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EVP & CFO Richard Puccio stated that the Industrial segment's recovery is broad-based across all sectors and geographies. He clarified that channel inventories remain lean and that ADI believes end demand is still double-digits below consumption, indicating the strength is driven by a cyclical upturn, not channel fill.

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Executive Michael Lucarelli defined normal Q2 seasonality as up low-to-mid single digits for the total company. CFO Rich Puccio addressed bookings, stating the overall book-to-bill was slightly below 1, which is normal for a seasonally lower Q1 outlook. He noted bookings were up in all regions except the Americas, reflecting a seasonal decline in Consumer.

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CEO Steve Sanghi reiterated his expectation for above-seasonal growth in December and March but declined to provide specific numbers. On customer communication, he clarified they are not asking customers to expedite orders but to provide more backlog visibility (12-16 weeks) to help with planning. He stressed that unlike the PSP program, current orders are cancellable, giving customers full flexibility and avoiding a similar dynamic.

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CEO Steve Sanghi clarified they are not asking customers to expedite shipments but to place cancellable, longer-term backlog to improve visibility, which is fundamentally different from the non-cancellable PSP program. CFO Eric Bjornholt and COO Richard Simoncic added that better visibility helps them plan capacity and better serve customers' own pull-in requests.

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CFO J. Bjornholt stated that while the cost structure is in good shape for the 65% long-term gross margin target, achieving higher margins at a specific revenue level depends on the slope of the recovery. CEO Steve Sanghi added that internal models show distribution sell-through will be higher than the guided sell-in revenue for June, and the gap between them will continue to close, driving future sales growth.

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CEO Ganesh Moorthy explained that distribution inventory days are calculated on a backward-looking basis, making them less helpful in a steep decline. He noted that destocking is occurring at multiple downstream levels, making a timeline difficult to predict. Executive J. Bjornholt added that the end of underutilization charges isn't tied to a specific revenue number but depends on the recovery's slope, and that high inventory reserve charges could become a tailwind in the future.

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Chair and CEO Lisa Su confirmed a 'strong ramp' for the MI355 accelerator from Q2 into Q3 and continuing into Q4, driven by strong customer demand for at-scale deployments. She clarified that the developer cloud is intended to drive developer adoption and experience, not to be a meaningful revenue contributor in the near term.

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CEO Lisa Su confirmed a 'strong ramp' for the MI350 series from Q2 into Q3, with growth expected to continue into Q4. She noted that customer engagements for MI355 are for larger-scale deployments compared to the initial MI300 ramp. Dr. Su clarified that the developer cloud is primarily a tool to ease developer access to AMD GPUs and is not expected to be a meaningful revenue contributor in the near term.

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CFO Jean Hu expressed confidence in the server CPU business, citing a strong product portfolio that provides the best TCO, enabling continued growth in units, ASP, and market share despite a competitive environment. Regarding Q4 Data Center GPU, Hu noted server performance was stronger, and CEO Lisa Su added that the Data Center segment's performance in the first half of 2025 is expected to be consistent with the second half of 2024.

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CEO Dr. Lisa Su confirmed that Q3 Data Center GPU revenue was 'greater than $1.5 billion' and that the business is approaching the scale of the server CPU business. Regarding 2025, she expressed confidence in growth but noted the business 'might be lumpy' due to the timing of large-scale deployments by a concentrated set of customers, rather than a pause related to product cycles.

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EVP & CFO Bren Higgins reported that RPO will be approximately $7.9 billion, with the decline reflecting a normalization of lead times from 18 months down to a more typical 6-8 months as they ship through backlog. President & CEO Rick Wallace confirmed the reduction was from shipments, not cancellations. For services, Wallace affirmed the business is on track for 10%+ growth for the year and expects continued sequential growth through December.

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EVP & CFO Bren Higgins stated that RPO will be approximately $7.9 billion, down about $1 billion, reflecting a normalization of lead times from 18 months down to around 8 months as the business shifts from long-backlog customers to long-standing customers with shorter order cycles. For the services business, President & CEO Rick Wallace and CFO Bren Higgins confirmed the outlook is for 10%+ growth for the year, with expectations for continued sequential growth through the calendar year, marking its 52nd consecutive quarter of year-over-year growth.

