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Analyst
Gary Mobley
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 55on tracked calls
- Challenge rate
- 5%3 of 55 questions
- Companies
- 10questioned at least once
- Reporting periods
- 8with 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. See how we grade analysts on earnings-call questions.
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 55 of 55 questions from 10 companies
MPWRMonolithic Power Systems14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q3
I just want to confirm that the distribution inventory is still within that normal 5- to 8-week range.
Show response
Balow said channel inventory is at the lean end of the range and internal inventory days fell as revenue ramped without limiting the business.
So should we think about that in terms of the revenue velocity exiting fiscal year '27?
Show response
Balow said capacity is kept ahead of demand but declined to translate it into a 2027 revenue ramp.
Calendar 2026 Q1
how much content you have in these 800-gig optical modules and I assume maybe of rack switches
Show response
Tony confirmed module-level content in optical modules (higher value than discrete) and multiple power opportunities across switches, NIC cards, and other rack components, but declined to give dollar content.
Is it still lean relative to where you would normally place your distribution inventory and then as well, maybe if you can talk about the sort of inflationary relating pricing trends
Show response
Channel lean through 2025 into 2026, implying end-market pull. On pricing, selective increases where input costs rose or customers requested expedited supply chains, targeting margin profile maintenance.
Calendar 2025 Q4
Maybe if you can give us a sense of what drove that. Was that just share gains
Show response
Bernie attributed 26% growth despite enterprise data decline to best technology and services across all end markets, a reflection of decades-long diversified strategy execution.
would you say the shape of the year is a little more linear less dependent on the second half?
Show response
Bernie confirmed first half is more secure than previously expected but second half still has variables to be shaped. Noted need to distinguish real demand from potential double ordering.
Calendar 2025 Q3
can you confirm whether bookings continue to improve sequentially and what are the seasonal considerations
Show response
Bernie acknowledged limited Q1 visibility while pointing to normal drivers for enterprise data and automotive. Michael noted MPS builds inventory ahead of demand due to short customer lead times.
What was the trend sequentially for the September quarter?
Show response
Bernie reported flat channel inventory days QoQ, interpreting this as servicing real demand in a quick-turns business environment.
Calendar 2025 Q2
Typically, Q4 might be down, what, mid-single-digit percent sequentially? How do you see it shaping up this year?
Show response
Michael dismissed seasonal patterns. Bernie described Q4 outlook as flattish, noting MPS has not actually fulfilled a seasonal down in recent history.
can you remind us what sort of annual revenue you could support with your internal and external capacity?
Show response
Bernie confirmed $4B capacity with 50% geographic balance. Ordering patterns are atypically short-term for a cyclical recovery, not building 1.4-1.5x book-to-bill ratios.
Calendar 2025 Q1
have you seen any sort of uptick in customer order lead times? And related, has that improved your visibility
Show response
Bernie noted stable lead times with lean channel inventory. MPS holds below its 180-200 day inventory target, with internal inventory at what Michael called unhealthy low levels.
can you give us a sense of how big your business now is in China relative to local indigenous consumption?
Show response
Michael described a balanced global manufacturing approach with capacity inside and outside China, but declined to give specific China revenue percentages.
Calendar 2024 Q4
Are there any greater than ten percent customers in fiscal year 2024? And if you can't name the customer
Show response
Bernie confirmed two direct distributor customers and one indirect customer above 10% threshold for full year, consistent with 10-Q disclosures.
how big in revenue terms could that be, and if this fiscal year 2026 time frame?
Show response
Michael framed new product categories as multi-billion dollar opportunities collectively but declined to commit to a specific revenue timeline.
ONON Semiconductor14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q3
how should we sort of think about the incremental gross margin on each dollar of revenue from here on out?
Show response
Asked by Gaurav Saini on behalf of Gary Mobley. Thad laid out the bridge to 53%: about 450 basis points from utilization, 225 basis points from Fab Right, 400 basis points from mix and new products, plus some pricing.
How should we sort of think about the revenue from vertical GaN, EPP and Treo as these new sort of layers of revenue
Show response
Asked by Gaurav Saini on behalf of Gary Mobley. Hassane sequenced the ramps (Treo now, vertical GaN in 2027, EPP later) but gave no revenue sizing for any of them.
Calendar 2026 Q1
At what point do you need to take up your capital intensity above the 5% level
Show response
Trent said no CapEx change expected, mid-single-digit for foreseeable future including 2027. Full utilization at low 90s needs 25-30% higher revenue. Significant capacity headroom exists. Investment already made in prior years.
