentum and its potential market size, and questioned the company's appetite for further M&A following the Inertial Labs acquisition.

    Answer

    President and CEO Oleg Khaykin explained that fiber monitoring demand is broad-based from telcos but a new, emerging segment is hyperscalers who are monitoring fiber interconnects to protect their data center investments. He noted that 800-gig is the current workhorse, with 1.6-terabit entering R&D labs now. CFO Ilan Daskal and CEO Oleg Khaykin both affirmed that M&A remains a part of their capital allocation strategy, emphasizing that any potential deal must be accretive and appropriately priced.

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    Ruben Roy's questions to Viavi Solutions Inc (VIAV) leadership • Q1 2025

    Question

    Ruben Roy from Stifel Financial Corp. inquired about the linearity of bookings during the quarter, the drivers behind the sooner-than-expected recovery in wireless, and whether seasonality might change in the second half of the fiscal year.

    Answer

    President and CEO Oleg Khaykin explained that while some Q1 revenue was pushed out, there is significantly stronger engagement from service providers for future quarters, marking a "pivot" in behavior. He attributed this to aggressive fiber deployment plans from major carriers and a surprising resurgence from wireless operators, who are now accelerating 5G densification. CFO Ilan Daskal added that the company continues to monitor the macroeconomic environment, including interest rate dynamics.

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    Ruben Roy's questions to D-Wave Quantum Inc (QBTS) leadership

    Ruben Roy's questions to D-Wave Quantum Inc (QBTS) leadership • Q2 2025

    Question

    Ruben Roy from Stifel Financial Corp asked if D-Wave's timeline for bringing a gate model computer to market has accelerated, considering recent M&A commentary and customer feedback.

    Answer

    CEO Alan Baratz affirmed that the company's fundamental timeline has not changed, as he believes a commercially viable gate model system remains years away due to unsolved challenges in error correction and scaling. He clarified that the current focus is on de-risking the path and creating a concrete roadmap through R&D and potential acquisitions, rather than accelerating the launch date.

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    Ruben Roy's questions to IPG Photonics Corp (IPGP) leadership

    Ruben Roy's questions to IPG Photonics Corp (IPGP) leadership • Q2 2025

    Question

    Ruben Roy of Stifel Financial Corp inquired about the key factors driving the Q3 guidance, the company's strategic focus within the defense market (high-power vs. low-power lasers), and the specific impact of inventory absorption on the gross margin outlook.

    Answer

    CEO Mark Gitin explained that the Q3 outlook is supported by a strong book-to-bill ratio and stabilizing industrial demand, though he remains 'cautiously optimistic.' He clarified that IPG's defense strategy is centered on its lower-power Crossbow system for small drones, not high-energy laser programs. CFO Timothy Mammen added that while manufacturing absorption improved, it still represents a roughly 500 basis point headwind to gross margin compared to peak efficiency.

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    Ruben Roy's questions to IPG Photonics Corp (IPGP) leadership • Q1 2025

    Question

    Ruben Roy asked for more detail on the signs of business stabilization and strong bookings, inquiring about specific end markets, geographies, and the drivers of growth in China's e-mobility sector. He also followed up on the causes of near-term shipment delays and the potential duration of the gross margin impact from tariffs.

    Answer

    CEO Mark Gitin confirmed a book-to-bill ratio 'strongly above 1,' driven by e-mobility and micromachining in China, inventory normalization in Japan, and a new medical customer in the U.S. He clarified that shipment delays are due to IPG proactively shifting its manufacturing footprint to mitigate tariffs, not customer cancellations, with most orders expected to ship in Q3. CFO Timothy Mammen added that the gross margin impact should be significantly reduced by Q3 and eliminated by Q4 as the company reconfigures its supply chain.

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    Ruben Roy's questions to IPG Photonics Corp (IPGP) leadership • Q4 2024

    Question

    Ruben Roy from Stifel, Nicolaus & Company inquired about IPG's strategic review, the balance between investing in new growth areas and defending the cutting market, and the outlook for the second half of 2025.

    Answer

    CEO Mark Gitin detailed a three-year plan focused on differentiation in urology and micromachining. For the cutting market, he highlighted a new, lower-cost, high-power laser platform designed to help OEM customers compete against Chinese systems. CFO Tim Mammen added that the Q4 book-to-bill was near 1, slightly impacted by delayed orders from Korea which are expected in Q1.

