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    Vivek Arya • Bank of America Corporation

    Vivek Arya's questions to Analog Devices Inc (ADI) leadership

    Vivek Arya's questions to Analog Devices Inc (ADI) leadership • Q3 2025

    Question

    Vivek Arya asked if the 'green shoots' in the industrial sector suggest ADI could achieve seasonal or above-seasonal growth in the upcoming Q1, and requested clarification on normal Q1 seasonality.

    Answer

    EVP & CFO Richard Puccio indicated that while ADI does not guide for Q1, the company expects to grow at a seasonal rate, which is typically down in the low single digits. CEO & Chair Vincent Roche added that industrial momentum will be strong, aided by the eventual normalization of customer inventories.

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    Vivek Arya's questions to Analog Devices Inc (ADI) leadership • Q2 2025

    Question

    Vivek Arya inquired about the extent to which Analog Devices is currently undershipping end demand during its cyclical upturn and asked for a timeline for when sales will normalize, particularly for the industrial segment.

    Answer

    CEO Vincent Roche confirmed the company is in a cyclical upturn and has intentionally kept channel inventory lean, especially in industrial. Executive Richard Puccio quantified the current undershipment at over 10% below low-end consumption. He stated that with the guided 10% sequential growth for Industrial in Q3, the company expects to be shipping in line with end demand for that segment.

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    Vivek Arya's questions to Analog Devices Inc (ADI) leadership • Q1 2025

    Question

    Vivek Arya from Bank of America Securities sought clarification on the 'long-term model growth' target and asked about the extent of inventory normalization, questioning if it applied to both distributors and OEMs across all end markets.

    Answer

    CEO Vincent Roche confirmed that inventory normalization is occurring across direct and distribution channels and is being observed at top customers. CFO Rich Puccio clarified the long-term growth model targets around 10% annually, with potential upside. Executive Michael Lucarelli added that based on normalizing trends, key markets could perform at the high end of typical seasonality in Q3.

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    Vivek Arya's questions to Analog Devices Inc (ADI) leadership • Q4 2024

    Question

    Vivek Arya questioned the strength of the Industrial segment's recovery, noting its modest Q4 growth and Q1 guidance, and asked what would drive above-seasonal growth in fiscal 2025.

    Answer

    CFO Rich Puccio acknowledged Q4 Industrial was lower than expected due to broad market weakness and a decision to reduce channel inventory. However, he expressed confidence in the recovery, noting ADI has been undershipping end demand for 18 months. He anticipates this will fuel growth in the remainder of fiscal 2025, with the pace dependent on the macro environment.

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    Vivek Arya's questions to Applied Materials Inc (AMAT) leadership

    Vivek Arya's questions to Applied Materials Inc (AMAT) leadership • Q3 2025

    Question

    Vivek Arya asked for an outlook on sequential growth into Q1 and for fiscal 2026, questioning if strong DRAM growth could be sufficient to drive overall company growth if China remains weak.

    Answer

    CFO Brice Hill stated that due to lower visibility and later customer commitments, the company could not provide specific color on Q1. He acknowledged that the dynamic for fiscal 2026 will be whether strength in DRAM and leading-edge logic can offset an expectedly lower year in China, similar to the situation in fiscal 2025, but did not provide a definitive forecast.

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    Vivek Arya's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    Vivek Arya asked for context on Applied's ~7% growth rate versus peers' double-digit growth, requesting the size of the ICAPS business, whether it has bottomed, and trends in China versus non-China ICAPS demand.

    Answer

    CFO Brice Hill stated that China semiconductor business (equipment and services) constitutes a mid-20s percentage of total company revenue and that Applied is well-positioned for the growing 28nm investment cycle in the region. CEO Gary Dickerson added that while ICAPS is expected to grow mid-to-high single digits long-term, the company is strongly positioned in the primary AI growth drivers like high-performance logic and DRAM.

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    Vivek Arya's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    Vivek Arya contrasted Applied's 7% growth rate with the double-digit growth of peers, attributing the difference to higher ICAPS exposure. He asked for the current size of the ICAPS business, whether it has bottomed, and for trends in China versus non-China ICAPS demand.

    Answer

    CFO Brice Hill stated that China's semiconductor business, including equipment and services, constitutes a mid-20s percentage of total company revenue. He noted that China's investment is shifting towards 28-nanometer, a node where Applied is well-positioned. CEO Gary Dickerson emphasized the company's strength in key AI growth drivers and expressed optimism for ICAPS, citing a multi-year focus and a pipeline of new products to expand their addressable market.

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    Vivek Arya's questions to Applied Materials Inc (AMAT) leadership • Q1 2025

    Question

    Vivek Arya posed a long-term conceptual question regarding WFE intensity, asking whether materials engineering would gain share from lithography if overall WFE grows in line with semiconductor industry sales.

    Answer

    CEO Gary Dickerson explained that major technology inflections like Gate-All-Around, backside power, 3D DRAM, and advanced packaging are increasingly driven by materials engineering, not just lithography. He stated that these new architectures increase the relative spending on materials engineering, positioning Applied to capture more value.

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    Vivek Arya's questions to Applied Materials Inc (AMAT) leadership • Q4 2024

    Question

    Vivek Arya asked how Applied Materials is accounting for the market dichotomy in leading-edge foundry, where one player is performing exceptionally well while others are not, and whether the company's strong outlook is dependent on that single successful player.

    Answer

    CFO Brice Hill explained that their forecasts are based on total end-market demand for leading-edge capacity, independent of which specific foundry fulfills it, so their overall expectations remain unchanged. CEO Gary Dickerson added that the primary driver for all customers is the need for energy-efficient computing for AI, which requires architectural inflections like gate-all-around and backside power. He emphasized that Applied is well-positioned to benefit from these transitions across the entire market, providing a tailwind regardless of individual customer performance.

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    Vivek Arya's questions to Coherent Corp (COHR) leadership

    Vivek Arya's questions to Coherent Corp (COHR) leadership • Q4 2025

    Question

    Vivek Arya questioned the decelerating sequential growth in the data center and communications segment, given the acceleration in AI deployments. He also asked for quantification of the Q4 gross margin FX headwind and the outlook for reaching the 40% gross margin target.

    Answer

    CEO Jim Anderson attributed quarterly fluctuations to customer lumpiness but pointed to the full-year fiscal 2025 data center growth of over 60% as evidence of share gains. CFO Sherri Luther explained that unfavorable FX was the primary reason for the sequential gross margin decline and that without it, the margin would have exceeded guidance. She expressed high confidence in achieving the long-term target of over 42% gross margin, supported by ongoing initiatives and the favorable impact of the new Apple agreement.

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    Vivek Arya's questions to Coherent Corp (COHR) leadership • Q3 2025

    Question

    Michael Mani, on behalf of Vivek Arya, asked about Coherent's expected market share for the 1.6T ramp and the pattern of customer adoption. He also requested details on the gross margin guidance, including any tariff impacts, the biggest drivers for future expansion, and progress on pricing optimization.

    Answer

    CEO James Anderson noted it's too early to discuss 1.6T market share but expects adoption to start with a small number of customers before expanding, similar to the 800G cycle. CFO Sherri Luther confirmed the gross margin guide incorporates the current tariff environment, which is not significant. She stated future improvements will come from company-wide product cost reductions and pricing optimization, which is primarily focused on the industrial business, and that more detail would be provided at the upcoming Investor Day.

