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    Yu Shi • Needham & Company, LLC

    Yu Shi's questions to Applied Materials Inc (AMAT) leadership

    Yu Shi's questions to Applied Materials Inc (AMAT) leadership • Q2 2025

    Question

    Charles Shi asked about the threat from new Chinese competitors, such as Scaria, and the perception that Applied has a greater downside risk. He questioned how this aligns with the company's expectation of gaining share in China as customers transition to 28-nanometer technology.

    Answer

    CEO Gary Dickerson addressed the question by highlighting that Applied has a higher market share at the 28-nanometer node, where investment in China is increasing. He expressed confidence in the company's ability to 'run faster than competitors' due to a strong and long-standing innovation pipeline in its ICAPS group, which is developing new products to expand its market and improve cost-competitiveness.

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    Yu Shi's questions to Applied Materials Inc (AMAT) leadership • Q1 2025

    Question

    Yu Shi (Charles Shi) asked for an update on the revenue forecast from Gate-All-Around (GAA) nodes and whether the implied capacity additions suggest a further spending acceleration into 2026.

    Answer

    CFO Brice Hill confirmed the company's expectation for GAA-related revenue remains $2.5 billion in 2024 with an opportunity to double in 2025. He agreed this implies about 100,000 wafer starts of capacity and suggested the ramp would continue beyond 2025. CEO Gary Dickerson added that the future addition of backside power delivery will further grow the opportunity.

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    Yu Shi's questions to Ichor Holdings Ltd (ICHR) leadership

    Yu Shi's questions to Ichor Holdings Ltd (ICHR) leadership • Q1 2025

    Question

    Yu Shi of Needham & Company questioned the potential disconnect between Ichor's flattish second-half outlook and its largest customer's softer guidance. He also asked for more detail on the increased external component purchases and sought clarification on a severance cost footnote.

    Answer

    Executive Jeffrey Andreson explained there is no significant disconnect, as a recovery in their lithography business in the second half should offset softness elsewhere. He also noted their top two customers are very close in revenue size. He clarified the external purchasing was a supply issue (inability to ramp internal production fast enough), not a customer demand issue. Executive Greg Swyt added that the severance charge was primarily for the exit of the Scotland facility.

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    Yu Shi's questions to ACM Research Inc (ACMR) leadership

    Yu Shi's questions to ACM Research Inc (ACMR) leadership • Q1 2025

    Question

    Yu Shi of Needham & Company, LLC inquired about ACM Research's full-year 2025 shipment outlook, the potential impact of Chinese tariffs on profitability, the growth forecast for 2026, and the competitive landscape in China, including potential industry consolidation.

    Answer

    CEO David Wang and CFO Mark McKechnie confirmed they expect shipment dollar value to grow in 2025, though at a slower rate than revenue. Wang stated that the impact from Chinese tariffs is minimal due to local and third-country sourcing. For 2026 and beyond, Wang expressed high confidence in continued growth driven by market share gains and new products like high-temperature furnaces and panel-level packaging tools, even if the broader China market plateaus. Regarding competition, Wang asserted that ACM's strength lies in its proprietary, innovative technology and IP, not price, and that the company is focused on organic growth rather than M&A amidst potential industry consolidation.

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    Yu Shi's questions to ACM Research Inc (ACMR) leadership • Q4 2024

    Question

    Yu Shi inquired about the assumptions behind the high and low ends of the 2025 revenue guidance, the company's visibility into the second half of the year, the potential impact of U.S. export controls on customer spending, and ACM's market share in front-end versus back-end plating.

    Answer

    Executive David Wang explained that the revenue forecast is based on shipments from the previous year and existing customer purchase orders, with good visibility through Q3 but less clarity on Q4. CFO Mark McKechnie added this level of visibility is standard. Regarding export controls, David Wang stated the impact varies by customer and is still being assessed. He also estimated ACM's plating market share in China is approximately 30-35% across both front-end and back-end applications.

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    Yu Shi's questions to ACM Research Inc (ACMR) leadership • Q3 2024

    Question

    Yu Shi inquired about ACM Research's wet clean product coverage for 3D NAND applications and the outlook for China's Wafer Fab Equipment (WFE) spending, particularly in light of potential U.S. policy changes.

