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Analyst
Ross Seymore
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 102on tracked calls
- Challenge rate
- 6%6 of 102 questions
- Companies
- 12questioned 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.
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 102 of 102 questions from 12 companies
INTCIntel Corporation12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q1
How does the business model and the spending behavior strategically change in that?
Show response
Lip-Bu focused on yield and cycle time improvements rather than directly addressing CapEx structure. Mentioned efficiency gains and 14A PDK progress but did not clearly answer if CapEx needs to go up.
how Intel is positioned competitively? Is the strength that you're seeing more that the market demand is just that high?
Show response
Lip-Bu emphasized CPU's role as orchestration layer for AI, noting GPU-to-CPU ratio shifting from 1:8 toward parity. Highlighted architecture changes and ASIC capabilities.
Calendar 2025 Q4
The gross margin side, Dave, you gave some puts and takes for the full year on a bunch of different metrics but you didn't mention gross margin
Show response
Dave said Q1 decline driven by lower revenue and dilutive Panther Lake mix. Through 2026, improving supply lifts revenue while 18A cost structure improves via yield and throughput gains. Targeting 40% as near-term milestone before setting higher target.
are the yield improvements and the other actions you're taking sufficient to address just typical seasonality throughout the year given that usually the first quarter would be the low point on reve...
Show response
Dave said CapEx is down significantly in space but up in tools. Wafer starts increasing every quarter across Intel 7, 3, and 18A. 14A capacity spend gated by customer commitments expected H2 2026 to H1 2027. Lip Bu added yields improving 7-8% per month but not yet industry-leading.
Calendar 2025 Q3
Do any of these collaborative announcements or equity investments go into that increased confidence? Or are there some sort of technical merits that you're seeing that are rising your optimism in t...
Show response
Lip Bu cited both factors: SoftBank AI infrastructure build-out creates foundry capacity demand, while 18A yield is progressing predictably. Fab 52 fully operational for 18A. 14A engaging multiple customers on milestone basis with yield and performance improvements.
could you just walk us through some of the pluses and minuses as we think about 2026, just kind of directionally? And I guess where I'm going is it seems like the biggest improvement has to come on...
Show response
Dave noted Altera deconsolidation is ~1pt headwind. Lunar Lake dilutive in H1 2026, Panther Lake initially expensive on new process but improves through year. Foundry margins should improve from scale and leading-edge mix shift to 18A and Intel 4/3.
Calendar 2025 Q2
Can you dive a little more deeply into those? And perhaps more importantly, just what do you see as the tailwinds and headwinds to gross margin
Show response
Dave detailed Lunar Lake memory-in-package headwind and Panther Lake early-ramp costs for Q3. 2026 tailwinds from Panther Lake volume, wafer insourcing, and foundry margin expansion. Products need better pricing and simpler designs.
how fast can you fix that? I know you are having to sign off on every tape-out. But is the trust that 18A can ramp dependent upon Nova Lake
Show response
Lip Bu described twice-weekly 18A reviews, engaging external ecosystem partners on yield for the first time. Confident in Panther Lake year-end launch; external customers will follow internal ramp success.
Calendar 2025 Q1
How do we balance fixing the roadmap with also filling the foundry and making sure you have the unit volumes there?
Show response
Lip Bu gave a broad answer about flattening organization and focusing on right products but didn't directly address the internal vs external manufacturing tension.
Can you just talk about some of the puts and takes on gross margin if you think about 2025 as a whole and maybe even 2026?
Show response
Dave detailed Lunar Lake cost pressure and 18A startup costs as 2025 headwinds. 2026 improvement expected from Panther Lake ramp on better-margin 18A wafers.
Calendar 2024 Q4
Can you just walk us through some of the puts and takes on the gross margin sequentially in the first quarter?
Show response
Dave detailed revenue decline, CHIPS grant Q4 benefit, and Lunar Lake cost pressure. Foundry EUV mix improvement expected to drive margins in H2.
