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Analyst
Andrew Gardiner
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q1 (7 quarters; questions recorded in 6).
- Questions
- 12on tracked calls
- Challenge rate
- 17%2 of 12 questions
- Companies
- 2questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 12 of 12 questions from 2 companies
ARMArm Holdings8 questions · 6 reporting periods · 0 of 8 challenging
Calendar 2026 Q1
you've got over $2 billion of demand for the next 2 fiscal years. I was just hoping you could give us a bit more detail
Show response
Rene explained demand is from both existing and new customers. Existing partners increased forecasts; new customers want quick deployment via rack solutions from Supermicro, Lenovo, ASRock.
Calendar 2025 Q4
Is that something we can expect to continue into fiscal '27 given everything that you guys have got in front of you, or will we actually start to see R&D growth slow relative to the revenue
Show response
Jason guided FY27 Q1 OpEx sequential step-up similar to last year's low double-digit increase, but expects OpEx growth to moderate after Q1, unlike the significant step-ups seen throughout FY26.
Calendar 2025 Q2
Can you give us a sense as to sort of the magnitude between the 2 of those drivers?
Show response
Jason broke down ACV: rest-of-world CSS deals would put ACV at ~17%, and the SoftBank relationship expansion pushed it to 28%. First CSS gen-2 upgrades were a key verification of CSS value.
Can you give us any sense as to the magnitude of that change?
Show response
Jason confirmed gen-2 CSS exceeds 10% of ASP, above what was expected to be a ceiling. Called it definitely good news and higher than what had been forecasted for out years.
Calendar 2025 Q1
the pricing still holding sort of roughly a double in terms of the rate relative to a more standard implementation of v9?
Show response
Jason confirmed CSS pricing at step change vs v9, with continual increases in subsequent generations rolled out annually or every couple of years depending on category.
It looks like from the slide, it stepped up a bit to 30%. Is that correct?
Show response
Jason confirmed v9 stepped up to north of 30%, driven by CSS becoming more material. Will stop reporting v9 adoption quarterly as CSS becomes the more relevant growth driver.
Calendar 2024 Q4
the potential for you to move beyond a pure traditional IP model and get further into the silicon space
Show response
Rene acknowledged the M&A speculation but could not comment on rumors. Framed the opportunity around accelerating product development for AI without confirming silicon ambitions.
Calendar 2024 Q3
There have been myriad press reports regarding your working relationship and litigation with Qualcomm.
Show response
Rene confirmed the license breach and notification but stayed limited given ongoing litigation; Jason said the forecast already assumes existing ALA royalty rates, so no rev-rec/expense change.
ASMLASML Holding4 questions · 2 reporting periods · 2 of 4 challenging
Calendar 2025 Q1
they're now turning around and saying, well, yeah, we'd like you to do that, but we're also going to flat tariffs on some of the tools that you need in order to make that happen. Does strike me as ...
Show response
Roger pointed to the recent semiconductor equipment exemption and said the US administration is reviewing the whole ecosystem to reconcile onshoring goals with tariff design, acknowledging the pressure from industry participants.
Would you say that phase two is also represented in the backlog, and therefore, really incremental orders that come are only necessary for the phase three
Show response
Christophe confirmed phase-1 and phase-2 High NA demand is already covered by double-digit bookings and said phase-3 (HVM) orders will come once customer confidence in volume use is reached, still a few months away.
Calendar 2024 Q4
the strategy of pre building, is that continuing, have you changed that at all given the shift in customer dynamics we've seen over the last six to nine months?
Show response
Roger said pre-building remains a live factory-loading lever, continuously rebalanced against customer signals.
don't you need to see order commitments come in for EUV over the first half of this year in order to be able to meet those customer needs on time?
Show response
Roger agreed 1H EUV order intake is a critical signal for 2026, noted ASML retains supply-chain flexibility, and said the music does not simply stop if orders slip.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| ARM Arm Holdings | 8 | 0%none of 8 questions |
| ASML ASML Holding | 4 | 50%2 of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 3 | 33%1 of 3 questions | 2 |
| 2025 Q1 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q43 questions · challenge rate 33% (1 of 3 questions) · 2 companies
- 2025 Q14 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q3No questions recorded
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Innovation & R&D4
- Revenue Growth3
- Product Launch2
- Demand2
- Capex Investment2
- Pricing2
- Competitive Dynamics2
- Guidance Reliability2
- Supply Chain1
- Cloud & AI1
Show all 13 topics
- M&A1
- Trade Tariffs1
- Regulation Policy1