Gross Margin

Q2 2025

Expected to tick down by about 20 basis points "

N/A

no prior guidance

Segment Performance

Q2 2025

Variance of plus/minus 5 percentage points "

N/A

no prior guidance

Tariffs and Pricing

Q2 2025

No direct or indirect impacts from tariffs or pricing "

N/A

no prior guidance

Gross Margin Expansion

Q2 2025

Room for gross margin expansion with no price increase "

N/A

no prior guidance

Revenue Guidance

Q3 2025

N/A

8% sequential growth at the midpoint "

no prior guidance

Enterprise Data Segment

Q3 2025

N/A

Sequential growth of 20% to 30% "

no prior guidance

Automotive Segment (Quarterly)

Q3 2025

N/A

Growth expected to pick up in Q3 (and in Q4) due to new content ramps "

no prior guidance

Automotive Segment (Full-Year)

FY 2025

N/A

Full-year growth expected between 40% to 50% "

no prior guidance

Capacity & Supply Chain

FY 2025

N/A

Capacity to support $4 billion in annual revenue with 50% of that capacity outside of China "

no prior guidance

Long-Term Growth Outlook

2026

N/A

Targets 10% to 15% outperformance vs peers, implying a potential growth rate close to 20% "

no prior guidance

Enterprise Data Growth

Q4 2024 discussions described a "flattish" outlook with back‐half weighting, driven by AI-related opportunities and design wins ( " " " ), while Q1 2025 emphasized strong demand with 38% QoQ growth and multiple design wins ( " " " " ).

Q2 2025 highlights a forecast of 20–30% sequential growth driven by AI ASIC programs and design wins, albeit with caution due to short lead times ( " " " " ).

Continued optimism with increasing AI influence but tempered by uncertainty in ramp timing.

Revenue Uncertainty

Q4 2024 noted volatility with blurred CPU/GPU lines and difficulty predicting orders ( " " " ); Q1 2025 focused on uncertain ramp timing and a range of outcomes ( " " " ).

Q2 2025 maintains concerns over short lead times, atypical ordering patterns, and limited long-term backlog visibility ( " " " ).

Consistent caution, with uncertainty persisting across quarters due to dynamic market conditions.

Automotive Sector Expansion and EV Market Opportunities

Q4 2024 stressed long design cycles, EV conversions (e.g. 48V/800V) and geographic product expansion ( " " " ); Q1 2025 reported 13% sequential automotive growth and transitions in EV battery systems ( " " ).

Q2 2025 mentioned a mid-year flattening with expectations of renewed growth in Q3/Q4, along with long-term opportunities in advanced automotive technologies ( " " " ).

Ongoing strong long-term potential with short-term fluctuations and new content ramps expected later.

ASIC Initiatives and Design Wins

Q4 2024 highlighted numerous design wins among hyperscalers with uncertain ramp-up timing ( " " ); Q1 2025 reiterated extensive design wins and stable margin profiles despite timing challenges ( " " " " ).

Q2 2025 continues to report multiple design wins in ASIC-based AI products while acknowledging ramp-up challenges of plus/minus six to twelve months ( " " ).

Consistent focus on innovative design wins with ongoing challenges in ramp-up timing.

Supply Chain Diversification and Capacity Expansion Outside China

Q4 2024 emphasized investments in global supply chain stability through diversification ( " ); Q1 2025 discussed expanding fab capacities outside China with a “China for China” strategy ( " " ).

Q2 2025 now reports that capacity supporting $4 billion of revenue is balanced with 50% outside China, alongside ongoing supplier qualifications ( " " ).

Increasingly robust global diversification that strengthens supply chain resilience.

Emerging High-Value Product Segments

Q4 2024 offered detailed commentary on segments such as silicon carbide, data converters, DSP audio, and battery management as multi‐billion-dollar opportunities ( " " ); Q1 2025 had only indirect references to innovation in areas like data center power solutions ( " " ).

Q2 2025 focuses on high-voltage solutions (48V/800V), battery management, and data converters, while DSP audio is not mentioned ( " " ).

A re-emerging theme with deeper emphasis on certain segments; some areas (DSP audio) see reduced mention.

Cyclical Dynamics in Storage & Compute Segments

Q1 2025 noted an atypical seasonal uplift with steady growth in DDR5 and memory-led segments ( " ); Q4 2024 did not explicitly address cyclical dynamics in these segments ( " " " ).

Q2 2025 reports strong Q2 performance yet expresses caution for the back half of the year due to historical boom-bust cycles ( " ).

Recurring topic with a shift toward increased caution in later quarters compared to a more balanced view earlier.

Revenue Visibility, Order Backlog, and Inventory Management Concerns

Q4 2024 pointed to low inventory levels and uncertainty in order timing, though order backlog supported Q1 outlook ( " " " ); Q1 2025 described very lean inventory and short lead times affecting visibility ( " ).

Q2 2025 continues to emphasize short lead times and lean channel inventories with no significant backlog buildup, underscoring ongoing operational caution ( " " " " ).

Stability in operational concerns with consistent focus on managing lean inventories and short-term visibility challenges.

Gross Margin Pressure with Reduced Emphasis

Q1 2025 mentioned a modest expected 20 basis-point margin decline attributed to mix effects and volume dynamics ( " " ); Q4 2024 lacked detailed commentary on margin pressure.

Q2 2025 did not discuss gross margin pressure.

Reduced emphasis on margin pressure, suggesting a shift in focus from near-term margin concerns to growth drivers.

Ambiguity in Growth Guidance and AI Revenue Attribution

Q4 2024 acknowledged a "flattish" revenue outlook with blurred AI versus non-AI revenue and uncertainty in timing ( " " " " " ); Q1 2025 provided a narrower guidance range with clearer albeit still cautious AI revenue potential ( " " " " " ).

Q2 2025 shows continued ambiguity with short lead times limiting clear guidance while AI revenue remains integrated within overall enterprise data, complicating clear attribution ( " " " " " ).

Persistent ambiguity with slight improvement noted in Q1 but reverting to cautious, less-defined guidance in Q2.

Global Diversification of Product Portfolio and Geographic Footprint

Q4 2024 stressed diversification of end-market applications and a global supply chain for stability ( " " ); Q1 2025 highlighted diversified market strategies, including localized manufacturing in the U.S., China, and Europe ( " " " ).

Q2 2025 reinforces a diversified product portfolio with innovations in system-level solutions and emphasizes that 50% of manufacturing capacity is now outside China ( " " " " ).

Consistent emphasis and gradual strengthening of global diversification in both product portfolio and geographic footprint.