Specifically on the DCAI side of things. Can you talk about how much you think Granite is closing the gap
Show response
Michelle directly addressed competitive position, acknowledging 1-2 years of execution needed. Clearwater Forest pushed to H1 2026 due to packaging complexity.
NXPINXP Semiconductors12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q1
Can you just talk about what that is? I'm not trying to get you to guide for the back half of the year, but just is your visibility improving?
Show response
Rafael confirmed visibility improved with strengthening order book and distribution backlog, though declined to guide second half explicitly.
Talk a little bit about that 200 more than doubling this year. You went through a few of the drivers there. But are these new products?
Show response
Rafael clarified NXP plays in control plane (networking processing, board management, MCUs for cooling/security), not data plane. Products are ramping now.
Calendar 2025 Q4
Is anything changing your thesis there? Are you more optimistic, less optimistic
Show response
Rafael confirmed accelerated growth drivers thesis completely intact. Auto drivers grew ~10% in 2025 even as total auto was flat, led by SDV, radar, and connectivity. Shift to structural from cyclical.
Can you aggregate how much of a headwind those exits are going to be for this year
Show response
Bill quantified MEMS sensor divestiture at ~$300M/year with $25M in Q1. RF Power exit will decline like digital networking, expected to remain for at least 2 years. Jeff broke out C&I: secure cards >50%, digital networking and RF Power each ~25%.
Calendar 2025 Q3
what specifically got better over the last 90 days, either by end market, inventory, region, et cetera
Show response
Rafael explained Q4 guide above prior soft guide of flat to slightly up because downside risks didn't materialize, order book stayed strong, and Industrial and IoT showed slight demand improvement.
If you go from 9 to 11, any sort of rough dollar amount that, that contributes that we should think about
Show response
Rafael shifted the channel discussion from formulaic math to strategic staging of high-conviction products. Confirmed 11 weeks remains the optimal long-term target, potentially achievable in Q1 as conditions improve.
Calendar 2025 Q2
Is your cyclical confidence rising quarter-over-quarter? Is it staying about the same? In general, just how are you feeling this quarter versus last
Show response
Kurt confirmed all four recovery signals have strengthened over 90 days. Characterized confidence as markedly different from prior quarter.
how much does your gross margin get benefited from running the fabs a little hot in the consolidation
Show response
Bill said prebuild impact on gross margin was minimal. Pending Kinara and Aviva acquisitions are small (~160 people total) and manageable if closed in Q3.
Calendar 2025 Q1
are you a U.S. company to China? Are your U.S. China for China play? Or does the U.S. consider you a European company
Show response
Kurt confirmed NXP leverages its European identity in China, with more than a third of China business manufactured locally. US sees NXP as compliant US player.
green shoots, and I know those are dangerous words these days, but nonetheless, in the industrial business
Show response
Kurt attributed industrial improvement more to consumer IoT than core industrial, driven by company-specific design wins especially in China. Cautioned against using NXP as industry bellwether.
Calendar 2024 Q4
Is that now behind us? And so the business a little under $300 million, I guess, in the first quarter for your guide is now going to act along with whatever demand does
Show response
Kurt confirmed the digital networking end-of-life decline continues beyond Q1, affecting about 30% of the comms infra segment.
flatness is a welcome surprise to people. Can you dive a little bit deeper into what's going on there
Show response
Kurt attributed Industrial IoT sequential flatness to relative strength from China and low channel inventory enabling direct exposure to any demand improvement.
ONON Semiconductor11 questions · 6 reporting periods · 2 of 11 challenging
Calendar 2026 Q1
How do you think those are really going to show through to investors, and when do those become the dominant driver of revenue
Show response
El-Khoury said AI DC already showing in 2026 with 30% vs expected high-teens. Treo at 2.5x sequential with 60-70% margins. Trent detailed margin levers: utilization 25-30bps/point, 200bps FabRight, 200bps fab divestitures, 200bps+ mix. Larger step functions expected in second half.
