Steve [Unknown Analyst]'s questions to MKS Instruments Inc (MKSI) leadership • Q1 2025
Question
An analyst identified as Steve asked about the momentum, size, and timing of system upgrades for memory tools, particularly in the NAND market. He also inquired about second-half visibility for chemistry equipment solutions and the expected timeline for that revenue to flow through to chemistry sales.
Answer
President and CEO John Lee confirmed that inventory for the NAND market has normalized and upgrades are increasing, driven by a large customer where MKS has 100% RF power share. He noted it's hard to gauge the total size but expects upgrades to continue. Regarding chemistry equipment, Lee stated that strong bookings tied to AI applications have been ongoing for three quarters, which portends a very good future for high-attach-rate chemistry revenue, though end-market demand is the ultimate determinant.