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    Ruben Roy's questions to IPG Photonics Corp (IPGP) leadership • Q3 2024

    Question

    Ruben Roy of Stifel inquired about the demand environment, seeking details on the 1.0 book-to-bill ratio, booking linearity, and trends by geography or application. He also asked about the future OpEx impact of planned investments and the revenue percentage affected by the new high-power diode transition.

    Answer

    CEO Mark Gitin and an unnamed executive noted that demand has stabilized, with strength in welding offsetting macro weakness in cutting, particularly in Europe and North America. They confirmed bookings were weighted toward the end of the quarter. CFO Timothy Mammen added that while OpEx will see a near-term benefit from the Russia exit, overall expenses are expected to be slightly higher next year due to investments. He clarified the new diodes will initially benefit cutting applications (about 25% of revenue) before impacting up to 40% of sales over the next 12-15 months.

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    Ruben Roy's questions to TTM Technologies Inc (TTMI) leadership

    Ruben Roy's questions to TTM Technologies Inc (TTMI) leadership • Q2 2025

    Question

    Ruben Roy of Stifel Financial Corp. asked for an update on TTM's capacity expansion in China for the data center market and inquired about the progress of customer diversification within that segment.

    Answer

    President & CEO Thomas Edman confirmed that the planned 20% data center capacity expansion in China is largely complete, with ongoing qualification of new programs in Guangzhou and capability additions in Dongguan for new technologies. Edman stated that customer diversification in the data center space is progressing well, with TTM now well-spread among the major hyperscale and chip customers, balancing capacity between core and newer clients.

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    Ruben Roy's questions to TTM Technologies Inc (TTMI) leadership • Q1 2025

    Question

    Ruben Roy of Stifel asked if the strong momentum in the Data Center and Networking segments could be attributed to customers pulling in orders to get ahead of potential future tariffs. He also inquired about the competitive landscape and opportunities for TTM's non-China facilities.

    Answer

    CEO Thomas Edman responded that he does not see evidence of tariff-related pull-ins in the Data Center or Networking markets, attributing the strength to fundamental demand drivers like generative AI. Edman confirmed active conversations with customers about leveraging TTM's global footprint, including Penang, but noted that competitors are also building capacity in Southeast Asia, though TTM holds a first-mover advantage.

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    Ruben Roy's questions to Celestica Inc (CLS) leadership

    Ruben Roy's questions to Celestica Inc (CLS) leadership • Q2 2025

    Question

    Ruben Roy asked for insights into the implied Q4 momentum, which suggests a slight deceleration, and requested an update on the timing for 1.6T switch programs following recent silicon launches.

    Answer

    CFO Mandeep Chawla explained the Q4 outlook reflects a high-confidence view that accounts for potential uncertainties like material availability or tariff impacts, noting that underlying demand is higher. President and CEO Rob Mionis addressed 1.6T, confirming they received Tomahawk 6 samples in June and have several programs expected to generate revenue in 2026 and 2027, paced by silicon availability.

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    Ruben Roy's questions to Celestica Inc (CLS) leadership • Q1 2025

    Question

    Ruben Roy asked how the ramp in the enterprise segment in the second half of 2025 would impact the company's exit rate on margins and requested details on the new optical transceiver win.

    Answer

    CFO Mandeep Chawla explained that margins are already stronger than anticipated, leading to the raised full-year guide, driven by a higher HPS mix that will continue. He also expects operating leverage benefits in the second half. President and CEO Rob Mionis described the optical win as a competitive victory for a complete 800G transceiver assembly, which provides optical proof points and white-label opportunities.

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    Ruben Roy's questions to Celestica Inc (CLS) leadership • Q4 2024

    Question

    Ruben Roy inquired about the potential impact of recent large-scale program wins on future CapEx and manufacturing capacity. He also asked for more detail on how developments like the DeepSeek model could positively affect the long-term networking opportunity.

    Answer

    CFO Mandeep Chawla stated that the company is comfortable with its current capacity and expects CapEx to remain in the 1.5% to 2% of revenue range, sufficient to fund growth. President and CEO Rob Mionis explained that increased AI accessibility will fuel demand for high-bandwidth, low-latency networking, making it a positive long-term driver for their networking portfolio, which is agnostic to the specific AI models used.

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    Ruben Roy's questions to Cadence Design Systems Inc (CDNS) leadership

    Ruben Roy's questions to Cadence Design Systems Inc (CDNS) leadership • Q2 2025

    Question

    Ruben Roy from Stifel asked about the sustainability of the IP segment's strong growth, given its recent outperformance driven by AI and HPC.