Calendar 2025 Q4
can you just talk a little bit about the TAM you think you can address in that? When do you think it could be 10% of sales
Show response
El-Khoury declined to guide AI DC specifically but said growth accelerated from 2024 to 2025 and will continue. Differentiation from wall-to-core power, vertical GaN, and broad portfolio.
what was going on in the Other category? Everything else was better than expected, but Other was pretty weak.
Show response
Trent said Other weakness from $40M exits plus normal seasonality, partially offset by AI DC growth. Excluding exits, ON is already above seasonal.
Calendar 2025 Q3
I just wanted to get an update on what you're seeing in that end market, what caused the upside, and perhaps what's the sustainability
Show response
El-Khoury said not to read into QoQ lumpiness, just project ramp timing. Auto is stabilizing which is positive. No restocking cycle yet. Not guiding 2026 by market.
how do you believe that $250 million will grow? And what's the differentiation ON delivers to drive that growth?
Show response
El-Khoury said ON is one of only two companies able to deliver wall-to-core power. Differentiation proven through SiC JFET, AMG products, and Vcore acquisition.
Calendar 2025 Q2
you sound better cyclically than you have in a while. So the first part is what are you seeing cyclically?
Show response
El-Khoury acknowledged improved tone. Automotive hit bottom in Q2 with expected growth in Q3. AI data center doubled YoY two quarters running. Treo hit 5M unit milestone.
why is it flat to slightly down if your revenues are up?
Show response
Trent said cautiousness on utilization pending better Q4 visibility. 900bps underabsorption, 25-30bps per point of utilization, plus 200bps from Fab Right and 200bps from divested fabs.
Calendar 2025 Q1
Is there anything structurally different at on that would keep you from experiencing the same sort of upturn that others have started to allude to?
Show response
El-Khoury attributed the gap to end-market mix, specifically EV focus. China ramps expected in second half 2025.
what are the metrics we should use to think about gross margin?
Show response
Trent said utilization leverage improved to 25-30bps per point due to capacity reduction. $22M annualized depreciation savings start hitting P&L in Q4.
Calendar 2024 Q4
Any sort of color as far as putting magnitudes around those?
Show response
Trent declined to quantify restructuring benefits, promising updates later. Did not provide any sizing for OpEx or COGS improvement magnitude.
how much of this do you believe to be ON Semiconductor Corporation specific versus the end market?
Show response
El-Khoury directly attributed ON-specific weakness to non-core business, distinguishing it from end-market softness and reaffirming focus on value-add products.
AMDAdvanced Micro Devices, Inc.10 questions · 5 reporting periods · 1 of 10 challenging
Calendar 2026 Q1
I wanted to dive a little bit deeper into that. How do you see AMD truly differentiating
Show response
Lisa emphasized AMD's broad portfolio approach across general purpose, head nodes, and Agentic AI CPUs vs ARM point products. Noted customers will use both x86 and ARM for different workloads.
how should we think about when Helios and the Instinct side really ramps in the fourth quarter and more so next year
Show response
Jean Hu outlined tailwinds from server CPU growth, client mix improvement, and embedded accretion offsetting MI450 dilution below corporate average. Expressed confidence in long-term 55-58% range from FAD.
Calendar 2025 Q4
As you go from the MI300 to the 400 to the 500 eventually, do you see any changes in the gross margin throughout that period?
Show response
Jean Hu said each new Instinct generation should have higher gross margin longer term, with typical transition-period dips as yields and testing improve during initial ramp.
What is the magnitude down you're talking about this year?
Show response
Jean Hu said semi-custom will decline significant double-digit in 2026 as the console cycle enters year seven, with Lisa Su adding the next-gen Xbox ramp in 2027 will reverse that trend.
Calendar 2025 Q3
Do you think that was a relatively unique agreement or given that the world needs more processing power that AMD is open to somewhat similar, conceptually similar creative ways
Show response
Lisa Su said the OpenAI warrant structure was unique but AMD would pursue similar creative opportunities where they enable deep multi-year partnerships with AI users or sovereign programs.
how do you attack that market differently than those competitors to not only get the 6 gigawatt initially but hopefully more after that?