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    Vivek Arya's questions to Lumentum Holdings Inc (LITE) leadership

    Vivek Arya's questions to Lumentum Holdings Inc (LITE) leadership • Q4 2025

    Question

    Vivek Arya inquired about the current size of the cloud module business and its required contribution to reach the $600 million quarterly revenue target, as well as the gross margin outlook for the next quarter and at that target run rate.

    Answer

    President and CEO Michael Hurlston noted that while the cloud module business grew 50%, its growth is not the primary driver to the $600 million target, which will be led by components and OCS. CFO Wajid Ali projected a slight gross margin increase in Q1 and expects margins to be at the high end of the 37-40% range when the company reaches $600 million in quarterly revenue.

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    Vivek Arya's questions to Microchip Technology Inc (MCHP) leadership

    Vivek Arya's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Vivek Arya asked for clarification on the seasonality of the September quarter's 5% sequential growth guidance and inquired about the macro environment and potential tariff impacts compared to peers.

    Answer

    CEO Steve Sanghi characterized the guidance as "well above seasonal" and attributed the strong recovery to Microchip's unique inventory correction dynamics, not significant tariff pull-ins. He explained that after a deeper downturn due to their PSP program, the company is now benefiting from a "trifecta effect" of inventory normalization across the supply chain, and estimated direct tariff impacts were minimal.

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    Vivek Arya's questions to Microchip Technology Inc (MCHP) leadership • Q1 2026

    Question

    Vivek Arya asked about the strength of Microchip's recovery, questioning if the 5% sequential growth guidance for September is above seasonal and what that implies for future quarters. He also inquired about the macro environment and potential tariff impacts, contrasting Microchip's optimism with caution from peers.

    Answer

    CEO Steve Sanghi stated that the September guidance is "well above seasonal," which is typically around 3%. He expects to remain above seasonal in the December and March quarters as well. Sanghi attributed the strong performance to a "trifecta effect" of inventory correction across the supply chain, which he believes is a more significant driver than any tariff-related pull-ins. He estimated tariff impacts were minimal, in the mid-to-high single-digit millions, and noted that Microchip's sales decline was steeper than peers, leading to a stronger rebound.

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    Vivek Arya's questions to Microchip Technology Inc (MCHP) leadership • Q4 2025

    Question

    Vivek Arya asked why March quarter gross margins were at the lower end of guidance despite higher sales, what the pricing environment assumption is for the year, and for any visibility into the September quarter.

    Answer

    CFO J. Bjornholt attributed the lower gross margin to aggressive inventory reduction efforts, which resulted in low factory utilization and high reserve charges. CEO Steve Sanghi stated the company assumes a mid-single-digit price decrease for the year. Regarding September, Sanghi expressed optimism, noting the quarter's backlog is currently tracking higher than the June quarter's was at the same point in time.

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    Vivek Arya's questions to Microchip Technology Inc (MCHP) leadership • Q3 2025

    Question

    Vivek Arya asked for details on where inventory remains most elevated by end market or product, and whether this is a Microchip-specific issue. He also inquired about the company's medium-term earnings power.

    Answer

    CEO Steve Sanghi explained that high inventory is broad-based across all end markets. He noted that direct customer inventory is higher than distribution inventory partly because Microchip dismantled its non-cancellable order program later than competitors. Regarding earnings power, both Sanghi and CFO Eric Bjornholt stated they do not guide long-term but are focused on a 9-point plan, with more details on the long-term model to be shared on March 3. They believe Microchip is positioned for above-market growth once the inventory correction ends.

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    Vivek Arya's questions to Microchip Technology Inc (MCHP) leadership • Q2 2025

    Question

    Vivek Arya inquired why the correction in microcontrollers and industrial markets seems more severe for Microchip and sought confidence that this is a cyclical issue rather than company-specific share loss. He also asked about the assumed level of turns business for the December quarter.

    Answer

    CEO Ganesh Moorthy attributed the severity to an asynchronous cycle and an inventory overhang from customers who had become overly optimistic. He affirmed his confidence comes from strong customer design-in programs, stating it's a market correction, not share loss. Executive J. Bjornholt noted that while they don't break out turns, the amount needed for the guidance is within historical norms for the company to execute on.

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    Vivek Arya's questions to Advanced Micro Devices Inc (AMD) leadership

    Vivek Arya's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    Vivek Arya from Bank of America asked for help in sizing the sovereign AI opportunity for AMD in 2026, questioning if it is incremental to existing business. He also inquired about the gross margin profile of the MI accelerator products and at what sales level they might become accretive to the corporate average.

    Answer

    CEO Lisa Su characterized the sovereign AI opportunity as 'additive' and significant, highlighting that AMD's open ecosystem is a key differentiator for these customers. CFO Jean Hu addressed margins, explaining that the current priority is capturing market share and revenue growth. She noted that while MI product margins are currently below the corporate average, they are expected to improve over the long term through operational efficiencies, emphasizing the focus on growing gross margin dollars.

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    Vivek Arya's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    Vivek Arya inquired about the potential size of the sovereign AI opportunity for AMD in 2026 and asked about the gross margin profile of the MI accelerator products, including when they might become accretive to corporate margins.

    Answer

    Chair and CEO Lisa Su described sovereign AI as an 'additive opportunity,' highlighting the appeal of AMD's open ecosystem. EVP, CFO & Treasurer Jean Hu explained that while MI product gross margin is currently below the corporate average, the focus is on market expansion and TCO, with margins expected to improve over the long term through operational efficiencies rather than at a specific revenue level.

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    Vivek Arya's questions to Advanced Micro Devices Inc (AMD) leadership • Q4 2024

    Question

    Vivek Arya asked why AMD is not providing a specific 2025 Data Center GPU forecast as it did in 2024 and whether the business could grow at the previously guided 60% CAGR. He also asked for perspective on the impact of innovations like DeepSeek on the semiconductor market and the GPU vs. ASIC debate.

    Answer

    CEO Lisa Su explained that with the business now at scale (over $5B), guidance will be at the segment level. She expressed confidence in growing to 'tens of billions' over the next few years, fueled by a strong roadmap. Su views model innovations like DeepSeek as positive for AI adoption and bullish for the compute cycle. She believes GPUs will remain the larger part of the TAM due to their programmability, though ASICs are an important part of the market and AMD's semi-custom portfolio.

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    Vivek Arya's questions to Advanced Micro Devices Inc (AMD) leadership • Q3 2024

    Question

    Vivek Arya asked how AMD addresses the investor perception that its AI accelerators are a generation behind the competition and whether it can gain share without closing that gap. He also questioned the drivers of the strong Client segment growth and the sustainability of its ASP strength into 2025.

    Answer

    CEO Dr. Lisa Su countered the perception, stating that while MI300 launched after H100, AMD's accelerated roadmap is closing the gap, with MI325 set to compete well with H200 and MI350 with Blackwell. For the Client segment, she attributed the outperformance to strength in the desktop channel where AMD has high share and momentum from new AI PC launches. She sees an opportunity to grow share in 2025 in both consumer and enterprise.

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    Vivek Arya's questions to GlobalFoundries Inc (GFS) leadership

    Vivek Arya's questions to GlobalFoundries Inc (GFS) leadership • Q2 2025

    Question

    Vivek Arya from Bank of America sought clarification on Q4 expectations, including the contribution from non-wafer revenue, the tailwind from depreciation, and whether the 30% gross margin exit rate was still achievable. He also asked about the risk of excess inventory in the automotive segment.

