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Analyst
Shane Brett
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 27on tracked calls
- Challenge rate
- 19%5 of 27 questions
- Companies
- 4questioned at least once
- Reporting periods
- 7with 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 27 of 27 questions from 4 companies
TERTeradyne11 questions · 6 reporting periods · 2 of 11 challenging
Calendar 2026 Q2
one is how should I think about memory test growing 2x bit growth this year?
Show response
Gregory declined the chart-based framing and took it offline, then described memory's two flywheels of bit growth and technology change without answering the 2x question.
Can you talk a little bit about what the path back to prior peak would look like?
Show response
Gregory offered a gut feeling that 2027 reaches or exceeds prior auto peaks, said China power mix is about the same as prior peak, and pointed to the Infineon deal in wide-bandgap discretes.
Calendar 2026 Q1
one of your auto industrial customers talked about a bit of a tester shortage on the earnings call
Show response
Greg stated Teradyne can serve all demand with ramped capacity via multiple contract manufacturing partners. Positioned supply chain resilience as competitive advantage driving dual-sourcing trend.
can you talk about where you stand in terms of share now? And how do you anticipate your share tracking?
Show response
Greg said CPO share is balanced, with Teradyne's strength primarily in insertion 2. Expects efficiency improvements of 10x over next couple years while still projecting $300-700M equipment TAM.
Calendar 2025 Q3
do you sort of expect SoC test to accelerate from this really strong December quarter into the first half
Show response
Q4 is a new high watermark for capacity and shipping. Demand expected to remain robust into 2026 but growth is lumpy. Cautioned against linear extrapolation.
Just how low has NAND been this year relative to prior years? And what sort of growth are you expecting for the NAND portion of memory going forward?
Show response
NAND at very low point. Q3 memory was 75% DRAM, 25% flash. NAND recovery needs mobile unit growth. 2026 potential from protocol shift in mobile and SSD demand for AI data centers. Flash TAM contracted to less than half of 2020-2021 levels.
Calendar 2025 Q2
You said you don't have the win yet, but the tone from the call has been that you're very confident that you will
Show response
Strong customer sponsorship but can't guarantee win. Qualification timelines vary widely. Very pleased to compete for business not available in 20 years.
talk about the kind of customer breadth you're seeing there and just visibility towards further market share gains
Show response
VIP compute driven by less than 6 but more than 1 hyperscaler. Real prizes are CPUs (high volume, pervasive) and AI accelerators (high complexity).
Calendar 2025 Q1
DRAM dominating the memory mix in 2025, just as it did in 2024, which would imply NAND remains at very low levels
Show response
NAND recovery requires mobile unit volume growth, AI-driven on-device storage, new interface standards, and growing nearline cloud storage demand.
at what point would customers have to purchase new testers rather than resorting to upgrade?
Show response
Utilization trending upward. System orders increased in late 2024. Pool of upgradable systems significantly reduced versus 6 months ago.
Calendar 2024 Q4
I just wanted to better understand what are the kind of more finer details behind the revenue assumptions for that model
Show response
Test driven by AI Compute share gains, Auto/Industrial/Mobile TAM recovery, and System Level Test growth. Robotics driven by AI SAM expansion and OEM channel.
KLACKLA Corporation9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
As you think about the DRAM and leading logic node mix in 2027, do you think the process control intensity is favorable
Show response
Walked through new node investment, greenfield DRAM and flash, and packaging as 2027 intensity drivers, though without an explicit outgrowth number.
some of your larger competitors have talked a bit more about process control traction. Just has there been any change
Show response
Flatly denied any competitive change and claimed net share gains in process control for the foreseeable future.
Calendar 2026 Q1
how should we think about your ability to take advantage of this demand via margin
Show response
CFO was clear that KLA does not price based on scarcity, using value-based pricing tied to cost-of-ownership improvements. DRAM headwind expected to normalize but will persist for a while.
does that mean that relative to your initial packaging guide of approximately $12 billion
Show response
CFO confirmed the overall advanced packaging market is approximately $13 billion, representing about 30% growth from 2025, while KLA's own packaging revenue grows in the high 50% range.
Calendar 2025 Q4
is there a world in which DRAM process control intensity just really gets close to advanced logic?