    Answer

    CEO David Wang explained that ACM's cleaning portfolio covers about 90% of processes and the company is actively working to close the remaining gaps in 3D NAND, expecting full qualification by year-end. Regarding China's WFE market, he anticipates demand will remain at a high level for the next few years due to ongoing fab construction, though the exact growth rate is hard to predict. He noted it is too early to comment on potential U.S. policy shifts but affirmed ACM will comply with all regulations.

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    Yu Shi's questions to Entegris Inc (ENTG) leadership

    Yu Shi's questions to Entegris Inc (ENTG) leadership • Q1 2025

    Question

    Yu Shi of Needham inquired about the recoverability of the projected $50 million in lost Q2 sales due to China tariffs, asking about the risk of permanent market share loss. He also questioned the cause of the Q1 revenue miss, which occurred before the new tariffs were a factor.

    Answer

    CEO Bertrand Loy asserted that the tariff impact is temporary and the revenue is 'entirely recoverable' as customers are actively qualifying Entegris's other Asian manufacturing sites. Regarding the Q1 miss, Loy attributed it to softer-than-expected demand for CapEx-linked products like fluid handling and FOUPs, driven by a slowdown in new fab construction, which offset strong growth in Material Solutions.

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    Yu Shi's questions to Entegris Inc (ENTG) leadership • Q3 2024

    Question

    Yu Shi (Charles Shi) asked what specifically worsened in the mainstream and NAND segments versus 90 days ago and sought clarification on the long-term revenue contribution projection for China.

    Answer

    CEO Bertrand Loy explained that mainstream weakness was worse than expected, with falling fab utilization and aggressive inventory reduction. He highlighted that even the SiC growth outlook was revised down from over 50% to just 10%. For China, Loy confirmed its revenue share is expected to grow from ~20% today to a 20-25% range long-term, driven by increased production volume from new fabs.

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    Yu Shi's questions to Cohu Inc (COHU) leadership

    Yu Shi's questions to Cohu Inc (COHU) leadership • Q1 2025

    Question

    Yu Shi (referred to as Charles Shi by the operator) questioned the sustainability of the recurring order pickup, given its concentration in the mobile segment, and asked if it could be related to tariff pull-ins. He also inquired about the expected mix of systems versus recurring revenue for the second half of the year.

    Answer

    CEO Luis Müller stated he does not believe the orders are a tariff pull-in due to timing and expects the trend to be sustainable, anticipating a subsequent pickup in mobile utilization and then system orders. He noted this recovery pattern is currently specific to mobile. CFO Jeffrey Jones added that for the second half of the year, the revenue mix is likely to remain near the 60% recurring, 40% systems level, give or take a few percentage points.

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    Yu Shi's questions to FormFactor Inc (FORM) leadership

    Yu Shi's questions to FormFactor Inc (FORM) leadership • Q1 2025

    Question

    Yu Shi asked for clarification on the forecasted revenue reduction due to tariffs and for examples of input materials subject to these tariffs, questioning if the gross margin impact could worsen.

    Answer

    CFO Shai Shahar confirmed a mid-single-digit million dollar revenue reduction estimate, primarily affecting multinational customers in China. He explained the 1 percentage point gross margin impact is due to tariffs on imported subcomponents from Japan and Germany, but adopted a "wait-and-see" approach for future impacts.

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    Yu Shi's questions to FormFactor Inc (FORM) leadership • Q4 2024

    Question

    Yu Shi asked for a detailed breakdown of the Q1 outlook, focusing on the drivers behind the expected sequential reduction in non-HBM DRAM probe card demand and the prospects for recovery in that specific market segment, excluding China.

    Answer

    CEO Mike Slessor explained that the primary driver for the Q1 sequential decline is the cessation of advanced DRAM probe card shipments to China due to new export controls, a headwind of about $10 million per quarter. He confirmed that the non-HBM DRAM market outside of China remains at cyclical lows of around $20 million per quarter with limited visibility on a recovery, while HBM continues to be the main growth engine.