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CFO Bren Higgins clarified that semi PC systems revenue is expected to be roughly flat in the second half versus the first. Regarding RPO, he explained the change aims to align with industry peers and reduce investor confusion. The new method will define RPO more like deferred revenue (for shipped products and signed contracts), with a broader backlog assessment provided annually in the 10-K.

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CFO Bren Higgins reported that RPO decreased by approximately $900 million, with half attributed to de-bookings from China regulations and the other half to high shipment levels. He projected mid-single-digit growth for the EPC segment, noting that the conclusion of flat panel display system shipments acts as a headwind to revenue but a tailwind to margins.

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CFO Bren Higgins stated that the quarterly guidance range is wide enough to accommodate various near-term scenarios but they do not build in assumptions for unannounced rules. He contextualized the 2024 China growth by noting KLA undergrew peers in 2023, suggesting a two-year view is more accurate and that some timing differences are due to early process control adoption in greenfield fabs.

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CFO Derek D'Antilio stated that debt repayment remains the most accretive use of capital and there are no current plans for broad-based share buybacks. CEO Michael Doogue confirmed the 'China for China' strategy is on track and competitively differentiating. He noted that while wafer transfers take time, customers are already leveraging their China-based back-end assembly and test capabilities.

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CEO Michael Doogue confirmed the China-for-China initiative is progressing well, with meaningful revenue expected later in the year. He also explained that Q4 gross margins were affected by annual price negotiations occurring before vendor cost reductions could impact the P&L, a dynamic that takes about two quarters to normalize. He affirmed the long-term 60-65% variable contribution margin model remains intact.

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CEO Vineet Nargolwala noted that both product lines see broad-based momentum and often move together due to solution selling. CFO Derek D'Antilio added that both segments grew similarly in Q2. Regarding margins, D'Antilio reaffirmed the company's historical 65% incremental gross margin drop-through on revenue. He expressed confidence in reaching higher margins, driven by improved factory utilization, mix normalization, and the ramp of new, higher-margin products like TMR sensors and isolated gate drivers.

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EVP and CFO Douglas Bittinger indicated that December quarter revenue would likely decline to a level similar to the March quarter, which is a factor in the lower gross margin guidance. President and CEO Timothy Archer declined to provide a 2026 WFE forecast but stressed that Lam is positioned to outperform due to long-term drivers like HBM, GAA, and advanced packaging, regardless of specific project timing.

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EVP and CFO Doug Bittinger indicated that Lam's December quarter revenue would likely be down, similar to the March quarter, which aligns with the flat half-on-half WFE view. President and CEO Timothy Archer declined to give a 2026 WFE forecast but expressed confidence in Lam's ability to outperform regardless of the macro environment, citing strong positioning in HBM, advanced packaging, gate-all-around, and NAND scaling.

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EVP & CFO Douglas Bettinger stated that gross margin will likely remain in a tight range, with headwinds from customer concentration being offset by the Asia operation strategy. Regarding WFE, Bettinger confirmed NAND spending will increase but was uncertain if it would double, noting some spending is from a customer Lam cannot service. He added that leading-edge foundry will be strong, and DRAM will remain at strong levels.

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CEO Timothy Archer projected overall WFE growth in 2025 but noted that China's WFE and its share of Lam's revenue would likely decrease. He highlighted that key technology inflections driving growth are occurring outside of China. CFO Douglas Bettinger added that leading-edge logic and DRAM markets remain robust and confirmed that Reliant systems contributed to the growth in the Customer Support Business Group (CSBG) and deferred revenue.

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CEO Bertrand Loy confirmed that Entegris recovered 'most of' the $50 million headwind in Q2 and that based on current information, there is no further headwind expected between June and September. CFO Linda LaGorga reiterated that margin pressures stem from a combination of trade uncertainty, inventory reduction efforts to boost free cash flow, and inefficiencies from localizing manufacturing, not just the new facility ramps.

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CEO Bertrand Loy expressed confidence that customers are eager to qualify Entegris's state-of-the-art manufacturing alternatives in Asia due to the unique value of its products. He confirmed that NAND exposure is currently about 10% of revenue and acknowledged that the analyst's directional math on a 'clean' revenue guide was 'not too far off' but declined to provide a specific figure.