How pervasive are those pressures? Or asked differently, how pervasive are your pricing adjustments
Show response
El-Khoury said pricing environment better than expected. Passing commodity and energy costs to customers. Surgical pricing on constrained technologies. Trent said pricing impact will show in margin in H2.
Calendar 2025 Q4
maybe if you can share with us a few more specifics on the forward-looking revenue KPIs
Show response
El-Khoury said book-to-bill trending up, walking into quarter with less turns needed, more expedites than 90 days ago. Strong signals for stabilization but no replenishment yet.
Do you feel like you've built out, you know, rebuilt the product portfolio to the degree you hope
Show response
El-Khoury said yes, 40V to 1200V native coverage including single 1200V GaN-on-GaN device. Combined with Treo smart drivers for complete portfolio. GaN with integrated drivers covered by Treo.
Calendar 2025 Q3
Is there any change from that outlook?
Show response
Trent confirmed no change from prior outlook. $45M exited in Q3, $55M remaining in Q4. 5% of 2025 revenue won't repeat in 2026.
How do you think that impacts sort of a pricing reset as we transition to the next calendar year?
Show response
El-Khoury said ON expects normal pricing behavior for 2026. If competitor pricing changes benefit ON, it would be upside. Monitoring the dynamic situation.
Calendar 2025 Q2
How much of a headwind is it for fiscal year '25?
Show response
Trent said $200M exits in 2025 with $100M year-to-date. Overcalled exit pace historically so $100M pushed into 2026. On track through Q2.
I was hoping you can give us an update on the East Fishkill bring up sort of where you're at
Show response
El-Khoury said EFI power products qualified and shipping, image sensors on track, Treo at 5M units. Margin impact driven by overall utilization, not EFI-specific.
Calendar 2025 Q1
if you could just establish a little more context in terms of what market share position you're coming from
Show response
El-Khoury said SiC wins in China are performance-driven, not pricing. Competition is global peers, not local Chinese suppliers. Trench SiC launching 2026.
OPEX could trend down maybe another $5 million per quarter off that $292.5 million base that you're guiding to
Show response
Trent confirmed $5M additional OpEx savings per quarter in Q3 and Q4 from restructuring actions.
Calendar 2024 Q4
any update on your internal sourcing of raw and epi wafers, whether that be internal or external?
Show response
El-Khoury said both internal and external supply qualified including 200mm and 350-micron substrates. Full flexibility to balance mix based on geopolitical environment.
if you could talk about pricing trends for some of the core products. I presume you just went through annual price negotiations.
Show response
El-Khoury said no traditional annual price resets occurring. Efficiency gains shared with customers on new products, but no demand-driven price cuts on proprietary products.
CDNSCadence Design Systems8 questions · 8 reporting periods · 0 of 8 challenging
Calendar 2026 Q3
So my question is, you know, what is driving the strong backlog, the strong bookings?
Show response
Wall credited healthy design activity, expanded engagements and add-on deals rather than the renewal calendar, with Q4 still to come.
Calendar 2026 Q2
One thing that stands out is what appears to be a, about a 55% increase in your bookings in the first half of the year
Show response
Wall confirmed the low renewal year and credited add-on strength and structural demand drivers, without decomposing the bookings figure.
Calendar 2026 Q1
was the strong bookings in the first quarter a reflection of some add-on sales
Show response
Wall confirmed 2026 is a light renewal year but said these tend to be strongest growth years due to add-on activity. Q1 booking strength was broad-based across all business lines.
Calendar 2025 Q4
I believe there's been an effort to move your SD&A customers into 1-year license terms. And if I'm not mistaken, that's been an impediment to growth
Show response
John Wall confirmed BETA deliberately moved to annual subscriptions in 2025, impacting YoY comparisons. SD&A was 16% of revenue in 2025. Hexagon annualized revenue about $200M, likely ~$150M if closing by end Q1. Not in current 2026 guide.
Calendar 2025 Q3
given that $600 million revenue or $600 million delta in your backlog, how much of that was a function of the inclusion of China backlog versus the prior quarter?
Show response
Anirudh confirmed ~$150M (25%) of backlog growth was China catch-up from Q2 to Q3. Remaining $450M was organic growth strength across the business. John Wall confirmed.
Calendar 2025 Q2
I want to confirm that the June quarter ending backlog excludes China
Show response
John Wall confirmed China bookings excluded from Q2 backlog. Expects record year-end backlog with book-to-bill greater than 1. Q3 and Q4 bookings to exceed revenue.