Show response
Lisa Su framed AMD's advantages as MI450 Series strength, time-to-market, TCO, and deep multi-generation partnerships extending into MI500 and beyond for inference and training workloads.
Calendar 2025 Q2
how are you thinking about that for the second half as a whole for Client? And then Gaming, which was just up a huge amount sequentially
Show response
Lisa Su guided single-digit sequential Client growth in Q3, flattish Gaming vs Q2, with Client+Gaming likely down in Q4 driven by console semi-custom falling strong double digits after holiday builds.
how have things changed from a quarter ago as far as the MI350 family adoption, especially because you are -- you launched a little bit early.
Show response
Lisa Su said MI355 adoption is running faster than expected with significant new customer interest over the last 90 days, and noted strong MI400 Helios enthusiasm driving early co-design with customers.
Calendar 2025 Q1
You said there is $50 million from ZT in there. Is that the entirety of the ZT side of things?
Show response
Jean Hu confirmed the full ZT design team OpEx is $50M/quarter baked into the Q2 guide; OpEx discipline will keep EPS growing faster than revenue.
You mentioned the second half getting up to year-over-year growth. Seems like that requires significant double digit growth
Show response
Jean Hu cited improving book-to-bill in aerospace/defense and test/measurement as the confidence driver; industrial is slower with inventory still working down, Q4 growth clearest.
MPWRMonolithic Power Systems10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q1
talk about the different trends you're seeing between kind of the XPU side versus the CPU -- server CPU side
Show response
Tony confirmed both CPU and AI growth drivers remain intact with continued customer ramps and module transition, noting CPU has been a tailwind since 2025.
Talk about the tailwinds or headwinds given what's happening from a macro perspective and then potentially the difference between what you guys do on the storage side versus the computing side
Show response
Tony differentiated storage (strong, indexed to data center, DDR5) from notebooks (cautious due to memory shortages and lower-margin consumer exposure).
Calendar 2025 Q3
how do you think about the gross margin implications of that over time?
Show response
Michael denied margin headwind from solutions shift, citing ongoing improvements in automated testing and yield. Expects margins to improve over time but not quickly.
can you just talk about ADAS as a percentage of your revenues now versus user interface or USB
Show response
Bernie described a cascading adoption pattern from ADAS to body electronics and other applications. Michael estimated ADAS at well less than half of automotive revenue.
Calendar 2025 Q2
Can you talk a little bit about any differences between those 2 growth rates, composition
Show response
Bernie reiterated the blurring lines between CPU and AI make meaningful breakdowns impossible, but overall profile remains very positive.
are you seeing any evidence of that kind of tariff influenced behavior?
Show response
Bernie definitively attributed demand to cycle rather than tariffs. Michael noted inventory is low and channel inventories declined in the quarter.
Calendar 2025 Q1
as far as the pull-ins, push-outs, any sort of different behavior from your customers
Show response
Michael acknowledged minor push/pull dynamics but said they are too small to isolate from normal ordering patterns. Overall numbers remain consistent.
Just wondering if there's any large segment moves in your second quarter guide, any kind of big divergent moves
Show response
Bernie noted all segments within a narrow plus/minus 5pp sequential range, suggesting no evidence of tariff-driven pull-ins or dramatic segment swings.
Calendar 2024 Q4
you guys have been talking about that growing for many, many years, and it finally did last year
Show response
Tony directly identified optical as the key inflection point in communications, separating it from the legacy business trajectory.
do you guys have other things that are happening as we speak as well? So I really wanted to focus on the dynamics outside of those
Show response
Bernie noted the lines between CPU and GPU are blurring, making it hard to separate. Michael added MPS is gaining significant server shares.
QCOMQualcomm10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q1
As you go from more of a cockpit business to the ADAS mix increasing, how does that change the revenue trajectory
Show response
Cristiano explained ADAS adds significant silicon content, and Akash noted transition from chip to module sale plus software opportunity improves margin profile.
are you believing that true demand, whether it's China or elsewhere, is truly weakening still
Show response
Akash noted overall market scale unchanged in March quarter, with the under-shipment driven by OEM inventory drawdown that will reconcile to market size.