    Answer

    CFO John Hollister estimated Q4 non-wafer revenue would be around 12-13% and that mix, non-wafer revenue, and utilization/depreciation could each add roughly a point to margin, showing strong progress toward the 30% goal. CEO Tim Breen addressed the auto market, stating that strong, secular content growth is the primary driver and that semiconductor inventories at the Tier-1 level are actually quite low, mitigating risk.

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    Vivek Arya's questions to GlobalFoundries Inc (GFS) leadership • Q1 2025

    Question

    Vivek Arya questioned if exiting 2025 at a 30% gross margin is still the target and what sequential growth would be required to achieve it. He also asked for clarification on the mid-single-digit wafer ASP decline, contrasting it with customers' commentary, and requested an apples-to-apples price decline figure.

    Answer

    CEO Timothy Breen expressed long-term confidence in margin expansion due to differentiated technology ramps, customer depth, and an efficient manufacturing footprint. CFO John Hollister confirmed that exiting 2025 at 30% gross margin remains possible, driven by higher utilization, lower depreciation costs, and improving product mix. He clarified that the ASP decline is primarily due to mix changes and the roll-off of underutilization payments, not broad pricing pressure.

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    Vivek Arya's questions to GlobalFoundries Inc (GFS) leadership • Q4 2024

    Question

    Vivek Arya of Bank of America Securities questioned if a ~2% full-year sales growth was a reasonable assumption based on Q1 guidance and asked for a detailed bridge of the gross margin drivers for 2025, including the impact of lower depreciation, pricing, and utilization.

    Answer

    CFO John Hollister reiterated guidance for sequential growth through 2025 but declined to confirm a specific full-year rate. He detailed that the path to a 30% exit gross margin is driven by improved utilization, structural cost optimization, and a significant ~$250 million year-over-year reduction in D&A costs, rather than underutilization payments which were a factor in the prior year. CEO Thomas Caulfield added that richer mix from new design wins will also contribute to profitability.

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    Vivek Arya's questions to GlobalFoundries Inc (GFS) leadership • Q3 2024

    Question

    An analyst on behalf of Vivek Arya of Bank of America Securities asked for clarification on the Q4 guidance, questioning how it aligns with the full-year outlook for flat smart mobile and high-single-digit auto growth. They also asked about smart mobile demand trends given market weakness. A follow-up question concerned the gross margin outlook as prepayment benefits diminish.

    Answer

    CFO John Hollister explained that year-over-year declines in the IoT and Communications Infrastructure segments would round out the Q4 guidance. CBO Niels Anderskouv noted that GF is bucking the trend in smart mobile due to its strong RF portfolio and design win momentum. Regarding gross margin, an executive stated that its future progression would be driven by natural factors like improved factory utilization, cost recovery initiatives, and a more accretive business mix.

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    Vivek Arya's questions to ON Semiconductor Corp (ON) leadership

    Vivek Arya's questions to ON Semiconductor Corp (ON) leadership • Q2 2025

    Question

    Vivek Arya inquired about the Q2 results, specifically the softness in the industrial segment and the strength in the 'Other' category, asking if AI data center was the primary driver. He also questioned why Onsemi's automotive recovery appears slower than its peers.

    Answer

    CFO Thad Trent confirmed that the industrial segment's softness was due to a slight decline in traditional industrial markets. He affirmed that the AI data center business, which doubled year-over-year, was the significant contributor to growth in the 'Other' category. President and CEO Hassane El-Khoury attributed the automotive segment's performance to weakness in Europe and North America, ongoing portfolio rationalization, and slower-than-expected EV ramps, noting that Onsemi's auto business bottomed in Q2 and is guided to grow in Q3.

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    Vivek Arya's questions to ON Semiconductor Corp (ON) leadership • Q1 2025

    Question

    Vivek Arya questioned the change in pricing strategy, from 'pricing to value' to accepting low single-digit declines, and asked for the gross margin outlook for the second half of the year.

    Answer

    CEO Hassane El-Khoury clarified that using pricing is a tactical tool to defend and increase share in a prolonged downturn, not a fundamental change in strategy, and that it is not the primary driver of the Q2 revenue outlook. CFO Thad Trent projected that gross margins would likely remain in a tight range around the Q2 guidance midpoint for the rest of the year, with significant improvement dependent on a market recovery and subsequent utilization increases in late 2025 and into 2026.

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    Vivek Arya's questions to ON Semiconductor Corp (ON) leadership • Q4 2024

    Question

    Vivek Arya from Bank of America Securities asked for clarification on Q1 sequential trends for the automotive, industrial, and other segments, details on unfavorable mix, and any early outlook on Q2 seasonality. He also sought guidance on establishing a proper long-term baseline for the automotive business.

    Answer

    CFO Thad Trent projected Q1 automotive revenue to be down 25% or more, with industrial and other segments down mid-to-high single digits. CEO Hassane El-Khoury declined to comment on Q2 seasonality due to limited visibility and geopolitical uncertainty. Regarding the automotive baseline, El-Khoury stated that historical comparisons are difficult due to significant portfolio shifts to higher-value products like silicon carbide, but the long-term growth model remains SAAR plus high-single-digit to low-teens growth.

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    Vivek Arya's questions to ON Semiconductor Corp (ON) leadership • Q3 2024

    Question

    Vivek Arya inquired about the outlook for Q1 pricing discussions with customers and questioned the strategy of increasing distribution inventory during a soft macroeconomic period, asking if it could create a future overhang.

    Answer

    CEO Hassane El-Khoury explained that onsemi's strategy is to price based on value and it will walk away from deals based solely on the lowest price, dismissing the idea of a 'Q1 pricing cliff.' He and CFO Thad Trent clarified that the distribution inventory increase is a strategic move to serve the high-margin mass market, which has grown its customer count by 15% YoY, and is tightly managed to prevent overhang.

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    Vivek Arya's questions to KLA Corp (KLAC) leadership

    Vivek Arya's questions to KLA Corp (KLAC) leadership • Q4 2025

    Question

    Vivek Arya of Bank of America inquired about the quantifiable benefits to KLA from the industry's shift to High Bandwidth Memory (HBM), and asked for the near- and medium-term gross margin outlook, including tariff mitigation plans.

    Answer

    President & CEO Rick Wallace qualitatively described that HBM requires higher process control due to more valuable die, less redundancy, and higher reliability needs. EVP & CFO Bren Higgins quantified this, stating that HBM could add another 100 basis points of process control intensity on top of the 100 bps gained from EUV adoption in DRAM. Regarding margins, Higgins guided to an uptick in Q4 to reach the full-year 2025 target of 62.5% and stated the tariff headwind is 50-100 bps, which they are working to mitigate through process improvements and leveraging free trade zones.

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    Vivek Arya's questions to KLA Corp (KLAC) leadership • Q2 2025

    Question

    Vivek Arya of Bank of America questioned how process control intensity is evolving with the industry's shift to High Bandwidth Memory (HBM) and asked for a quantification of the benefit. He also asked about the gross margin outlook and mitigation plans for tariff impacts.