Show response
Rick noted DRAM is still well below advanced logic due to design mix differences, but is encouraged by the positive intensity trend driven by more EUV layers, with more inspection and metrology adoption ongoing.
But you talk about the process control intensity at these customers?
Show response
Rick identified three factors driving intensity: technology node, die size, and design mix, noting broadening customers are increasing intensity to be competitive, with more detail to come at the March Analyst Day.
Calendar 2025 Q3
how should we think about your memory growth expectations into next year relative to this really strong December quarter?
Show response
Bren confirmed 2026 as a DRAM growth year with potential second-half acceleration, expecting all top 3 memory customers to spend more next year than in 2025.
Calendar 2025 Q2
your September quarter foundry/logic revenue is likely to strengthen sequentially, but your memory revenue across both DRAM and NAND will decline
Show response
Bren confirmed DRAM expected stronger in December due to timing and revenue recognition dynamics, not fundamental demand shifts.
could you talk about those market share gains and sort of where your kind of current assumptions are towards -- as we think towards 2026?
Show response
Bren noted KLA's WFE share approaching 8% excluding packaging (up from the 7.25% assumption), meaning the $14B target is achievable at mid-teens WFE rather than $125B.
AMATApplied Materials5 questions · 3 reporting periods · 3 of 5 challenging
Calendar 2026 Q2
How should we think about your path towards being a market leader in this space
Show response
Gary highlighted etch as one of fastest-growing businesses this calendar year, with Sym3 as fastest-ramping product in Applied history and 250+ chambers of new Sym3 Z platform shipped.
your process control market share continues to decline. Contrary to conductor etch where you are seeing share gains
Show response
Gary pushed back strongly, noting PDC is one of fastest-growing businesses in 2026 with strong pipeline of new technologies including optical inspection and eBeam leadership.
Calendar 2025 Q4
your fiscal '25 foundry/logic revenue is up about 3% year-over-year, but your U.S. peers who should be on a level playing field
Show response
Gary noted the foundry/logic category mixes leading edge (where Applied had record revenue in Taiwan and Korea) with ICAPS (which declined). Leading-edge revenue was up significantly but ICAPS decline dragged the aggregate number.
Where specifically are these share gains with these leading-edge customers coming from
Show response
Gary cited HBM leadership, I/O innovation leveraging foundry/logic products, FinFET adoption in DRAM, strong capacitor scaling and etch positions, plus patterning share gains. Future gains expected from hybrid bonding for HBM, FinFET, and 4F-squared.
Calendar 2025 Q3
$500 million is not nothing. It's a bit of a step down from the $5 billion that you earlier mentioned. Just want to get assurance that this isn't a share issue
Show response
Gary directly addressed share concerns, stating engagements with customers are earlier, deeper and broader than ever. Applied has unique integrated systems for gate-all-around and backside power with high confidence in outperformance across 2,000+ process steps.
LRCXLam Research2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
Could you talk about the role cleaning plays in your SAM expansion?
Show response
Confirmed strength in critical cleans and stated the objective, but said he would have to check the market before claiming the leading position.
Just how big could DRAM be for you in 2027 as a percentage of your system revenue?
Show response
Declined 2027 sizing but ranked the growth drivers and said everything grows in the September quarter as well.
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 |
|---|---|---|
| TER Teradyne | 11 | 18%2 of 11 questions |
| KLAC KLA Corporation | 9 | 0%none of 9 questions |
| AMAT Applied Materials | 5 | 60%3 of 5 questions |
| LRCX Lam Research | 2 | —Rate withheld: fewer than 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 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q3 | 4 | 25%1 of 4 questions | 3 |
| 2025 Q4 | 4 | 25%1 of 4 questions | 2 |
| 2026 Q1 | 4 | 0%none of 4 questions | 2 |
| 2026 Q2 | 8 | 25%2 of 8 questions | 4 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q24 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q34 questions · challenge rate 25% (1 of 4 questions) · 3 companies
- 2025 Q44 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2026 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q28 questions · challenge rate 25% (2 of 8 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics14
- Demand12
- Innovation & R&D8
- Revenue Growth8
- Capex Investment4
- Cloud & AI3
- Guidance Reliability2
- Margin1
- Pricing1
- Product Launch1
Show all 12 topics
- Geographic Expansion1
- Supply Chain1