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    Yu Shi's questions to Amkor Technology Inc (AMKR) leadership

    Yu Shi's questions to Amkor Technology Inc (AMKR) leadership • Q1 2025

    Question

    Yu Shi inquired about the drivers behind the better-than-expected Q1 results and the strong Q2 sequential growth guidance, asking if it was influenced by customer pull-ins due to tariff concerns. He also asked about the potential impact of tariffs on the company's $850 million CapEx plan, particularly for the Vietnam expansion.

    Answer

    CEO Giel Rutten clarified that Q1 strength came from the Communications business, while Q2 growth is driven by continued strength in Communications and Computing. He stated that the company does not observe any significant market pull-ins related to tariffs. Rutten also confirmed the $850 million CapEx plan remains unchanged, though flexible, with investments focused on HPC and test capabilities. CFO Megan Faust added that the first half is shaping up better than initially expected, supporting the current investment plans.

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    Yu Shi's questions to Ultra Clean Holdings Inc (UCTT) leadership

    Yu Shi's questions to Ultra Clean Holdings Inc (UCTT) leadership • Q1 2025

    Question

    Yu Shi inquired about the specific drivers behind the demand softening late in Q1, noting that revenue from top customers appeared more stable than the overall top line. He also requested the China revenue percentage for the quarter, questioned the flat revenue outlook for the year, and asked about the company's scenario analysis regarding the potential impact of upcoming tariffs on profitability.

    Answer

    Interim CEO Clarence Granger attributed the Q1 revenue miss to specific technical issues at two customers, one in Asia and one in Europe, which delayed shipments. Both Granger and CFO Sheri Brumm confirmed China revenue is expected to grow in the second half but declined to provide a specific percentage, highlighting the success of the 'China for China' strategy. VP of Marketing Cheryl Knepfler and Granger explained the cautious outlook by citing broader market uncertainty. Regarding tariffs, Granger stated the net financial impact is expected to be minimal, as costs for customer-specified components will be passed through to them.

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    Yu Shi's questions to Ultra Clean Holdings Inc (UCTT) leadership • Q3 2024

    Question

    Yu Shi inquired about the percentage of revenue from China in Q3, whether China was the primary driver for non-Lam/non-AMAT growth, and for more detail on the CMP-related strength tied to AI infrastructure.

    Answer

    CEO James Scholhamer confirmed direct sales to Chinese OEMs were approximately $55 million, a significant increase from historical levels, and a key growth driver. He explained that the company is seeing increased investment in Chemical Mechanical Planarization (CMP) as customers work to improve yields on large AI chips, leveraging UCT's strong position in that technology.

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    Yu Shi's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership

    Yu Shi's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q1 2025

    Question

    Yu Shi asked for clarification on what management means by seeking 'fairness' regarding U.S. government incentives. He also inquired about the long-term role of the newly announced U.S. R&D center and whether it would eventually be involved in developing brand-new process nodes.

    Answer

    CEO C. C. Wei defined 'fair treatment' as ensuring that any government subsidies or incentives are applied equally to all competitors. Regarding the Arizona R&D center, Wei stated its primary purpose is to support the U.S. manufacturing cluster's operational independence with about 1,000 engineers. He described it as a 'beginning' that will also engage in exploratory work and university collaborations.

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    Yu Shi's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q2 2024

    Question

    Charles Shi from Needham & Company inquired about the strategy behind converting N5 tools to N3, asking if investors should view N5 and N3 as a single large node. He also sought clarification on whether CoWoS capacity would double again in 2025 and how newer versions like CoWoS-L/R impact overall capacity constraints.

    Answer

    CFO Wendell Huang clarified that while N5 and N3 are not defined as one 'big family' like previous nodes, the tool commonality is over 90%, making conversions easy and efficient. CEO C.C. Wei confirmed the goal is to 'more than double' CoWoS capacity again in 2025. He explained that while different CoWoS versions (S, L, R) have different toolsets, they are all aggregated in the capacity expansion plans to meet diverse customer needs.