    Answer

    President & CEO Rick Wallace qualitatively described that HBM's valuable, complex die with less redundancy drives higher inspection needs. EVP & CFO Bren Higgins quantified this, stating that the move to HBM adds about 100 basis points of process control intensity on top of the 100 bps gained from the EUV transition. Regarding margins, Higgins noted the full-year 62.5% target implies a Q4 uptick and that the company is exploring process changes to mitigate the guided 50-100 basis point tariff headwind.

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    Vivek Arya's questions to KLA Corp (KLAC) leadership • Q1 2025

    Question

    Vivek Arya questioned the China revenue mix trajectory for the year, sought details on the timing of the $500 million export control impact, and asked about the key indicators management is watching for the 2026 WFE outlook.

    Answer

    CFO Bren Higgins confirmed the full-year China revenue mix is expected in the high 20s to 30% range, though quarterly results will be lumpy. He maintained the $500 million export control impact estimate for the year. CEO Richard Wallace identified the AI infrastructure build-out, HBM, and advanced packaging as key drivers for 2026, noting that current silicon capacity plans still appear to understate end-market demand.

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    Vivek Arya's questions to KLA Corp (KLAC) leadership • Q3 2024

    Question

    Vivek Arya asked about the breadth of leading-edge investment strength, questioning if it was driven by a single foundry, and inquired about KLA's China revenue exposure, its outlook for the coming quarters, and its potential vulnerability to restrictions.

    Answer

    CEO Rick Wallace clarified that leading-edge demand is driven by end-customer needs for AI chips, not the number of foundries. CFO Bren Higgins added that China revenue, which was 42% in the September quarter, is expected to decline to the mid-30% range in the December quarter and normalize around 30% in 2025 due to customer digestion of prior investments. Higgins declined to speculate on potential future export controls.

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    Vivek Arya's questions to Allegro Microsystems Inc (ALGM) leadership

    Vivek Arya's questions to Allegro Microsystems Inc (ALGM) leadership • Q1 2026

    Question

    Vivek Arya inquired about the drivers behind the Q1 gross margin beat and the path to 50%, as well as management's view on the automotive demand recovery compared to 90 days ago.

    Answer

    CFO Derek D'Antilio attributed the strong Q1 gross margin drop-through to the timing of supplier cost-downs and projected a 60-65% drop-through going forward, driven by utilization. CEO Michael Doogue expressed increased optimism on auto demand, citing an upward revision in industry production forecasts and a marked increase in customer expedite requests to prevent line-down situations, signaling a strengthening recovery.

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    Vivek Arya's questions to Arm Holdings PLC (ARM) leadership

    Vivek Arya's questions to Arm Holdings PLC (ARM) leadership • Q1 2026

    Question

    Vivek Arya from Bank of America questioned why Q1 royalty growth was at the lower end of the prior 25-30% guidance and if the 10-15% sequential growth forecast for Q3/Q4 remains valid.

    Answer

    CFO Jason Child explained that royalty growth was at the lower end of the range due to slightly weaker-than-expected growth in the smartphone market, although Arm still grew an order of magnitude faster than the market. He indicated the forecast for the rest of the year is largely unchanged but they will continue to monitor the smartphone sector.

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    Vivek Arya's questions to Arm Holdings PLC (ARM) leadership • Q4 2025

    Question

    Vivek Arya from Bank of America asked about the licensing business, including the cause for a modest Q4 miss versus some expectations, whether strong ACV growth is sustainable, and any potential impact from tariffs on China licensing.

    Answer

    CEO Rene Haas highlighted a record year for licensing, driven by strong CSS demand and accelerated AI product cycles. CFO Jason Child clarified that Q4's 53% YoY license growth met internal expectations. He advised that while ACV is currently high at 15% due to AI, the sustainable long-term growth target remains in the mid-to-high single-digit range.

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    Vivek Arya's questions to Arm Holdings PLC (ARM) leadership • Q3 2025

    Question

    Vivek Arya questioned why v9 adoption as a percentage of royalty revenue has stalled at 25%, contrary to prior expectations of steady quarterly growth, and asked if this creates a future upside driver.

    Answer

    CFO Jason Child acknowledged the stall was surprising but framed it as a positive, indicating a longer growth runway as they still expect v9 to reach 60-70% of royalties. He attributed the flat percentage to stronger-than-expected v8 growth and advised focusing on overall royalty growth, which has met or exceeded expectations.

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    Vivek Arya's questions to Arm Holdings PLC (ARM) leadership • Q2 2025

    Question

    Vivek Arya questioned the slight reduction in the full-year royalty growth outlook and asked why the Armv9 royalty contribution stalled at 25% quarter-over-quarter despite strong smartphone performance.

    Answer

    CEO Rene Haas explained that v9 adoption is strong and not always linear quarter-to-quarter. He emphasized a key distinction for v9: unlike prior versions, royalty rates will continue to increase throughout the v9 lifecycle. This is driven by value-based pricing on generational product improvements and the adoption of higher-royalty CSS products, preventing the royalty growth from plateauing as v9 adoption matures.

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    Vivek Arya's questions to Teradyne Inc (TER) leadership

    Vivek Arya's questions to Teradyne Inc (TER) leadership • Q2 2025

    Question

    Vivek Arya of Bank of America asked for a quantification of the AI compute business in Q2, a breakdown between compute and networking, and the timeline for potential GPU testing wins. He also inquired about the financial contribution from the Quantify Photonics acquisition and the outlook for Q4.

    Answer

    President & CEO Greg Smith stated that a potential GPU win would likely have a modest impact in 2026 and build over time. CFO Sanjay Mehta quantified Q2 compute as roughly 20% of SoC revenue and noted Quantify Photonics is in the Product Test group with minimal Q2 impact. Both executives confirmed expectations for strong sequential growth in Q3 and Q4, with Q4 2025 expected to be significantly stronger than Q4 2024 for the total company.

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    Vivek Arya's questions to Teradyne Inc (TER) leadership • Q1 2025

    Question

    Duksan Jang, on behalf of Vivek Arya, asked if the compute business is expected to remain on track with Analyst Day projections given the lack of pushouts, and whether the robotics segment is still anticipated to outgrow its industrial peers.

    Answer

    CEO Greg Smith stated that while the near-term view for compute is unchanged from the Analyst Day, there is significant uncertainty in the second half. For robotics, he affirmed the goal is to outgrow traditional automation by targeting the underpenetrated advanced robotics market, but acknowledged the current sluggish macro environment is a headwind that necessitated the recent restructuring to lower the segment's breakeven point.

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    Vivek Arya's questions to Teradyne Inc (TER) leadership • Q4 2024

    Question

    Vivek Arya questioned the significant slowdown in the compute TAM growth forecast for 2025 after strong growth in 2024, and asked how to reconcile that with the company's strong second-half growth expectations.

    Answer

    CEO Greg Smith explained the compute TAM slowdown is due to increasing test efficiency and maturity for existing devices, which limits equipment demand despite a hot end market. CFO Sanjay Mehta and Smith clarified that Teradyne's second-half growth is driven by market share gains, new part introductions requiring new capacity, and a back-half recovery in the automotive, industrial, and mobile segments, not just compute.

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    Vivek Arya's questions to Teradyne Inc (TER) leadership • Q3 2024

    Question

    Vivek Arya asked for clarification on why the semiconductor test TAM is increasing while Teradyne's Q4 and Q1 sales outlook is below Q3. He also questioned the Robotics business's slow 5% CAGR over the last five years and what is needed to achieve the 20-30% growth forecast.