    Answer

    President & CEO Anirudh Devgan expressed significant optimism for the IP business, stating he expects it to grow faster than the company average long-term. He cited several drivers: the rise of chiplet architectures, the emergence of at least four advanced-node foundries requiring IP, and Cadence's own increased investment and improved portfolio, including key acquisitions.

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    Ruben Roy's questions to Cadence Design Systems Inc (CDNS) leadership • Q1 2025

    Question

    Ruben Roy asked if the recent accelerated pace of IP acquisitions is opportunistic or customer-driven, and requested an update on the long-term growth outlook for the IP segment.

    Answer

    CEO Anirudh Devgan described it as a combination of factors. The strong performance of Cadence's existing IP has led to customer demand for a broader portfolio, which in turn drives the search for suitable acquisitions. He cited the expanding foundry ecosystem and AI/3D-IC trends as key market drivers and stated he expects the IP segment to grow faster than the Cadence average.

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    Ruben Roy's questions to Cadence Design Systems Inc (CDNS) leadership • Q4 2024

    Question

    Ruben Roy of Stifel asked if recent additions to the U.S. entity list were a factor in the company's prudent view on China for 2025.

    Answer

    CFO John Wall responded that the cautious outlook was based on general prudence rather than any specific changes to the entity list. He reiterated that after a down year in China in 2024—only the third in 25 years—it was sensible to assume a flat performance to de-risk the overall 2025 guidance.

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    Ruben Roy's questions to Cadence Design Systems Inc (CDNS) leadership • Q3 2024

    Question

    Ruben Roy asked for more detail on the hardware portion of the strong Q4 bookings pipeline and whether the new product cycle has extended visibility. He also inquired about the product roadmap and customer demand related to the NVIDIA NeMo/NIM collaboration.

    Answer

    CFO John Wall stated that hardware visibility remains around six months, which provides a strong view at this point in the year, but a 2025 outlook depends on converting the Q4 pipeline. CEO Anirudh Devgan explained that the JedAI platform is the company's flexible, LLM-agnostic deployment vehicle for GenAI solutions, allowing customers to use various models and customize applications.

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    Ruben Roy's questions to Ciena Corp (CIEN) leadership

    Ruben Roy's questions to Ciena Corp (CIEN) leadership • Q2 2025

    Question

    Ruben Roy of Stifel Financial Corp. sought to confirm Ciena's unique competitive position for the GPU cluster opportunity and asked for more detail on the AI-related momentum for the Blue Planet software business.

    Answer

    Executive Advisor Scott McFeely affirmed that Ciena's leadership in coherent optics and its RLS line systems being the de facto standard gives the company an "unfair share" of the initial GPU cluster deployments. President and CEO Gary Smith explained that Blue Planet is strategically positioned for AI because its focus on network inventory federation provides the foundational data set necessary for service providers to implement effective AI-driven network automation.

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    Ruben Roy's questions to Ciena Corp (CIEN) leadership • Q1 2025

    Question

    Ruben Roy from Stifel asked for updated thoughts on the Huawei replacement opportunity across geographies and Ciena's perspective on Co-Packaged Optics (CPO) as a long-term opportunity or threat.

    Answer

    CEO Gary Smith described the Huawei replacement as a multi-year opportunity, primarily in Europe, where Ciena is winning more than its fair share. Executive Adviser Scott McFeely explained that CPO is a repackaging of IMDD technology, and Ciena sees an opportunity to participate with both its coherent technologies and potentially its component technologies, though this is a longer-term prospect not in current forecasts.

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    Ruben Roy's questions to Ciena Corp (CIEN) leadership • Q4 2024

    Question

    Ruben Roy asked for details on Ciena's strategy for selling optical components, particularly DSPs, and inquired about the competitive environment for DCI modules.

    Answer

    Executive Adviser Scott McFeely clarified that while Ciena is willing to sell disaggregated components, customers currently prefer to buy finished goods, either as systems or standalone plugs. He noted the competitive landscape for long-reach DCI is stable with Ciena leading, while in the newer metro DCI space, Ciena is rapidly gaining share with its WaveLogic 5 plugs and expects to lead with its upcoming 800-gig plug, for which it has won early bids.

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    Ruben Roy's questions to Ciena Corp (CIEN) leadership • Q3 2024

    Question

    Ruben Roy followed up on inventory, asking if levels would be considered normal after FY24. He also asked about the competitive advantages driving Ciena's momentum and wins with its 400G ZR pluggable products.