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    Yu Shi's questions to Synopsys Inc (SNPS) leadership

    Yu Shi's questions to Synopsys Inc (SNPS) leadership • Q1 2025

    Question

    Yu Shi asked for the quarter-end backlog figure and questioned the long-term EDA revenue growth outlook, noting a recent deceleration and asking if a non-AI recovery is needed to return to double-digit growth. He also requested more specific guidance on China's performance for the year.

    Answer

    CFO Shelagh Glaser stated the backlog was $7.7 billion. CEO Sassine Ghazi reaffirmed the company's 5-year CAGR target of 12% for Design Automation, citing rising semiconductor R&D investment and strong growth from system companies. Regarding China, Ghazi reiterated that growth is expected to be below the corporate average and is factored into the annual guidance, but he did not provide a more specific quantitative forecast.

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    Yu Shi's questions to Veeco Instruments Inc (VECO) leadership

    Yu Shi's questions to Veeco Instruments Inc (VECO) leadership • Q4 2024

    Question

    Yu Shi asked for a quantitative outlook on Veeco's China revenue for 2025 and inquired about the growth drivers and timing for the advanced packaging business, particularly in wet processing.

    Answer

    CFO John Kiernan projected that China revenue would be 25-30% of total revenue in the first half of 2025, down from 36% for the full year 2024. CEO William Miller added that the advanced packaging business is expected to double in 2025 to approximately $150 million, driven by wet processing capacity expansions for AI applications.

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    Yu Shi's questions to Axcelis Technologies Inc (ACLS) leadership

    Yu Shi's questions to Axcelis Technologies Inc (ACLS) leadership • Q4 2024

    Question

    Yu Shi of Needham & Company inquired about the drivers for the expected second-half 2025 revenue improvement, the company's cautious outlook on NAND memory spending, and the rationale behind lowering the estimated impact of China export controls.

    Answer

    President and CEO Russell Low cited the company's backlog, ongoing customer conversations, and stabilized bookings as key factors supporting the forecast for a stronger second half. He explained that Axcelis's memory revenue, particularly in NAND, is tied to wafer capacity expansion rather than just technology node changes, leading to a more muted outlook. EVP and CFO James Coogan clarified that the initial export control impact estimate was cautious and included systems now deemed deliverable based on new information, reducing the expected impact to the low end of the original range.

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    Yu Shi's questions to KLA Corp (KLAC) leadership

    Yu Shi's questions to KLA Corp (KLAC) leadership • Q4 2024

    Question

    Yu Shi of Needham & Company, LLC asked about potential swing factors that could drive second-half 2025 growth beyond the stable outlook and requested the expected China revenue contribution for the March quarter.

    Answer

    CFO Bren Higgins identified potential upside from export licenses, which are not currently in the forecast, and the outcome of certain 'derisked opportunities' as potential swing factors. He projected the China revenue mix would decline from 35% in the December quarter to the high 20s or low 30s percent range in the March quarter.

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    Yu Shi's questions to KLA Corp (KLAC) leadership • Q3 2024

    Question

    Yu Shi asked if KLA still sees 3-nanometer upside in 2025 despite some reports to the contrary. He also requested color on the drivers behind a record-high North America revenue figure in the September quarter.

    Answer

    CFO Bren Higgins reiterated that 3-nanometer activity remains stronger than they anticipated six months ago, even as 2-nanometer becomes the primary driver for 2025. Regarding North America, he confirmed the strength and stated it was 'more leading edge centric.'

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    Yu Shi's questions to Cadence Design Systems Inc (CDNS) leadership

    Yu Shi's questions to Cadence Design Systems Inc (CDNS) leadership • Q3 2024

    Question

    Yu Shi asked if the current challenges at Intel and Samsung could become a net positive for Cadence by encouraging them to outsource more internal EDA tool development. He also requested comments on rumors about Cadence potentially acquiring a company referred to as [Altera] Engineering Systems.

    Answer

    CEO Anirudh Devgan acknowledged that Cadence has historically been underrepresented at Intel and Samsung but sees their current challenges as opportunities to engage more deeply with them. Regarding M&A rumors, he declined to comment on specifics but reiterated that Cadence's strategy remains focused on organic growth supplemented by small, tuck-in acquisitions.

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