    Answer

    CEO Greg Smith attributed the TAM increase to strong AI-related demand and better visibility into the China market served by local suppliers, which has less impact on Teradyne. Regarding Robotics, he acknowledged the difficult industrial macro environment, including a two-year PMI contraction. He stated the company has been improving its go-to-market channels (OEM solutions up 50% YTD) and expanding its product line (new heavy payload robots), positioning it to outgrow peers by 15-20% in a normal market.

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    Vivek Arya's questions to Cadence Design Systems Inc (CDNS) leadership

    Vivek Arya's questions to Cadence Design Systems Inc (CDNS) leadership • Q2 2025

    Question

    Vivek Arya of Bank of America asked for clarification on the near-term and long-term revenue impact from China, including the outlook for the full year.

    Answer

    SVP & CFO John Wall indicated that while the company's guidance remains prudent, it is now difficult to see China's full-year revenue remaining flat and that it will likely increase slightly over the prior year. President & CEO Anirudh Devgan added that long-term, China's percentage of revenue may stay similar or decline slightly, not due to weakness in China but because of exceptionally strong growth in other regions like the US, Japan, and Korea.

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    Vivek Arya's questions to Cadence Design Systems Inc (CDNS) leadership • Q1 2025

    Question

    Vivek Arya questioned Cadence's opportunity for market share gains at Intel, noting that Intel has historically been a relative weak spot for the company while a key peer has significant exposure.

    Answer

    CEO Anirudh Devgan agreed that Intel has been a weak spot for Cadence historically. He expressed that recent strategic changes at Intel present a great opportunity for deeper engagement and partnership. He confirmed that discussions have already begun and framed it as a key area for improvement, similar to the progress being made in their IP business.

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    Vivek Arya's questions to Cadence Design Systems Inc (CDNS) leadership • Q4 2024

    Question

    Vivek Arya from Bank of America Securities questioned why recurring revenue growth appeared to be decelerating despite a strong market for AI and other advanced products.

    Answer

    CFO John Wall cited the flat-for-2025 China revenue assumption as a headwind to recurring growth. He also noted the revenue mix is shifting towards 80% recurring, reflecting faster growth in upfront businesses like IP and hardware. CEO Anirudh Devgan emphasized the significant turnaround in the IP business, which grew approximately 30% in 2024, driven by a stronger portfolio and increased customer demand.

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    Vivek Arya's questions to Cadence Design Systems Inc (CDNS) leadership • Q3 2024

    Question

    Vivek Arya asked about the company's revenue lumpiness and whether investors could expect a smoother 2025, questioning if the Q4 exit run rate is sustainable. He also inquired about the new 'core EDA' metric and the long-term growth outlook for the System Design & Analysis (SDA) business.

    Answer

    CEO Anirudh Devgan and CFO John Wall characterized Q3 as a 'back to normal' quarter after an atypical first half. Wall explained that 'core EDA' combines three business groups to provide a clearer performance view due to product bundling. He noted that while it's too early to guide for 2025, the SDA business is currently the company's strongest growing segment.

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    Vivek Arya's questions to Intel Corp (INTC) leadership

    Vivek Arya's questions to Intel Corp (INTC) leadership • Q2 2025

    Question

    Vivek Arya asked about server CPU competition, citing a reported ASP decline and the long-term threat from ARM. He also requested a rule-of-thumb for gross margin flow-through on potential revenue growth next year.

    Answer

    CEO Lip-Bu Tan acknowledged past mistakes in the high-end server market, particularly regarding multithreading, and stated the company is focused on closing the performance gap by working closely with customers. CFO David Zinsner provided a gross margin rule of thumb, suggesting a 40% to 60% fall-through rate on incremental revenue next year.

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    Vivek Arya's questions to Intel Corp (INTC) leadership • Q2 2025

    Question

    Vivek Arya from Bank of America asked about the competitive environment in the server CPU market, citing ASP pressure and the threat from ARM. He also asked for a rule of thumb on gross margin flow-through for next year.

    Answer

    CEO Lip-Bu Tan acknowledged past mistakes in the high-end server market, specifically on multithreading, and stated the company is doubling down to narrow the performance gap by listening closely to customer workload requirements. CFO David Zinsner provided a rule of thumb for next year's gross margin, suggesting a 40% to 60% flow-through on incremental revenue, hopefully at the higher end of that range.

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    Vivek Arya's questions to Intel Corp (INTC) leadership • Q1 2025

    Question

    Vivek Arya from Bank of America Securities asked for a realistic timeline for Intel's turnaround, the key metrics for measuring progress, and questioned the long-term viability of the IDM structure given the foundry's financial performance.

    Answer

    CEO Lip-Bu Tan emphasized there is 'no quick fix' and that progress will be measured by delivering best-in-class, power-efficient products on schedule. Regarding the IDM model, he stressed a balanced approach where the foundry must serve internal and external customers effectively, while also viewing TSMC as a collaborative partner to create win-win situations.

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    Vivek Arya's questions to Intel Corp (INTC) leadership • Q4 2024

    Question

    Vivek Arya of Bank of America Securities asked whether competitor share gains in the data center are due to design or manufacturing, and if more outsourcing could help Intel recover share. He also requested guidance on how to model the growing non-controlling interest (NCI) and its impact on EPS.

    Answer

    Michelle C. Holthaus, Interim Co-CEO, acknowledged a data center competitive gap and affirmed she would use external foundries for future data center products if it ensures the best product, performance, and market timing. CFO and Interim Co-CEO David Zinsner clarified that the non-controlling interest (NCI) includes multiple partnerships, provided guidance for 2025 and 2026, and confirmed it is a deduction for non-GAAP EPS.

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    Vivek Arya's questions to Intel Corp (INTC) leadership • Q3 2024

    Question

    Vivek Arya sought clarity on the 2025 financial outlook, questioning the 3-5% top-line growth trend and whether the Q4 gross margin is a good proxy for 2025. He also asked about Intel's data center AI strategy and the risk of CPU commoditization.

    Answer

    CFO David Zinsner clarified that the 3-5% growth is an internal planning metric, not formal guidance, and that Q4's 39.5% gross margin is a 'clean' starting point for 2025 models, though H2'25 will face headwinds. CEO Pat Gelsinger outlined a three-pronged AI strategy: leveraging Xeon as the AI 'head node,' promoting a 'CPU plus Gaudi' accelerator model for enterprises, and revitalizing the x86 architecture through a new ecosystem advisory group.

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    Vivek Arya's questions to Texas Instruments Inc (TXN) leadership

    Vivek Arya's questions to Texas Instruments Inc (TXN) leadership • Q2 2025

    Question

    Vivek Arya challenged the change in outlook, referencing prior management comments from a May conference that implied H2 2025 would accelerate, which seems to conflict with the Q3 guide. He followed up by asking for conceptual guidance on Q4 seasonality.

    Answer

    CEO Haviv Ilan explained the cautious Q3 outlook by noting that the industrial market ran 'a little hot' in Q2 and that there was a significant pull-in from China. VP & Head of IR Mike Beckman provided specific data on China's strong sequential and year-over-year growth. For Q4, Beckman reiterated the company's typical seasonal patterns but declined to provide specific guidance for the quarter.