Calendar 2025 Q1
is more and more tools that you sell like simulation, synthesis, place and route, et cetera, run on generation-based compute and running GPU-based servers
Show response
Anirudh described three-layer compute stack. Offering both traditional licensing and cloud SaaS. Cadence OnCloud packages hardware and software together.
Calendar 2024 Q4
your OpEx guide or your operating margin guide seems to imply the opposite directional change for non-GAAP OpEx
Show response
John Wall explained merit cycle moved from July to January. Profitability will now improve sequentially through the year (Q1<Q2<Q3<Q4).
SNPSSynopsys8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2026 Q3
Was that a large deal because it is accelerated compute, runs an accelerated compute versus CPU-based compute?
Show response
Ghazi said Synopsys captures the full value and uplift of GPU-accelerated Ansys simulation (10-60x CFD speedups), with NVIDIA benefiting on the GPU hardware.
Calendar 2026 Q2
have you seen sort of resurgence in that customer base from a renewal activity perspective
Show response
Sassine differentiated between AI-related design starts (growing strongly) and industrial/automotive (revenue improving but design starts still fairly muted). Physical AI sensors/actuators showing early excitement.
When would you expect the first phase of that $400 million in revenue synergies, you know, post acquisition
Show response
Sassine confirmed FY2027 start for semiconductor multiphysics revenue synergies, with $400M base target on track. Physical AI and digital twin thesis accelerating confidence beyond initial plan.
Calendar 2026 Q1
the RPOs are down modestly on a sequential basis. And it's clear that the fourth quarter of last year was a strong bookings quarter
Show response
CFO characterized RPO decline as normal ebb and flow after strong Q4 bookings. $11.3B backlog gives strong confidence in customer demand visibility.
how do you see the product cycle of ZeBu and HAPS-200 playing out for the balance of the year in comparison to last year
Show response
CEO confirmed strong demand trajectory continuing with ZeBu, HAPS, and EP family addressing complexity of software-defined, configurable systems. Technology differentiation leading the market.
Calendar 2025 Q2
what is the pricing benefit? And do you feel like you're pricing that product correctly
Show response
CEO cited 15x+ speedup for Proteus OPC product on GPU. Pricing based on customer TCO benefit with meaningful price delta. No downside expected given complexity growth.
do you have any supply chain constraint considerations, whether it be from your chip partners or from your EMS partners
Show response
CFO confirmed no supply chain constraints. Would like more inventory now but can fulfill demand. Supply situation improves into Q4, driving heavy Q4 weighting.
Calendar 2024 Q4
it looks like you're bringing a lot more down to the operating income line than you did last year for each incremental revenue dollar despite the slowdown
Show response
CFO attributed margin expansion to multiyear leverage initiatives including AI adoption, software modernization, and digital transformation.
NXPINXP Semiconductors4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
should we think about the endpoint or I guess, the milestone for 2027 is about $15.4 billion in revenue?
Show response
Jeff Palmer confirmed need to adjust for MEMS divestiture but standing behind 6-10% total company CAGR targets. Design wins going into production increase clarity.
I was hoping that you can give us an update on the integration of Kinara, Aviva, TTTech, how that's progressing
Show response
Rafael gave detailed updates: TTTech redeployed for S32 CoreRide (sampling Q3), Aviva Links has customer awards for production in 2028, Kinara has $1B+ sales funnel with 30+ POCs and revenue expected H2 2027/2028.
Calendar 2025 Q4
what's the impact to gross margin and OpEx
Show response
Bill said MEMS sale involved ~100 people and was below corporate margins, roughly 10-20bps gross margin improvement. Corporate restructuring made room for new acquisition headcount.
for the fiscal year '26 commentary about being on target, is that with respect to 6% to 10% growth or that 2027 destination for revenue
Show response
Rafael acknowledged the 2027 endpoint target, expressed confidence in accelerating through next 2 years after H1 2025 digestion, but declined to guide the specific annual cadence.
IONQIonQ, Inc.2 questions · 1 reporting period · 2 of 2 challenging
Calendar 2026 Q2
Prior to you closing the acquisition, I believe the consensus revenue view was about $610 million.
Show response
Singh said IonQ's ~$120 million of SkyWater spend becomes intercompany revenue to eliminate; hasn't reviewed SkyWater's numbers post-close yet.
help me reconcile what's changed in the last 90 days? Is it more contribution from some of the acquisitions
Show response
Singh said organic (mainly computing) grew 132% and drove the upside, with all product lines contributing.