Calendar 2025 Q4
are there any adjustments given what you're saying in the memory side? Or are you guys kind of investing right through this?
Show response
Akash confirmed March OpEx level is a reasonable run rate. Framework unchanged: reduce mature business investment, fund diversification, and incremental Alphawave/data center spend.
what percentage of your handset business do you think is in China? Considering that you cited them as being especially hit?
Show response
Akash declined to break down by region. China exposure less than unit share implies due to tier mix. Demand seasonality expected to be consistent; supply alignment is the question.
Calendar 2025 Q2
You've talked about at least the premium tier, flagship tier of having roughly double-digit ASP or content increases going forward
Show response
Akash confirmed Android business grew ~10% in FY25 vs FY24, above Investor Day target. Non-Apple QCT revenues grew 15%+ annually over last 2 years.
you've seen Samsung launch a couple of models with its own processor. I just wondered, how do you compare and contrast that against the
Show response
Cristiano established 75% as contractual baseline share at Samsung, anything above is upside. Competing against Samsung silicon is nothing new, decades of precedent.
Calendar 2025 Q1
as that business goes away in the trajectory you’ve said many times before, how does the OpEx change and maybe the margin structure of Qualcomm
Show response
Akash explained OpEx strategy of holding total flat while shifting investment from handsets to auto/PC/XR/industrial. Revenue replacement targets from Investor Day framework.
What was the reasoning behind doing that? I think everybody will obviously take it and it’s a positive sign, but just wanted to see what the catalyst was
Show response
Akash cited strong multi-year cash flow growth and stock price as opportunity to increase buybacks while maintaining M&A flexibility per Investor Day framework.
Calendar 2024 Q4
That business has been very strong year-over-year, but you've had a couple quarters with negative sequential comps. Is that just normal seasonality
Show response
Akash explained sequential dips are consumer IoT holiday seasonality. Industrial and edge networking segments show consistent strength across quarters.
Is that something that is just structurally going to be a little higher than that, I guess, kind of implied 48% to 49% range, and if so, what's changed?
Show response
Akash attributed gross margin strength to favorable premium tier mix, noting it will flow through as mix evolves. Expressed satisfaction with sustained margin performance.
Show 6 more companies
TXNTexas Instruments10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q1
one of the concerns people had was more consumer-oriented and marketing demand destruction with higher memory costs, memory availability, those sorts of things
Show response
Haviv said no evidence of demand destruction from memory costs. Personal electronics was flat year-on-year, though Q4 was an easy compare for sequential transition.
what was the biggest surprise versus the midpoint of your guide in the first quarter? And was pricing part of the strength in either the quarter or the guide?
Show response
Haviv explained pricing was flat vs typical Q1 low-single-digit decline, helping modestly. Sees potential for second-half price increases if demand sustains. Breadth of demand was the main driver.
Calendar 2025 Q4
Rafael, can you just talk a little bit about the puts and takes on gross margin in your first quarter guide and maybe throughout the year if utilization is changing
Show response
Rafael said Q4 GPM beat expectations from a combination of better revenue, end market mix, loadings, and OpEx. For Q1, guided OpEx up low single digits and said loadings will adjust based on demand.
the first quarter guidance is significantly stronger than seasonal. If my math is right, it seems like it's the first time you've been up sequentially since right after the financial crisis
Show response
Haviv highlighted continued industrial recovery (18% YoY with room to grow vs 2022 peak), data center becoming more substantial (~$450M/quarter), and improving orders through Q4. Mike added that revenue linearity improved month-to-month and backlog built through the quarter.
Calendar 2025 Q3
How should we think just generally about OpEx, whether it's relative to revenue or absolute levels? Do you plan to grow at low single digits
Show response
Rafael said Q4 OpEx will be above flat vs Q3 (excluding restructuring). Haviv highlighted expanding R&D investment in industrial, automotive, and data center as long-term growth priorities.
does that flow through? And the utilization dynamic, does that have to flow through inventory, etcetera, in lead to a headwind
Show response
Rafael confirmed no change to depreciation guidance ($1.8-2B for 2025, $2.3-2.7B lower end for 2026). Haviv emphasized focus on free cash flow per share growth with Sherman ramp and fab closures.