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    Vivek Arya's questions to Texas Instruments Inc (TXN) leadership • Q1 2025

    Question

    Vivek Arya of Bank of America Securities asked about factory utilization and its impact on gross margins, given that inventory increased despite previous guidance for lower loadings. He also sought clarity on which segments were driving the strong Q2 outlook.

    Answer

    CFO Rafael Lizardi explained that Q1 gross margin exceeded expectations due to higher revenue, a favorable mix of industrial products, and factory loadings that were higher than the base case. He guided for factory loadings to increase slightly in Q2, with gross margin also expected to rise. CEO Haviv Ilan added that the strong Q2 outlook is primarily driven by the continued strengthening of the industrial market, a trend observed for several months, along with stable growth in automotive.

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    Vivek Arya's questions to Texas Instruments Inc (TXN) leadership • Q3 2024

    Question

    Vivek Arya of Bank of America Securities asked for an explanation of the 30% sequential growth in personal electronics amid a weak macro environment. He also questioned the path to reaching 2022 revenue levels by 2026 and the timing for above-seasonal growth.

    Answer

    CEO Haviv Ilan explained that personal electronics is recovering from a very low trough after peaking in Q3 2021 and that TI is now recapturing sockets it previously couldn't supply. Regarding a broader recovery, he noted that while PE, enterprise, and communications are recovering, the larger industrial and automotive markets need to join for significant growth.

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    Vivek Arya's questions to NXP Semiconductors NV (NXPI) leadership

    Vivek Arya's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    Vivek Arya from Bank of America asked for a comparison of NXP's automotive recovery pace versus peers, the timing for year-over-year growth in auto, the financial contribution of acquisitions, and the potential gross margin trajectory for Q4.

    Answer

    CEO Kurt Sievers highlighted that NXP's auto business is accelerating sequentially, driven by the moderation of inventory burn at Western Tier 1s, which is the key factor for improvement. He noted the TTTech Auto acquisition is immaterial to revenue but is fully included in the Q3 OpEx guide. For Q4, he suggested modeling flat-to-slightly-up revenue based on historical seasonality. CFO Bill Betz added that for every $1B in incremental revenue, gross margins should improve by about 100 basis points on a full-year basis.

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    Vivek Arya's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    Vivek Arya questioned why NXP's Q3 automotive forecast appears more conservative than some peers, asked about the financial contribution from recent acquisitions, and inquired about the potential gross margin outlook for Q4.

    Answer

    CEO Kurt Sievers explained that NXP's automotive business is accelerating significantly on a sequential basis, driven by the end of inventory destocking at Western Tier-1 customers, which allows NXP to ship closer to end demand. For Q4, he suggested modeling historical seasonality (flat to slightly up) but noted potential upside from channel inventory replenishment. CFO Bill Betz added that Q4 gross margin would depend on utilization rates, which could increase if business signals strengthen, and reiterated the long-term model of 100 bps margin expansion per $1B of incremental revenue.

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    Vivek Arya's questions to NXP Semiconductors NV (NXPI) leadership • Q1 2025

    Question

    Vivek Arya asked to reconcile the 'green shoots' commentary with Q1 results where Auto and Industrial were slightly soft, and questioned the outlook for NXP's auto business given forecasts for a decline in light vehicle production.

    Answer

    CEO Kurt Sievers explained that Q1 softness in Auto/Industrial was due to specific timing issues in China and Japan, and while he sees 'early innings of cycle recovery,' he is not calling a full cycle turn. Regarding vehicle production, he acknowledged the forecasted decline but stressed that NXP's growth is driven by significant content increases in areas like radar and electrification, which are more impactful than overall production volumes.

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    Vivek Arya's questions to NXP Semiconductors NV (NXPI) leadership • Q4 2024

    Question

    Vivek Arya of Bank of America Securities asked if NXP has seen changes in automotive customer behavior due to potential tariffs and requested a hypothetical framework for modeling gross margins and OpEx for the full year.

    Answer

    CEO Kurt Sievers stated that potential tariffs are not reflected in the company's guidance, noting that any impact from proposed China tariffs would be 'completely immaterial' to NXP. CFO Bill Betz advised that for modeling purposes, analysts should refer to historical performance at similar revenue levels, as there are too many moving parts to provide a specific framework.

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    Vivek Arya's questions to NXP Semiconductors NV (NXPI) leadership • Q3 2024

    Question

    Vivek Arya asked about NXP's content exposure in Chinese vehicles versus Western ones and questioned if the strength in China was sustainable or related to pre-buying.

    Answer

    CEO Kurt Sievers stated that content in high-end Chinese cars is similar to Western premium vehicles and is growing faster due to quicker innovation cycles. He asserted that the strength is not pre-buying but is driven by the fundamental success and competitiveness of the Chinese auto industry, particularly in EVs, where penetration reached 46% in September. Executive Jeff Palmer later clarified that the Q1 seasonal outlook was for the total company, not specific segments.

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    Vivek Arya's questions to Micron Technology Inc (MU) leadership

    Vivek Arya's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    Vivek Arya of Bank of America asked about the key drivers for the sequential upside in gross margins, whether the current level represents a new baseline, and the potential puts and takes for margins in subsequent quarters.

    Answer

    Executive VP & CFO Mark Murphy attributed the Q3 gross margin beat to better-than-expected pricing, which offset a higher consumer-oriented mix. For the Q4 forecast, he explained that margins benefit from this new pricing baseline plus a favorable mix shift towards DRAM and data center products. While not providing specific forward guidance beyond Q4, Murphy stated the market environment remains constructive, inventories are tight, and he expects gross margins can continue to improve by optimizing the product mix.

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    Vivek Arya's questions to Micron Technology Inc (MU) leadership • Q2 2025

    Question

    Vivek Arya inquired about the drivers for the increased High Bandwidth Memory (HBM) Total Addressable Market (TAM) forecast and Micron's capacity flexibility. He also asked for details on gross margin headwinds from start-up costs and the impact of shipping higher-cost inventory.

    Answer

    Chief Business Officer Sumit Sadana explained the HBM TAM increase is driven by a combination of robust shipments, a faster shift to 12-high stacks, and higher ASPs. CFO Mark Murphy quantified start-up costs as modest (under 30-40 bps effect exiting the year) but increasing through fiscal '26. Murphy also noted that previously written-down inventories have cleared, but some higher-cost NAND inventories from underutilization will pass through in Q4 and into '26.

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    Vivek Arya's questions to Broadcom Inc (AVGO) leadership

    Vivek Arya's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Vivek Arya of Bank of America asked a two-part question: first, whether strong networking results implied weaker-than-expected custom processor (XPU) performance, and second, what milestones investors should watch for new XPU customer prospects to convert to revenue.

    Answer

    CEO Hock Tan dismissed the first part, stating that XPU performance is on its expected trajectory with no softness. On the second part, he reiterated that Broadcom is not updating its 2027 outlook or providing timelines for prospects, noting that an update is unlikely before 2026. He emphasized the call's focus was on providing visibility into the 2026 growth trajectory.

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    Vivek Arya's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Vivek Arya from Bank of America asked if the strong networking results implied a weaker-than-expected quarter for custom silicon (XPUs), given the overall AI result was in line. He also requested key milestones for converting the pipeline of four XPU prospects into revenue.

    Answer

    CEO Hock Tan refuted the suggestion of XPU softness, asserting that its performance was on the expected trajectory. Regarding new customers, he stated that Broadcom would not provide updates on prospects until they become revenue-generating customers and that the company was not updating its 2027 outlook at this time, reiterating the call's focus was on providing visibility into the 2026 growth path.