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CEO Bertrand Loy defended the flat CapEx view as a prudent assumption based on low-single-digit WFE growth offset by a decline in construction spending, emphasizing the company's focus on its controllable 4-5% outperformance. CFO Linda LaGorga explained that the Q4 gross margin result was due to product mix and reiterated the full-year 2025 outlook for 25-50 bps of margin expansion.

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CEO Bertrand Loy stated that Entegris is monitoring the evolving regulations but is not speculating on future rules, and no potential impact is factored into the guidance. For Q4, Loy expects the business comprising the newly combined MC and AMH divisions to be the fastest-growing segment, potentially reaching a record revenue level, with the MS division as the next fastest.

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President & CEO Greg Smith explained the US manufacturing facility is key to their large customer strategy, enhancing supply chain resilience. He stated the robotics win will be a 'needle mover' and a 'sizable fraction' of UR business in 2026, but not material in 2025. Regarding mobile, he expressed optimism for 2026 due to increased complexity from 2nm gate-all-around, new packaging, and wider memory buses, though mobile will be a smaller part of the overall mix due to compute strength.

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CEO Greg Smith revealed the record order was from a large automotive customer for both MiR AMRs and UR cobots, validating the new combined go-to-market strategy. The robots are used for material handling and automating manual factory processes, with shipments spread across Q1 and Q2. CFO Sanjay Mehta stated that due to market uncertainty, the company is not updating its full-year TAM forecast at this time.

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CEO Greg Smith responded that Teradyne's VIP TAM model is a bottoms-up forecast based on units and complexity, aligning with the lower end of custom ASIC market projections. Regarding robotics, Smith attributed recent performance to a long down cycle in industrial automation. CFO Sanjay Mehta clarified that the business was profitable from 2019-2022 and that the cumulative loss since 2019 is modest. The plan is to align OpEx for profitability even in weak conditions.

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CFO Sanjay Mehta confirmed the company plans for operating leverage in 2025 but noted the environment is dynamic and final plans are still in process. CEO Greg Smith added that the OpEx commentary was meant to set expectations, as investments are needed to pivot to new growth areas. Regarding the "green shoot," Smith agreed that applying AI to cobots for logistics, as seen in the white paper, is an exciting trend that broadens the addressable market and is a key area of opportunity.

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CEO Dave Mosley explained that this visibility stems from deep customer collaboration on qualifying and ramping new products like Mozaic 4+, which requires long-term component planning. CFO Gianluca Romano reinforced this by stating they expect sequential increases in revenue and profitability through calendar 2025, implying the December quarter will be stronger.

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CFO Gianluca Romano stated it is difficult to quantify the catch-up demand, as the unserved demand from March has shifted into future quarters. He and CEO Dave Mosley asserted there is no evidence of double ordering, explaining that the current environment is one where demand simply exceeds supply. The build-to-order model provides the necessary predictability for both Seagate and its customers.

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CFO Gianluca Romano clarified that the $200 million represents a missed opportunity in the March quarter due to a lack of materials started in a prior period. He stated this revenue is 'not coming back' in a subsequent quarter, as it was an inability to meet March demand. CEO Dave Mosley added that they will be back to matching supply with demand in the June quarter.

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CEO Dave Mosley agreed with the premise, stating that exabyte capacity will be expanded primarily by transitioning to new products with higher aerial density, such as moving from 20 to 30 to 40 terabyte drives. This allows Seagate to ship more exabytes without adding significant physical drive, head, or media capacity, which in turn lowers cost per terabyte and supports the margin expansion model.

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CEO Lip-Bu Tan responded that the team is learning from past mistakes and engaging with customers early on 14A to build confidence, but reiterated that CapEx will only be deployed after securing volume commitments. CFO David Zinsner added that CapEx can decrease next year as Intel utilizes prior investments, and while maintenance CapEx is about half the current level, actual spending will be higher.