    Answer

    CFO Jim Moylan indicated that inventory levels would still be elevated at year-end and that while they won't return to historical highs of 6x turns, a target of 4-5x turns is more realistic long-term. Executive Adviser Scott McFeely explained that Ciena's 400G ZR wins are driven by superior performance in both reach and power consumption from its WaveLogic 5 Nano technology. As AI forces data centers to be more distributed, these performance metrics have become key differentiators.

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    Ruben Roy's questions to Lattice Semiconductor Corp (LSCC) leadership

    Ruben Roy's questions to Lattice Semiconductor Corp (LSCC) leadership • Q1 2025

    Question

    Ruben Roy followed up on channel inventory, asking where levels exited Q1 relative to the company's three-month target. He also asked if management was observing any abnormal customer ordering behavior, such as pull-ins, due to tariff uncertainty.

    Answer

    CFO Lorenzo A. Flores stated that Lattice has not disclosed the specific channel inventory level but confirmed it will take a couple more quarters to reach the target. He and CEO Fouad Tamer both affirmed they are not seeing any material changes in customer ordering behavior. Tamer added that public statements from cloud customers about their CapEx plans support the view that current demand is genuine.

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    Ruben Roy's questions to Lattice Semiconductor Corp (LSCC) leadership • Q4 2024

    Question

    Ruben Roy sought clarification on the trend of AI driving shorter system design cycles and whether this could accelerate the adoption of the Avant platform. He also asked for an update on inventory levels and how the company reconciles its positive booking trends with its full-year guidance for low single-digit revenue growth.

    Answer

    CEO Ford Tamer clarified that the shorter design cycles refer to accelerated releases of chips like AI accelerators, which creates opportunities for Lattice FPGAs to handle auxiliary functions that can't be integrated in time. Regarding inventory, both Ford Tamer and CAO Tonya Stevens confirmed they are working to bring distributor inventory to the target of three months by mid-2025. They noted that rising consumption and a stronger book-to-bill ratio support expectations for a more vibrant recovery in the second half of 2025.

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    Ruben Roy's questions to Lattice Semiconductor Corp (LSCC) leadership • Q3 2024

    Question

    Ruben Roy from Stifel inquired if the rollout of the newer Avant product family in 2025 has been affected by the current industry headwinds. He also asked for an outlook on the Communications sub-segment within the broader Communications and Computing market.

    Answer

    CEO Fouad Tamer stated there has been 'no change on Avant,' emphasizing that traction is strong and its design win funnel is larger than the Nexus platform's was at a similar stage. He expects Avant's revenue in its second year to exceed that of Nexus. Regarding the communications market, Tamer agreed with the characterization that it is bottoming out and expects it to normalize and return to growth in the second half of 2025.

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    Ruben Roy's questions to Plexus Corp (PLXS) leadership

    Ruben Roy's questions to Plexus Corp (PLXS) leadership • Q2 2025

    Question

    Ruben Roy followed up on the tariff topic, asking if customers have started moving products, and sought clarification on whether the 'green shoots' in the Industrial sector were related to inventory correction or actual demand.

    Answer

    CEO Todd Kelsey responded that it is still early for tariff-related product moves, with customers largely waiting for a final outcome. He also explained that the industrial 'green shoots' are a result of customer inventory levels bottoming out, which translates to stronger demand signals for Plexus. Executive Shawn Harrison added that some small pockets are seeing end-demand strength beyond just inventory moderation.

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    Ruben Roy's questions to Plexus Corp (PLXS) leadership • Q1 2025

    Question

    Ruben Roy sought to clarify if recent changes in customer forecasts were broad-based or confined to known issues in aerospace and healthcare. He also asked if the growth in Engineering Solutions wins provides better visibility into future revenue ramps.

    Answer

    President and CEO Todd Kelsey clarified that forecast volatility is present in the Healthcare and Industrial sectors, while the Aerospace impact is specific to commercial production rates. Executive Shawn Harrison added that these changes were driven by market fluctuations, not political uncertainty. Todd Kelsey confirmed that the growth and diversification in Engineering Solutions 'definitely' provide better visibility, as these projects are strong predictors of future manufacturing wins and revenue.