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    Vivek Arya's questions to Broadcom Inc (AVGO) leadership • Q4 2024

    Question

    Vivek Arya asked for the estimated AI SAM for 2024 to provide a baseline for the company's $12.2 billion in sales, its market share assumptions, and the resulting impact of AI's growth on semiconductor gross margins.

    Answer

    President and CEO Hock Tan estimated the 2024 SAM for his three key hyperscale customers was between $15 billion and $20 billion. He acknowledged that while the mix shift towards AI will dilute semiconductor gross margins, the substantial revenue growth will leverage fixed costs, leading to an overall improvement in operating margins.

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    Vivek Arya's questions to Broadcom Inc (AVGO) leadership • Q3 2024

    Question

    Vivek Arya asked for clarification on Broadcom's AI revenue mix between compute and networking for Q3 and Q4, and inquired about the company's confidence and visibility for AI revenue growth into fiscal 2025.

    Answer

    CFO Kirsten Spears confirmed that the AI revenue mix was approximately two-thirds compute and one-third networking in Q3, with a similar trend expected for Q4. She also stated that while not providing specific guidance, Broadcom expects fiscal 2025 to show continued strong growth in AI revenue.

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    Vivek Arya's questions to Credo Technology Group Holding Ltd (CRDO) leadership

    Vivek Arya's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q4 2025

    Question

    Vivek Arya inquired about the revenue contribution from Credo's top three customers, the drivers behind the fiscal 2026 revenue forecast, and the rationale for the Q1 gross margin guidance.

    Answer

    CFO Dan Fleming disclosed that the top three customers contributed 61%, 12%, and 11% of Q4 revenue, respectively. He noted that while a linear projection for FY26 revenue is the current best estimate, two new hyperscalers are expected to ramp in the second half. Fleming explained that gross margin expansion isn't always linear due to mix, but the company expects margins to remain at or above the high end of its long-term model. He also stated that CapEx may double in the upcoming fiscal year.

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    Vivek Arya's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q3 2025

    Question

    Vivek Arya inquired about the revenue concentration with Credo's largest customer, the adoption stage of Active Electrical Cables (AECs) at that customer, and the growth outlook for the rest of the business. He also asked how a market shift toward AI inference might affect connectivity needs and the AEC opportunity.

    Answer

    CFO Dan Fleming confirmed the largest customer was 86% of revenue in Q3, calling it an "outlier" and projecting 3-4 customers would exceed 10% of revenue in the coming year based on forecasts. CEO William Brennan added that this ramp confirms the AEC market TAM and Credo's leadership. He noted that three hyperscalers are in volume production with two more qualifying for fiscal '26. Brennan also stated that a growing inference market would likely represent a larger opportunity for AECs due to the sheer number of deployments.

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    Vivek Arya's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q2 2025

    Question

    Vivek Arya questioned what was driving the revenue inflection point now, especially since some next-generation GPU launches were delayed. He also requested details on the three 10% customers, including their revenue contribution and growth outlook.

    Answer

    CEO William Brennan explained the inflection is driven by the execution of long-term deployment plans using existing, established architectures, not next-gen products. CFO Dan Fleming detailed the 10% customers for Q2: the first hyperscaler (Microsoft) at 11%, a second hyperscaler at 33%, and an emerging hyperscaler at 14%. Fleming noted the second customer is the primary driver for the strong second-half outlook.

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    Vivek Arya's questions to Marvell Technology Inc (MRVL) leadership

    Vivek Arya's questions to Marvell Technology Inc (MRVL) leadership • Q1 2026

    Question

    Vivek Arya of Bank of America inquired about the next-generation 3-nanometer AI XPU programs, asking about the direction of content value and whether Marvell has exclusivity, given recent supply chain reports.

    Answer

    Chairman and CEO Matt Murphy clarified that supply chain sources have an incomplete view. He affirmed Marvell is the incumbent on the current AI XPU, has secured 3nm wafer and advanced packaging capacity for the follow-on program to start production in 2026, and expects revenue from this key customer to continue growing. Murphy acknowledged that given the massive volumes, customers may pursue multiple paths but reiterated confidence in Marvell's multi-generational growth.

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    Vivek Arya's questions to Marvell Technology Inc (MRVL) leadership • Q4 2025

    Question

    Vivek Arya from Bank of America requested a quantitative breakdown of AI versus non-AI revenue within the data center segment for Q4 and Q1, and questioned why the segment's growth appeared modest relative to the spending of its largest customers.

    Answer

    Matthew Murphy, Chairman and CEO, addressed the growth question by highlighting strong recent performance, including 25% sequential data center growth in both Q3 and Q4. He clarified that for Q4, AI revenue constituted more than half of the data center segment. He further detailed that within data center revenue, electro-optics represents about half, while custom silicon has grown to approximately 25%.

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    Vivek Arya's questions to Marvell Technology Inc (MRVL) leadership • Q3 2025

    Question

    Vivek Arya inquired about the quantification of Marvell's AI revenues for fiscal years 2025 and 2026, and whether the growth outlook is determined more by demand visibility or supply constraints.

    Answer

    CEO Matt Murphy stated that AI revenue for fiscal 2025 is tracking "significantly ahead" of the initial $1.5 billion target by "hundreds of millions of dollars." He confirmed that the outlook for fiscal 2026 is also stronger than the original $2.5 billion forecast. Murphy clarified that this robust growth is driven by strong customer demand, noting that Marvell has successfully secured the necessary supply chain capacity to meet its plans and potential upside.

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    Vivek Arya's questions to Marvell Technology Inc (MRVL) leadership • Q2 2025

    Question

    Vivek Arya asked for an assessment of the competitive landscape in two key AI areas: the DSP market as it moves to 200-gig per lane, and the custom compute market, particularly regarding potential challenges from Taiwanese competitors.

    Answer

    CEO Matt Murphy stated that while the DSP market is competitive, Marvell maintains a high market share due to its complete platform (DSPs, TIAs, drivers), strong execution, and partnerships. For custom silicon, he argued that success requires a full platform of IP and proven execution on complex chips, which positions Marvell strongly against competitors, noting they have one large, capable competitor in this area.

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    Vivek Arya's questions to NVIDIA Corp (NVDA) leadership

    Vivek Arya's questions to NVIDIA Corp (NVDA) leadership • Q1 2026

    Question

    Vivek Arya from Bank of America Securities sought clarification on the full financial impact of the China H20 export controls beyond Q2 and asked for perspective on the long-term AI spending trajectory, including the possibility of digestion periods.

    Answer

    EVP and CFO Colette Kress confirmed a Q2 revenue headwind of approximately $8 billion from lost H20 orders and noted the future loss of a nearly $50 billion addressable market in China. President and CEO Jensen Huang described the current AI build-out as being in its 'very early stages,' viewing it as essential infrastructure for every country and industry, suggesting a prolonged growth cycle across cloud, enterprise, telco, and industrial sectors.

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    Vivek Arya's questions to NVIDIA Corp (NVDA) leadership • Q4 2025

    Question

    Vivek Arya of Bank of America Securities asked if Q1 represents the bottom for gross margins and what provides confidence that strong demand can be sustained into the next year.

