Growth Outlook
Q: Confidence in growth from AEC ramps?
A: Management expressed strong confidence in quarter-on-quarter growth driven by new product cycles, robust AI demand, and increased hyperscaler capex—even though guidance doesn’t extend beyond one quarter.

Server Penetration
Q: Retimers in general servers potential?
A: They expect adoption of their retimer solutions in general-purpose servers to pick up in 2025, leveraging existing design wins as OEMs refresh fleets.

Competitive Dynamics
Q: How’s the PCIe Gen5/6 competition?
A: Management emphasized their integrated, software-enabled approach that eases transition from Gen5 to Gen6, underscoring early preproduction shipments and secure design wins.

Gen 6 Market Share
Q: What share for PCIe Gen6 design wins?
A: They stressed being first to market on Gen6 opportunities by smoothly upgrading from Gen5, thereby capturing key market share as hyperscalers accelerate production.

800-Gig Timing
Q: When will 800‑gig deployments start?
A: The move to 800-gig systems is forecast for late 2025, following ongoing 400‑gig deployments and the emergence of advanced back‑end connectivity options.

Accelerator Mix
Q: Are ASICs growing versus GPUs?
A: Management noted a rising mix of internally developed AI accelerators that drive higher retimer content, signaling a significant shift from GPU-dominant configurations.

Content Skew
Q: Is GPU content uniform across designs?
A: They explained that connectivity content per GPU varies by topology—with complex, high-performance systems like Nvidia’s Blackwell seeing a higher component count—though specifics differ across deployments.

Optical Inflection
Q: When does PCIe optical become dominant?
A: They indicated that while optical connectivity shows promise over longer distances, a majority shift depends on wider hyperscaler adoption and evolving network architectures.

Module vs. Stand-Alone
Q: Modules or stand-alone retimer revenue?
A: They clarified that the bulk of Aries revenue comes from stand-alone retimers, with Taurus modules also contributing, collectively supporting robust AI server growth.

Leo Ramp Timing
Q: When will Leo’s ramp materialize?
A: A material production ramp for Leo is expected around 2025, once CXL 2.0–compatible CPUs become available, spurring memory expansion applications.

Revenue Segments
Q: Revenue split by product segments?
A: Although details were not broken out, management highlighted that strong Q2 performance was driven by Gen5 AI servers, with upcoming boosts expected from both Aries and Taurus segments.

400-Gig/SCM Scale
Q: How broad is the 400‑gig/SCM ramp?
A: The ramp is supported by diverse hyperscaler wins in multiple cable configurations, initially led by select partners and expected to broaden as demand for higher speeds escalates.

Content Framework
Q: How does internal versus third‑party content compare?
A: They mentioned that while it’s hard to generalize, both internal and third‑party platforms benefit similarly when employing PCIe protocols, with connectivity scaling to meet varied form factors.

Blackwell Diversification
Q: Did Blackwell spur architecture diversification?
A: The Blackwell transition has led to a broader array of deployment configurations, with increased connectivity content addressing challenges in power and thermal management.

Blackwell Follow-Up
Q: Impact of Blackwell architectural changes?
A: Management refrained from commenting on rumors but reiterated their commitment to supporting all preferred deployment models—from full racks to HGX servers—ensuring design win flexibility.

Revenue Drivers
Q: What balances overall revenue growth drivers?
A: They pointed to balanced contributions from Taurus modules, incremental Aries modules, and rising Gen5 deployment content, which together underpin Q3 growth expectations.

Lockup Expiration
Q: Confirm early lockup expiration?
A: They confirmed that the early lockup has already expired and is no longer a factor, with details confirmed in today’s release.