Calendar 2025 Q2
how should we think -- or is there any update on the CapEx and depreciation framework that you've given us for the annual numbers
Show response
Rafael confirmed no changes: 2025 CapEx $5B, 2026 $2-5B (to be narrowed later this year), depreciation $1.8-2B for 2025 and $2.3-2.7B (lower end) for 2026.
did something change in either the strength of the cycle or the uncertainty around the tariff to lead you to guide to more of a typical seasonal quarter for 3Q
Show response
Haviv explained Q2 early demand acceleration likely included tariff-driven inventory builds that normalized, and Q3 guidance prudently accounts for this without knowing the exact split.
Calendar 2024 Q4
now that you have the supply, it seems like the world has plenty of supply, is there any reason that that historical share gain pace would be any different going forward
Show response
Haviv deflected to long-term framing without directly addressing whether the pace has changed, but expressed confidence in portfolio strength and capacity position.
I want to ask about the pricing environment in general. You didn't mention that Rafael or Haviv in any of your discussions about gross margin
Show response
Haviv confirmed like-for-like pricing declining low-single-digits as expected, consistent across geographies, with mix shift from industrial to PE being the main change.
MRVLMarvell Technology8 questions · 7 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
it was beginning of this year 30%, then 50% and now 70%. So it is clearly accelerating
Show response
Murphy cited multiple upside vectors for FY28 interconnect including 1.6T content step-up, DCI ramp, retimers/AECs, and ~$300M in scale-up optics; acknowledged upward bias to current forecast.
Calendar 2026 Q1
Is the customer base broadening? People are always worried especially in your custom business about the concentration of it
Show response
Murphy emphasized deep engagement across all top four U.S. hyperscalers with diversified product mix within each. Custom is not the dominant concentration driver at $11B scale. Over 20 design wins/sockets in production or going to production will further diversify over time. Recent M&A adds PCIe, UALink, and silicon photonics capabilities.
Calendar 2025 Q4
it sounds like you're implying somewhere around $10 billion in revenue for next year. So I guess, first of all, is that in the right ballpark
Show response
Murphy confirmed $10B for FY2027, called it motivational. Provided detailed FY2028 framework: custom doubling, optics above 20% CapEx, data center growing ~40% in FY2028. Sequential growth expected every quarter in FY2027.
Calendar 2025 Q3
could you give any more color on what the headwinds are in the third quarter? And then what gives you the confidence
Show response
Murphy attributed Q3 custom softness to normal lumpiness in hyperscale builds during early production ramp. Confirmed custom up second half over first half with strong Q4 expected.
Calendar 2025 Q2
how do you see Marvell's ability to support a broader customer base beyond the initial, I guess, three/four that you have
Show response
Murphy cited increased R&D spend, aggressive talent reallocation to data center/AI, and emerging next-wave hyperscale-class customers. Deferred details to June 17 AI investor event.
Calendar 2025 Q1
How would you suggest we reconcile your confidence and their confidence simultaneously
Show response
Murphy directly addressed multi-year growth visibility for lead XPU customer through FY27+, though declined to comment on competitor claims citing confidentiality.
Calendar 2024 Q4
How do we think that the business diversifies, whether it's by multiple products in the custom compute or by customers
Show response
Confirmed broad design wins across multiple customers on both accelerator and compute sides. Two large-volume programs in production with two different customers, a third large customer coming in the future.
could you comment at all on kind of your commitment to Marvell or looking elsewhere?
Show response
Matt directly addressed speculation, reaffirming full commitment to Marvell after eight years of transformation from $3B enterprise value. Unambiguous response.
AVGOBroadcom Inc.7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
given the strength on the software side in the quarter, it seems like gross margin is falling a little bit harder.
Show response
Kirsten and Hock attributed the gross margin decline to AI/TPU mix dilution, with networking margins offsetting, and called semiconductor margins structurally stable.