    Answer

    EVP and CFO Colette Kress confirmed that gross margins will be in the low 70s during the initial Blackwell ramp as the company prioritizes expediting manufacturing, with an expected return to the mid-70s later in the year. President and CEO Jensen Huang added that confidence in sustained demand comes from visible data center capital investments, the fundamental software shift to AI, strong partner forecasts, and emerging growth waves like Agentic, Physical, and Sovereign AI.

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    Vivek Arya's questions to NVIDIA Corp (NVDA) leadership • Q3 2025

    Question

    Vivek Arya from Bank of America Securities sought clarification on the gross margin recovery timeline and asked when a 'digestion phase' might occur in the current hardware deployment cycle.

    Answer

    CFO Colette Kress affirmed that reaching mid-70s gross margins in the second half of calendar 2025 is a 'reasonable assumption or goal'. CEO Jensen Huang argued that a digestion phase is unlikely until the world's $1 trillion data center infrastructure is modernized for machine learning. He stressed that the creation of a new 'AI factory' industry, similar to the emergence of the iPhone, will drive demand for several years.

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    Vivek Arya's questions to NVIDIA Corp (NVDA) leadership • Q2 2025

    Question

    Vivek Arya inquired about the recently announced Blackwell GPU mask change, its impact on the production timeline, and how NVIDIA can still ship several billion dollars of Blackwell in Q4.

    Answer

    President and CEO Jensen Huang confirmed the mask change is complete with no functional alterations. He stated that functional samples of Blackwell and Grace Blackwell are currently shipping to partners, with over 100 system types being enabled. Mr. Huang clarified that full production shipments are on track to begin in Q4.

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    Vivek Arya's questions to Skyworks Solutions Inc (SWKS) leadership

    Vivek Arya's questions to Skyworks Solutions Inc (SWKS) leadership • Q2 2025

    Question

    On behalf of Vivek Arya, an analyst asked if Skyworks plans to re-engage more deeply with the broader Android ecosystem due to rising AI-driven complexity, and inquired about the engagement timeline for future models with its largest customer.

    Answer

    CEO Philip Brace explained that the company's Android strategy is ROI-based, focusing on opportunities where they can get paid for the value they deliver. Regarding its largest customer, he noted that engagement is a deep, long-term, and continuous process, and the best way to secure future business and hedge against losses is through clean execution and delivering the best products.

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    Vivek Arya's questions to Skyworks Solutions Inc (SWKS) leadership • Q1 2025

    Question

    An associate on behalf of Vivek Arya asked about Skyworks' long-term strategy for China, especially with a competitor reportedly exiting that market, and the potential impact of tariffs. He also inquired about the outlook for seasonality into the June quarter.

    Answer

    CFO Kris Sennesael reiterated their selective strategy for China and Samsung, focusing on the high-end market where high-performance RF is required, and noted that design win momentum is turning into revenue. Regarding the upcoming June quarter, he stated that he currently sees nothing different from normal seasonality.

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    Vivek Arya's questions to Nova Ltd (NVMI) leadership

    Vivek Arya's questions to Nova Ltd (NVMI) leadership • Q4 2024

    Question

    On behalf of Vivek Arya, an analyst asked about the expected demand trends between Memory and Foundry/Logic for 2025 and the key drivers behind the Q1 gross margin expansion.

    Answer

    President and CEO Gabriel Waisman stated that advanced logic and advanced packaging are expected to lead growth in 2025, with the HBM segment also showing strength. CFO Guy Kizner affirmed commitment to the 57-59% non-GAAP gross margin target model, attributing quarterly fluctuations to product mix and noting that exceeding 60% is challenging and dependent on new product success.

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    Vivek Arya's questions to Lam Research Corp (LRCX) leadership

    Vivek Arya's questions to Lam Research Corp (LRCX) leadership • Q1 2025

    Question

    Vivek Arya asked for clarification on why the CSBG business is expected to be flat in 2025 and inquired about the anticipated growth rate for operating expenses (OpEx).

    Answer

    EVP & CFO Douglas Bettinger explained the flat CSBG outlook is due to a weaker year for the Reliant product line being offset by strong spending on upgrades. For OpEx, he stated that while spending will increase for R&D and digital transformation, the company plans to deliver operating leverage, meaning revenue should grow faster than expenses. He did not provide a specific annual growth rate.

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    Vivek Arya's questions to Lam Research Corp (LRCX) leadership • Q3 2024

    Question

    Vivek Arya asked about the outlook for China revenue levels beyond the guided Q4 decline and what prompted the revised 2025 view for the region. He also followed up on gross margins, questioning the drivers of the Q3 beat and whether 47% should be considered a new baseline.

    Answer

    CFO Douglas Bettinger clarified that while China's revenue contribution is moderating, the business is 'not going away.' He attributed the Q4 gross margin guidance of 47% to customer mix headwinds but noted that this level is supported by underlying operational efficiencies. CEO Timothy Archer added that China's normalization as a percentage of revenue was expected as other key markets for Lam strengthen.

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    Vivek Arya's questions to Qorvo Inc (QRVO) leadership

    Vivek Arya's questions to Qorvo Inc (QRVO) leadership • Q3 2025

    Question

    Vivek Arya of Bank of America Securities questioned the path for Qorvo's Advanced Cellular Group (ACG) to return to growth after fiscal '26, given headwinds from China and competition. He also asked for details on the expected progression of gross margin and operating expenses through the year.

    Answer

    CEO Bob Bruggeworth clarified that ACG revenue is projected to decline in fiscal '26 before returning to growth in fiscal '27, driven by content gains at its largest customer and share in high-tier Android. CFO Grant Brown stated that gross margins will follow typical seasonal patterns, while non-GAAP OpEx is expected to average approximately $250 million per quarter in fiscal '26, with some normal variability.

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    Vivek Arya's questions to Synopsys Inc (SNPS) leadership

    Vivek Arya's questions to Synopsys Inc (SNPS) leadership • Q4 2024

    Question

    Vivek Arya inquired about the growth rate of design starts observed in the past year and the assumptions for this metric in the forecast. He also asked about the size of Synopsys's largest customer in FY24 and how any potential restructuring at that customer is factored into the outlook.

    Answer

    CEO Sassine Ghazi stated that silicon investments from hyperscalers and their semiconductor suppliers have been increasing for the last 3-5 years and are not expected to slow in FY25. Regarding the largest customer, he explained that while multiyear EDA contracts provide stability, the timing of IP and hardware revenue can be lumpy and shift based on project roadmaps. This dynamic is factored into the FY25 guidance and its 45%-55% first-half/second-half revenue split.

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    Vivek Arya's questions to Synopsys Inc (SNPS) leadership • Q3 2024

    Question

    Vivek Arya inquired about Synopsys's progress in monetizing AI to lift core EDA growth from 12% to 14% and asked for the near-term outlook for the EDA segment's growth rate, which has been around 9% year-to-date.

    Answer

    CEO Sassine Ghazi detailed the progress of AI tools, noting DSO.ai is capturing a 20% uplift, while VSO.ai is in early monetization and ASO.ai is in evaluation. He clarified that achieving the 12-14% growth target has no specific timeframe but is supported by the value delivered. Regarding near-term growth, both Ghazi and CFO Shelagh Glaser advised looking at trailing-twelve-month (TTM) growth, which is 10%, cautioning that quarterly figures can be skewed by tough comparisons, like the 23% growth in Q3 of the prior year.

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