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CEO Lip-Bu Tan responded that the team is laser-focused on 14A's foundational elements and is engaging with customers early, applying lessons learned from 18A. He emphasized that capital expenditures will only be committed after seeing volume commitments from both internal and external customers. CFO David Zinsner added that while CapEx will come down next year due to better utilization of prior purchases, it is not a move to maintenance-only levels and will be higher than a simple sustaining number.

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CFO David Zinsner attributed the Q1 gross margin strength to higher-than-expected revenue and a favorable product mix toward Raptor Lake. CEO Lip-Bu Tan stated that the foundry's immediate priority is successfully ramping internal products like Panther Lake to build trust before focusing on external customers, emphasizing a customer-service mindset.

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CFO and Interim Co-CEO David Zinsner guided to a 40-60% incremental gross margin fall-through for 2025, suppressed by product cost pressures, before returning to 60%+ in 2026. He explained that the lower 2025 CapEx forecast of $20 billion reflects better utilization of over $50 billion in existing 'assets under construction' and active management of supplier payment terms.

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CEO Pat Gelsinger clarified that the current defect density for 18A is healthy for this stage of development but not yet at a high-volume production level, which is targeted for the second half of next year. He confirmed that for Panther Lake, over 70% of the silicon area is being brought back in-house, and while Nova Lake retains some flexibility, the vast majority is also committed to Intel Foundry, aligning with the 'bringing wafers home' strategy.

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EVP and Chief Business Officer Sumit Sadana explained the blended DRAM ASP was impacted by a sharp mix shift towards lower-priced consumer markets (mobile, client) where shipment volumes surged. He clarified HBM pricing was steady and like-for-like pricing improved. EVP of Global Operations Manish Bhatia and CFO Mark Murphy attributed cost improvements to mix effects, on-track front-end reductions, and better-than-expected HBM yields.

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EVP and Chief Business Officer Sumit Sadana explained that while HBM pricing was steady and like-for-like pricing improved, a sharp increase in shipments to lower-priced consumer end markets (mobile, client) caused the overall blended ASP to decline. Executive VP & CFO Mark Murphy and EVP of Global Operations Manish Bhatia noted that while front-end cost reductions are on track, the overall cost improvement was also heavily influenced by mix, along with better-than-expected yields on 12-high HBM.

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Chairman, President & CEO Sanjay Mehrotra explained that HBM demand is growing robustly, with the market projected to expand from approximately $18 billion in calendar year 2025 to around $35 billion in 2025. He noted that HBM bit demand growth in 2026 will significantly outpace the overall DRAM industry. Mehrotra emphasized that the value proposition of HBM continues to strengthen with transitions to 12-high stacks, HBM4, and future custom HBM, and confirmed Micron is well-positioned, having already sampled its HBM4 products.

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CFO Mark Murphy declined to provide a specific revenue split for the Q3 guidance but indicated the growth would be biased toward DRAM, thanks to HBM and data center strength. Regarding margins, Murphy reiterated that Q4 gross margins would be "up somewhat" from Q3 but did not commit to a recovery to Q2 levels, highlighting that FY25 DRAM costs are expected to be flattish while NAND costs should see low-double-digit reductions. CEO Sanjay Mehrotra added that the company is focused on improving its product mix toward higher-profit pools.

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CEO Hock Tan countered that scale-up networking can be easily and effectively accomplished using open-standard Ethernet. He argued that there is no need to create new, proprietary protocols for a task that Ethernet already handles well. He expressed confidence that Ethernet, as the true open standard, will prevail in AI networking as it has in traditional networking.

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CEO Hock Tan dismissed concerns about competing proprietary protocols. He argued that open-standard, open-source Ethernet is fully capable of handling scale-up networking needs without requiring new systems. He expressed strong conviction that Ethernet will prevail in AI networking, just as it has in traditional networking for decades, because it is a proven, open standard.

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President and CEO Hock Tan explained that Broadcom's AI business has a different trajectory from the merchant GPU market. He emphasized that Broadcom is focused on enabling large hyperscalers to build their own custom accelerators, a trend he believes will continue and grow over time, putting Broadcom on a different path than enterprise-focused GPU providers.

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Chairman and CEO Matt Murphy confirmed that the faster-growing custom silicon business runs at a lower gross margin, which impacts the overall mix. He did not provide a new annual forecast but noted that AI is on a trajectory to become the majority of Marvell's total company revenue. CFO Willem Meintjes added that the Q2 gross margin guide reflects this mix and expects a similar range in the second half.

