Joe Quatrochi

I think the prior target had included the 200-millimeter business that's now moved into Systems

I would assume given that the portfolio depth and just the number of new greenfield fab projects expanding into next year

what was the size of the advanced packaging business in fiscal '25? And how did that grow

as non-China ICAPS, have you started to see that business stabilize

if you could talk a little bit more about your expectations for DRAM growth

are you seeing customers look to add capacity for conventional DRAM? I just want to make sure I understand that comment

can you give us a little bit more detail on just the confidence that's increased in terms of the upside

how do we think about the gross margin structure relative to kind of what you were thinking about

as we think about, I guess, like the royalty rate growth for 1Q and then just thinking about the full year, is there any help that you can provide

how do we think about the puts and takes of this royalty revenue growth and the risks that are associated with the potential like demand destruction that we're seeing

how you view Arm Holdings plc American Depositary Shares' role and the role of the CPU in AI and cloud data centers and just how does that change as we start to see more proliferation of AI agents

I noticed in the filing you announced your intention to acquire DreamBig Semiconductor

Any help in the context of like what that was last year?

just trying to understand not giving a fiscal '26 guide and just trying to understand the context there

how should we think about the contribution to royalty revenue ramping as we enter fiscal '26

is that the ceiling of what you think you can support and your supply chain can support next year

I wanted to ask one on 2026, your commentary. I guess I wanted to try to better understand what has changed over the last 90 days just in your customer conversations.

on the gross margin side, I think if you kind of look at the implied December quarter guide, any sort of help on just like what's kind of driving the -- I think gross margin will take a bit of a st...

Is there any interest in altering delivery schedules?

how many of the 3600 are still left that you prebuilt, I think, last year in inventory? Is there anything that we should think about like, in terms of the salability of those tools

the cost of High NA installs this past quarter was a bit lower than expected. As we look in the second half and you talked about gross margin maybe a little bit higher in the first half.

if customers are able to build capacity for AI, then you think you can hit the high end of your revenue guide? How do we think about that relative to your lead times?

You talked about Agentic AI as being a long-term TAM expansion opportunity. Is there any quantification

How should we think about EDA's contribution to that or percent of that

On the verification and emulation hardware cycle, any sort of help on just kind of where you think you are at in that cycle?

I was wondering if you could just maybe help us understand like the OpEx dynamics. I think 3Q is a bit better than expected, but 4Q is a bit worse than expected

can you help us understand what would have RPO been had the restrictions not been in place exiting the quarter

You mentioned that you were developing a full stack Agentic AI solution. I was wondering if you could talk about just the areas of the design workflow

was there any change into the RPO balance from the export restrictions? And then two, I guess on that flat kind of expectation for 2025

just wondering if you could talk about your lead times and how do we think about just the cadence of capacity that is

I think last quarter you talked about Maybe Foundry Logic being in the low 60% of semi PC systems for 26.

I was wondering if you could maybe talk about your own lead times and just kind of thinking about your own supply chain

is that a bigger driver for potential incremental like process control system sales for you? Or is it largely flowing through the service line?

it seems like maybe based on the guidance, March is is kind of the bottom and we move higher from here

Any way that you can kind of help us understand just what could growth has potentially kind of been first half or second half if you didn't have those supply constraints?

I was curious just to think about just the advanced packaging process control intensity. I think just based on some of the things you put out there or talked about in the past, it's like high teens...

Can you help us just understand like what's driving that?

Do we just think about that as being maybe the peak to trough is less steep on a new node ramping?

is cleaner in space of potential kind of gating factors as you look into '26?

can you just help us like understand kind of what's giving you the confidence there to increase it?

can you talk about just the difference in HBM process control intensity, relative to conventional DRAM

do we just take that, I guess, quarterly kind of run rate impact all in the March quarter and then grow from there?

if you could talk a little bit just about where your lead times sit today

I was wondering if you could talk a little bit about just your position for high band with flash

Is there any area of your supply chain where you're pushing suppliers maybe that that could be a potential area of shortage?

For the December quarter, the strength that you saw in NAND revenue, I just wanted to clarify, was there anything

as you think about 2027, how should we think about just the potential for accelerating growth?

Any sort of color you could provide on where those areas are that you are increasing capacity?

any sort of help on the growth of the megatrends in general in fiscal 2026?

being at 3-nanometer, what's your kind of line of sight in terms of wafer availability as you look to ramp that in the second half of next year

is there any specific end markets that you can point to that you're seeing this kind of push, pull more than others

I think last quarter, you talked about your plans to enter the RCD market. And starting to sample with customers?

give us an update on how you are thinking about automotive demand in the second half of this year?

I think you talked about $150 of content like for humanoid back at the Analyst Day. Is that the right way to think about it? Or are those expanding opportunities

are you seeing anything related to just kind of, you know, memory prices increasing and just kind of maybe some pressure

how much of that is related to, like, traditional server CPU demand that it seems like it is accelerating

can you talk about what drove that and how you think about the revenue opportunity ramping there

Embedded within the 4Q guide, is there any help you can kind of provide in just thinking about the end markets?

how are you thinking about traditional server CPU demand this year?

just given like the abnormal seasonality, strength that you saw in 1Q, how do we think about that business kind of throughout the rest of this year?

are you still largely seeing those as being lateral power opportunities or those starting to move to more vertical solutions?

Wondering this, you know, what's driving that? Is that strength from are starting to see pull for AIPCs or is it channel refill?

what are the particulars that the customers are excited about

is there any color you can share just geographically on the demand you're seeing in the fourth quarter

prioritizing data center demand over auto industrial in the quarter. Was that any sort of impact to revenue?

your opportunity, you're talking about, you know, what that looks like per rack in 2030, which is a pretty significant increase

Just curious if there's any targets that we should be thinking about for this year.

any sort of color you could provide on your expectations for silicon carbide revenue growth this year?

I was wondering if you could talk about the rate of short lead time orders that you're seeing and how that compares in the third quarter

are there any end markets or geographies in particular that we should think about as being more price-sensitive

how you're thinking about the growth opportunity in 2025 with the potential acceleration from the JFETs business.

is AI becoming a larger piece or in offsetting kind of the non-AI?

of the $35 million increase to the full year guide on the revenue outlook from business performance how much of that was related to EDA versus IP

How should we think about, like, just the structure of those contracts

what's the right level of cash balance that you need, you know, day to day as we think about just the debt pay down and the pace

are we to think about, you know, you looking at different business models in terms of royalty, and things of that nature similar to some of your competitors

For the non-AI customers, have you seen like the rate of change over the past few quarters in terms of design activity

How should we think about just the growth trajectory there, the pipeline. And then in the context of I think your inventory increased a decent amount this quarter

Just any update on just how to think about free cash flow per share for this year. Any change there?

I was curious if you could maybe just help us understand, given the resegmentation of revenue, especially on the industrial side, what is normal seasonality now for the June quarter?