Show 4 more companies
SWKSSkyworks Solutions2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q4
you still stand behind those revenue forecasts outlined in the S-4 filing? For 2026 and 2027
Show response
Phil declined to comment specifically on S-4 revenue projections but reiterated strong bullishness on the combination. Expressed commitment to closing and impatience to get it done.
Calendar 2025 Q1
do you feel any differently today versus what you communicated last quarter with respect to your blended content
Show response
Phil emphasized performance-driven approach. Blended content for upcoming phone unchanged from prior quarter. Utilization varies by factory; ample capacity exists for future growth without new spending.
ARMArm Holdings1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
But what about the demand pipeline for the out years, fiscal year '29 through '31?
Show response
Rene declined to update out-year figures but said the $100 billion CPU TAM cited in March may have been conservative, with peers now citing up to $200 billion.
QBTSD-Wave Quantum Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
you expect to deliver somewhere between two and three annealing systems per year
Show response
Operator introduced Gary Mobley as Benchmark; canonical firm is StoneX. Markovich cited $20M-$40M system pricing, site selection as the gating factor, and roughly two-quarter revenue recognition.
RGTIRigetti Computing, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
What's the prospect for renewal funding -- renewal of the funding for that work and potentially some sort of reengagement
Show response
Management pointed to the UK's multiyear ProQure initiative as the path for continued NQCC engagement and investment.
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 |
|---|---|---|
| MPWR Monolithic Power Systems | 14 | 0%none of 14 questions |
| ON ON Semiconductor | 14 | 0%none of 14 questions |
| CDNS Cadence Design Systems | 8 | 0%none of 8 questions |
| SNPS Synopsys | 8 | 0%none of 8 questions |
| NXPI NXP Semiconductors | 4 | 0%none of 4 questions |
| IONQ IonQ, Inc. | 2 | —Rate withheld: fewer than 3 questions |
| SWKS Skyworks Solutions | 2 | —Rate withheld: fewer than 3 questions |
| ARM Arm Holdings | 1 | —Rate withheld: fewer than 3 questions |
| QBTS D-Wave Quantum Inc. | 1 | —Rate withheld: fewer than 3 questions |
| RGTI Rigetti Computing, Inc. | 1 | —Rate withheld: fewer than 3 questions |
- MPWRMonolithic Power Systems · 14 questions0%none of 14 questions
- ONON Semiconductor · 14 questions0%none of 14 questions
- CDNSCadence Design Systems · 8 questions0%none of 8 questions
- SNPSSynopsys · 8 questions0%none of 8 questions
- NXPINXP Semiconductors · 4 questions0%none of 4 questions
- IONQIonQ, Inc. · 2 questions—rate withheld: under 3 questions
- SWKSSkyworks Solutions · 2 questions—rate withheld: under 3 questions
- ARMArm Holdings · 1 question—rate withheld: under 3 questions
- QBTSD-Wave Quantum Inc. · 1 question—rate withheld: under 3 questions
- RGTIRigetti Computing, Inc. · 1 question—rate withheld: under 3 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 Q4 | 6 | 0%none of 6 questions | 4 |
| 2025 Q1 | 6 | 0%none of 6 questions | 4 |
| 2025 Q2 | 7 | 0%none of 7 questions | 4 |
| 2025 Q3 | 5 | 0%none of 5 questions | 3 |
| 2025 Q4 | 8 | 13%1 of 8 questions | 5 |
| 2026 Q1 | 9 | 0%none of 9 questions | 5 |
| 2026 Q2 | 8 | 25%2 of 8 questions | 6 |
| 2026 Q3 | 6 | 0%none of 6 questions | 4 |
- 2024 Q46 questions · challenge rate 0% (none of 6 questions) · 4 companies
- 2025 Q16 questions · challenge rate 0% (none of 6 questions) · 4 companies
- 2025 Q27 questions · challenge rate 0% (none of 7 questions) · 4 companies
- 2025 Q35 questions · challenge rate 0% (none of 5 questions) · 3 companies
- 2025 Q48 questions · challenge rate 13% (1 of 8 questions) · 5 companies
- 2026 Q19 questions · challenge rate 0% (none of 9 questions) · 5 companies
- 2026 Q28 questions · challenge rate 25% (2 of 8 questions) · 6 companies
- 2026 Q36 questions · challenge rate 0% (none of 6 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth22
- Demand18
- Competitive Dynamics11
- Margin8
- M&A8
- Product Launch7
- Pricing7
- Supply Chain6
- Innovation & R&D5
- Inventory3
Show all 16 topics
- Capex Investment3
- Cloud & AI3
- Guidance Reliability3
- Geographic Expansion2
- Cost Pressure2
- Regulation Policy1