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Matthew Murphy, Chairman and CEO, clarified that the breakdown provided (half optics, 25% custom silicon) referred to the overall data center segment revenue. Regarding the fiscal 2026 AI revenue target, Murphy declined to provide a specific number but emphasized the strong momentum and suggested that the data center's overall contribution to Marvell's revenue (now 75%) serves as a strong indicator of the business's trajectory.

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CEO Matt Murphy declined to provide specific quarterly AI revenue figures but reiterated the full-year target of $1.5 billion, which he expects to significantly exceed. He reminded listeners that at the AI Day, the mix was projected to be two-thirds electro-optics and one-third custom silicon, and confirmed both are performing better than planned with custom silicon ramping strongly in the second half.

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President and CEO Jensen Huang stated that the latest export control limits make it 'impossible' to modify the Hopper architecture further for the China market, calling it the 'end of the road for Hopper.' He noted that while NVIDIA is exploring 'limited options,' the rules are very stringent, and the company has 'nothing to announce today' regarding a new compliant product.

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President and CEO Jensen Huang detailed NVIDIA's key differentiators, stating its architecture is more general-purpose, end-to-end, and accessible across all environments than narrow ASICs. He emphasized that NVIDIA's rapid performance gains directly translate to higher revenue for AI factories operating under fixed power budgets. Huang also stressed the complexity of the software ecosystem and NVIDIA's fast deployment speed as critical advantages, noting that simply designing a chip does not guarantee its deployment.

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CFO Colette Kress confirmed that gross margins are expected to dip to the 'low 70s' during the initial Blackwell ramp before recovering to the 'mid-70s' as production scales. CEO Jensen Huang added that Hopper demand will remain strong for several quarters into next year, while Blackwell shipments will grow sequentially. He contextualized this within the long-term trends of modernizing the $1 trillion global data center infrastructure and building new 'AI factories'.

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President and CEO Jensen Huang explained that Blackwell is offered in both air-cooled (HGX) and liquid-cooled (Grace Blackwell) configurations to meet diverse customer needs. He noted significant demand for liquid cooling as it enables 3-5x more AI throughput in power-limited data centers and offers a better TCO. He expressed confidence in the ramp, stating that the next trillion dollars of data center infrastructure will be accelerated, ensuring long-term demand.

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President & CEO Hong Hou confirmed the demand 'air pocket' from the anchor CopperEdge customer but stated that revenue from new customers is expected to materialize in Q4 and ramp thereafter. EVP & CFO Mark Lin explained the gross margin guide is a reflection of expected product mix, which is the primary determinant of the company's margin profile.

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President and CEO Hong Hou stated that while the overall data center portfolio is expected to grow quarter-over-quarter, the timing for a CopperEdge recovery at its anchor customer depends on their next-generation rack design timeline, which Semtech cannot control. Regarding portfolio rationalization, Hou emphasized that the company's balance sheet is significantly stronger, so there is no urgency to sell assets. He described the business as valuable, not distressed, and stated they will be patient for a buyer who recognizes the strategic synergy, noting recent tailwinds from competitors exiting the market.

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CFO Brice Hill clarified that while 'core' services will grow low-double-digits, the total AGS business growth will be 'much smaller' due to the decline in 200mm equipment sales. Regarding market weighting, he did not provide a direct H1/H2 forecast but highlighted the company's 7% year-to-date growth and durable demand trends.

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CFO Brice Hill reiterated that the core services business will grow at a low double-digit rate, but the total AGS segment growth will be significantly smaller due to the decline in 200-millimeter equipment sales. He did not directly comment on market weighting but highlighted Applied's durable demand trends and 7% year-to-date growth.

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CFO Brice Hill stated the company believes it gained share in all markets except for China, where local vendors have advantages due to trade rules. CEO Gary Dickerson added that Applied is well-positioned for share gains in leading-edge logic, DRAM, and packaging, and has a strong product pipeline to grow its available market in the ICAPS segment.