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    Ruben Roy's questions to Lumentum Holdings Inc (LITE) leadership

    Ruben Roy's questions to Lumentum Holdings Inc (LITE) leadership • Q2 2025

    Question

    Ruben Roy requested more details on the supply chain shortages, including which products are affected and the expected duration of the constraint. He also asked about the demand drivers and ramp timeline for 200-gig per lane EMLs.

    Answer

    President and CEO Alan Lowe specified that the supply shortages are affecting telecom products, particularly coherent components, due to a worldwide shortage of hermetic packages that will likely impact the March and June quarters. He confirmed that 200-gig EMLs are being designed into both 800G and 1.6T transceivers, with a significant production ramp expected in the second half of the calendar year. He also noted progress on developing high-power CW lasers for silicon photonics.

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    Ruben Roy's questions to Qorvo Inc (QRVO) leadership

    Ruben Roy's questions to Qorvo Inc (QRVO) leadership • Q3 2025

    Question

    Ruben Roy of Stifel requested more detail on the visibility and growth trajectories for Qorvo's industrial, enterprise, and infrastructure markets. He also asked if the mix of OpEx spending would shift significantly away from the ACG segment.

    Answer

    SVP Dave Fullwood highlighted growth opportunities from WiFi 7 and ultra-wideband in enterprise, power management in SSDs, strong ultra-wideband adoption in automotive, and significant content in LEO and direct-to-cell satellites. CFO Grant Brown explained that OpEx improvements are company-wide, though the recent workforce reduction was specifically targeted at the Android business to align with its updated product roadmap.

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    Ruben Roy's questions to Synopsys Inc (SNPS) leadership

    Ruben Roy's questions to Synopsys Inc (SNPS) leadership • Q4 2024

    Question

    Ruben Roy asked about the long-term implications of accelerating AI silicon designs, particularly regarding cloud-based EDA tools and potential business model shifts. He also inquired about the possibility of introducing royalty models for IP, especially for newer technologies like PCIe 6 or UCIe.

    Answer

    CEO Sassine Ghazi stated that Synopsys already supports accelerated compute on cloud platforms, allowing customers to burst usage, which the company monetizes effectively. On IP business models, he indicated that traditional interface IP will likely retain its use-based model. However, he sees future inflection points, such as the delivery of complex subsystems or chiplets, as opportunities to explore new models, including royalties, which customers are receptive to.

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    Ruben Roy's questions to Synopsys Inc (SNPS) leadership • Q3 2024

    Question

    Ruben Roy asked about the long-term business impact of the trend toward contracting design cycles despite increasing chip complexity, and whether this phenomenon could expand beyond the leading edge of the industry.

    Answer

    CEO Sassine Ghazi explained that this trend is a significant shift from the traditional industry rhythm, driven by multi-die systems and the race to serve new markets. He noted this is great news for Synopsys, as it drives demand for advanced EDA, IP, and hardware verification. However, he suggested that the trend may be limited to customers who can afford the immense investment, skills, and resources required to keep pace with such acceleration.

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    Ruben Roy's questions to Skyworks Solutions Inc (SWKS) leadership

    Ruben Roy's questions to Skyworks Solutions Inc (SWKS) leadership • Q4 2024

    Question

    Ruben Roy asked about the potential impact of AI on the Edge IoT business, similar to its effect on smartphones. He also requested details on the quarter's impairment charge and the outlook for capital expenditures in fiscal 2025.

    Answer

    CEO Liam K. Griffin confirmed they are engaged with key technology companies on AI applications in both smartphones and broad markets, citing design wins with partners like Mercedes and NETGEAR. CFO Kris Sennesael explained the impairment charge was a non-cash charge related to in-process R&D from the Silicon Labs I&A acquisition due to project timeline shifts. He projected that CapEx, which was low in fiscal 2024, would remain moderate in the mid-single-digit percentage of revenue range for fiscal 2025.

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    Ruben Roy's questions to Coherent Corp (COHR) leadership

    Ruben Roy's questions to Coherent Corp (COHR) leadership • Q1 2025

    Question

    Ruben Roy asked about the company's 'build versus buy' philosophy, specifically regarding the potential to accelerate in-sourcing of components like EMLs, and sought clarity on whether the telecom upside was driven by DCI or traditional telecom.

    Answer

    CEO James Anderson explained that the company's philosophy is to invest in internal development and vertical integration where it can create true differentiation for customers, otherwise leveraging the external ecosystem. He confirmed the telecom rebound was a combination of strength in both data center interconnect (DCI) and traditional telecom transport, though the company remains cautious on the overall market recovery.

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