Calendar 2026 Q1
what's driving that up to 40% of the AI revenues? And the longer-term question is, is that going -- that percentage mix in that $100 billion plus, is that changing now?
Show response
Hock cited Tomahawk 6 (100 Tbps), 1.6 Tbps DSPs, and pegged AI networking long-term mix at 33-40% of total AI.
Calendar 2025 Q4
Do you believe that's the substitution effect for customers who otherwise would have done ASICs with you, or do you think it's actually broadening the market?
Show response
Hock said TPU-as-merchant is displacing GPU transactional demand, not competing with strategic multi-year custom accelerator journeys.
Calendar 2025 Q3
When you said you're gonna grow significantly faster than what you had thought, a quarter ago, what's changed?
Show response
Hock confirmed both factors contributed but the fourth customer's immediate substantial demand is the primary driver of the FY26 upgrade.
Calendar 2025 Q2
Can you just give a little bit more color on the inference commentary you gave? And is it more the XPU side, the connectivity side or both that's given you the confidence to talk about the growth r...
Show response
Hock confirmed both XPUs and networking drive visibility into next year, with a clear increase in inference demand driving the updated outlook.
Calendar 2025 Q1
I wanna talk about going from kind of design winded deployment. How do you judge that? Because there is some debate about, you know, tons of design wins, but the deployments actually don't happen
Show response
Hock said Broadcom only counts design wins at production scale deployment, 1.5-2 year cycle from tape-out. Selectively picks customers with sustainable multi-year volume.
Calendar 2024 Q4
The other 50%, is fiscal '25 a year where you're going to still be paying down debt? Share repurchases in the mix?
Show response
Hock and Kirsten confirmed the non-dividend free cash flow will prioritize debt reduction, focusing on floating rate term loans to reduce interest expense.
ALABAstera Labs, Inc. Common Stock6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q1
how is the demand trajectory and growth potential changed in your view
Show response
Management said CXL traction is rising for both general compute (Azure M-Series) and AI inferencing KV Cache, with a second custom win.
Calendar 2025 Q4
can you give us a little bit idea on what the time to revenue would be in this when you say now is the time to invest?
Show response
CFO said new silicon opportunities can reach revenue in 18-24 months, while optical has a longer lead but has been in development for years.
Calendar 2025 Q3
when Scorpio X launches, does that naturally come back to some concentration? Or does that further diversify the business?
Show response
Management said fabric presence broadens the base across third-party GPU and custom accelerator platforms despite a concentrated hyperscaler market.
Calendar 2025 Q2
I just wondered if you could go into a little bit of the profile of the types of customers
Show response
Management said P-Series has a broad customer base while X-Series is an anchor socket pulling in gearboxes, retimers and controllers.
Calendar 2025 Q1
what are you seeing as the changes in the environment on the ASIC side versus the merchant GPU
Show response
Management said custom ASIC platforms offer more opportunity, with Scorpio X becoming an anchor socket for additional products.
Calendar 2024 Q4
you can give us a little bit of framework of how 2024 ended, and how you think 2025 will differ from a diversification lens
Show response
Management acknowledged customer concentration is inherent to the datacenter market but emphasized shipping across all hyperscalers and product lines.
ADIAnalog Devices3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q1
how much of that is ASPs? And how much of it is secular and how much is cyclical?
Show response
Jeff confirmed book-to-bill well above 1 ex-pricing, with ATE/A&D (1/3 of industrial) driving secular highs and the other 2/3 seeing cyclical recovery. Vince noted long-life-cycle price resiliency.
Calendar 2025 Q3
Any sort of color on how the OpEx would relate to revenues in fiscal 2026?
Show response
Rich expects ~100bps operating leverage in FY2025 despite variable comp headwind, with FY2026 variable comp acceleration declining, enabling more leverage if growth continues.
Calendar 2024 Q4
the prior peak, I guess, in your fiscal 2023 is that attainable? And what are the puts and takes to get to that?