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CFO Brice Hill clarified that the doubling of revenue from $2.5 billion is for shipments to gate-all-around (GAA) nodes, which are largely replacing spending on prior nodes. He noted the incremental market opportunity for GAA is about one-sixth higher per 100k wafer starts. Regarding WFE intensity, Hill expects it to remain in the mid-teens as a percentage of semiconductor revenue. CEO Gary Dickerson added that the increasing intensity of materials engineering provides a specific tailwind for Applied.

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CFO Grant Brown reiterated that mitigation involves supply chain flexibility, alternative sources, and customer collaboration, emphasizing the key factor is the 'country of origin' designation from substantial transformation in Asia. Both Brown and David Fullwood, SVP of Sales and Marketing, stated that any pull-in activity has been modest and not meaningful, noting that initial customer anxiety has subsided as the situation became clearer.

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CEO Philip Brace clarified that the guidance reflects a current view, not a change from a prior multi-quarter forecast, and that current trends appear seasonal. On pricing, he stated that it is a highly competitive market where they are always expected to deliver top performance at an aggressive cost, implying no fundamental change in the environment.

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CFO Kris Sennesael explained that winning business is based on having the best performance. If performance between competitors is very close on a large, expensive part, the customer may choose to dual-source. He stated their part was as good as the competitor's but not substantially better, leading to the decision. He also disclosed that the largest customer was 72% of revenue in the quarter.

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CFO Kris Sennesael stated that demand from the largest customer was in line with expectations, with no pull-ins, and is expected to grow 5% to 10% sequentially in the December quarter. Regarding capital allocation, Sennesael highlighted the company's strong balance sheet and free cash flow, which provide optionality for M&A and shareholder returns. He noted the recent dividend increase and affirmed the long-term intent to return all excess cash to shareholders.

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Akash Palkhiwala noted that while the macro environment is a key factor, QCT's Android, automotive, and IoT segments are expected to follow normal seasonality. He also reiterated the forecast for approximately 70% share in the fall 2025 launch of its largest customer. Cristiano Amon, President and CEO, stated that QUALCOMM's position in China remains strong due to its unique product offerings, which are crucial for the global ambitions of Chinese OEMs, and cited continued design win traction across all product categories.

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CEO Cristiano Amon reiterated that there is no change in the company's assumptions regarding Apple, expecting 20% share for the 2026 launch and no business in 2027. CFO Akash Palkhiwala declined to break out PC revenue quarterly but highlighted the achievement of 10% share in the >$800 U.S. retail laptop market as a key progress metric.

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CFO Akash Palkhiwala explicitly stated that the trend was not related to tariffs or any associated pull-forward. He explained the guidance reflects the specific launch schedules and chipset purchasing timelines of its customers and is not a direct statement on end-user sell-through or market share dynamics.

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CEO Irving Tan clarified that unit shipment levels are not a hard ceiling and fluctuate with product mix and yields. He distinguished the HDD market from memory, emphasizing a healthier supply-demand balance and a collaborative relationship with customers to ensure long-term innovation, noting that some LTAs now have associated purchase orders.

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CEO David Goeckeler explained that the industry is evolving from quarterly transactions to longer-term planning. He stated the current agreements are not take-or-pay but are focused on gaining high-integrity visibility into customer demand to align supply. He emphasized that it's in the mutual interest of WDC and its large hyperscaler partners to provide accurate demand signals to ensure market supply without creating excess capacity.

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CEO Haviv Ilan clarified that the Q1 recovery was a broad-based industrial rebound due to low customer inventories, not tariff-related pull-ins. For Q2, while cautious, the company does not see a direct tariff impact in the data yet, though he acknowledged customers may want more inventory due to general anxiety. He stated that China-headquartered customers accounted for 20% of Q1 revenue and that TI is focused on providing 'geopolitically dependable capacity' and has significant flexibility with its global manufacturing footprint and consignment inventory to support these customers.

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CEO Haviv Ilan attributed the automotive strength to a 20% sequential growth in China, driven by EV momentum, which he expects to continue. However, he noted continued weakness in the auto market outside of China. CFO Rafael Lizardi explained the Q4 gross margin pressure is due to lower revenue, continued depreciation increases from the new SM1 facility, and flat to slightly up OpEx.

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