Show response
Vince expressed confidence in double-digit growth capability through the decade, citing stronger portfolio, better customer relationships, and double-digit pipeline growth in FY2024.
ARMArm Holdings3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q3
When do you expect to give us more color on when that's going to go from exploration to return on investment
Show response
Rene declined timeline specifics. Jason added milestones for announcement: tape-out, samples back, and noncancelable customer orders, all three required before disclosure.
Calendar 2025 Q1
is the logical strategic conclusion of the direction you're heading that you're going to have those OEMs
Show response
Rene confirmed the trend toward direct OEM relationships driven by silicon customization and AI complexity. Traditional fabless market will still exist but customization demand is growing.
Calendar 2024 Q3
you guys talked about, I think, signing 6 new ATAs and then I think, more than doubled the CSS side of things.
Show response
Rene said the vast majority of the customer base can move to some ATA version, with roughly 7% annual increases and multi-year renewals driving higher future royalties.
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 |
|---|---|---|
| INTC Intel Corporation | 12 | 8%1 of 12 questions |
| NXPI NXP Semiconductors | 12 | 0%none of 12 questions |
| ON ON Semiconductor | 11 | 18%2 of 11 questions |
| AMD Advanced Micro Devices, Inc. | 10 | 10%1 of 10 questions |
| MPWR Monolithic Power Systems | 10 | 0%none of 10 questions |
| QCOM Qualcomm | 10 | 0%none of 10 questions |
| TXN Texas Instruments | 10 | 0%none of 10 questions |
| MRVL Marvell Technology | 8 | 13%1 of 8 questions |
| AVGO Broadcom Inc. | 7 | 14%1 of 7 questions |
| ALAB Astera Labs, Inc. Common Stock | 6 | 0%none of 6 questions |
- INTCIntel Corporation · 12 questions8%1 of 12 questions
- NXPINXP Semiconductors · 12 questions0%none of 12 questions
- ONON Semiconductor · 11 questions18%2 of 11 questions
- AMDAdvanced Micro Devices, Inc. · 10 questions10%1 of 10 questions
- MPWRMonolithic Power Systems · 10 questions0%none of 10 questions
- QCOMQualcomm · 10 questions0%none of 10 questions
- TXNTexas Instruments · 10 questions0%none of 10 questions
- MRVLMarvell Technology · 8 questions13%1 of 8 questions
- AVGOBroadcom Inc. · 7 questions14%1 of 7 questions
- ALABAstera Labs, Inc. Common Stock · 6 questions0%none of 6 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 | 17 | 0%none of 17 questions | 10 |
| 2025 Q1 | 16 | 19%3 of 16 questions | 10 |
| 2025 Q2 | 17 | 12%2 of 17 questions | 10 |
| 2025 Q3 | 17 | 0%none of 17 questions | 11 |
| 2025 Q4 | 15 | 0%none of 15 questions | 9 |
| 2026 Q1 | 17 | 0%none of 17 questions | 11 |
| 2026 Q2 | 2 | 50%1 of 2 questions | 2 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q417 questions · challenge rate 0% (none of 17 questions) · 10 companies
- 2025 Q116 questions · challenge rate 19% (3 of 16 questions) · 10 companies
- 2025 Q217 questions · challenge rate 12% (2 of 17 questions) · 10 companies
- 2025 Q317 questions · challenge rate 0% (none of 17 questions) · 11 companies
- 2025 Q415 questions · challenge rate 0% (none of 15 questions) · 9 companies
- 2026 Q117 questions · challenge rate 0% (none of 17 questions) · 11 companies
- 2026 Q22 questions · challenge rate 50% (1 of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand34
- Competitive Dynamics31
- Revenue Growth30
- Cloud & AI23
- Margin20
- Cost Pressure13
- Innovation & R&D11
- Capex Investment10
- Product Launch8
- Guidance Reliability6
Show all 18 topics
- Pricing4
- Trade Tariffs4
- Geographic Expansion3
- M&A3
- Inventory3
- Capital Allocation3
- Supply Chain2
- Macroeconomic1