SiTime to Acquire Renesas' Timing Business Accelerates Path to $1 Billion of Revenue as a Premier Pure-Play Precision Timing Company Forward Looking Statements This presentation and our discussion today regarding SiTime Corporation (the "Company") may include forward-looking statements. All statements other than statements of historical facts are forward-looking statements, including statements regarding the benefits of the transaction, the anticipated timing of the closing of the transaction, statements re ...

Core Viewpoint - AMD reported strong financial results for Q4 2025, with revenue of $10.27 billion, a 34% year-over-year increase, surpassing market expectations of $9.65 billion [1] - The adjusted earnings per share reached $1.53, up from $1.09 in the same period last year, also exceeding the market forecast of $1.32 [1] Group 1: Financial Performance - Revenue for Q4 2025 was $10.27 billion, representing a 34% increase compared to the previous year [1] - Adjusted earnings per share for the same quarter were $1.53, an increase from $1.09 year-over-year [1] - Both revenue and earnings per share exceeded market expectations, with revenue forecasted at $9.65 billion and earnings per share at $1.32 [1] Group 2: Future Outlook - AMD's CEO, Lisa Su, indicated a strong foundation for growth, projecting that the data center business revenue could grow at an annual rate exceeding 60% over the next three to five years [1] - The company anticipates that sales from its artificial intelligence business will reach several hundred billion dollars by 2027 [1]

Financial Data and Key Metrics Changes - Super Micro achieved record revenue of $12.68 billion in Q2 FY 2026, representing a 123% year-over-year growth and a 153% quarter-over-quarter increase, exceeding guidance of $10 billion to $11 billion [6][16] - Non-GAAP gross margin for Q2 was 6.4%, down from 9.5% in Q1, impacted by customer and product mix, as well as higher freight and production costs [18] - GAAP operating expenses were $324 million, up 14% quarter-over-quarter and 8% year-over-year, while non-GAAP operating expenses were $241 million, up 18% quarter-over-quarter and 6% year-over-year [19] Business Line Data and Key Metrics Changes - The enterprise channel revenue segment totaled $2 billion, representing about 16% of revenue, down from 31% in the prior quarter, but up 42% year-over-year [17] - The OEM appliance and large data center segment revenue was $10.7 billion, representing approximately 84% of Q2 revenue, up from 68% in the last quarter, and up 151% year-over-year [17] Market Data and Key Metrics Changes - By geography, the US represented 86% of Q2 revenue, Asia 9%, Europe 3%, and the rest of the world 2% [17] - Year-over-year, US revenue increased 184%, Asia grew 53%, Europe decreased 63%, and the rest of the world increased 77% [18] Company Strategy and Development Direction - The company is focusing on the development of its Data Center Building Block Solution (DCBBS) to enhance profitability and customer value, expecting DCBBS to contribute significantly to profits by the end of calendar 2026 [9][10] - Super Micro is expanding its global manufacturing footprint, with new production sites in Taiwan, Malaysia, and the Netherlands, to optimize cost structure and support regional AI requirements [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI and IT infrastructure, indicating that the DCBBS solution is well-positioned to meet customer needs for faster and more efficient data center builds [13] - The company guided for at least $12.3 billion in revenue for Q3 FY 2026 and raised full-year revenue guidance to at least $40 billion, reflecting a conservative estimate considering supply constraints [14][25] Other Important Information - Cash flow used in operations for Q2 was $24 million, a significant improvement from $918 million used in the prior quarter, with a closing inventory of $10.6 billion [21] - The company has expanded access to working capital through a $2 billion cash flow-based secured revolving credit facility and a $1.8 billion secured Taiwan revolving debt facility [21] Q&A Session Summary Question: Margin Improvement Expectations - Management indicated that customer mix is improving and that gross margins are expected to improve quarter-over-quarter due to reduced expedite transportation costs and tariff impacts [28] Question: Full-Year Guidance Clarification - Management stated that the $40 billion guidance is conservative and that business is expected to continue growing, particularly with the DCBBS attracting more customers [37] Question: Component Shortages Impact - Management acknowledged that component shortages are a significant factor but emphasized that demand is strong, which is a positive sign for growth [61] Question: Customer Mix and DCBBS Adoption - Management noted that DCBBS is appealing to a wide range of customers, including large, medium, and small-scale data center builders, indicating a broad market appeal [63] Question: Future Customer Diversification - Management expressed optimism about increasing customer diversification, with a focus on both large and mid-sized enterprise customers [81]

Core Insights - The current uptrend in the fiber optic cable industry is driven by a combination of inevitable trends and accidental catalysts, with long-term demand supported by AI data center construction and global digitalization [1] - Major tech companies signing long-term contracts, such as Meta's $6 billion agreement with Corning, have accelerated the visibility of supply-demand imbalances, leading to shortages and rising prices [1] Industry Supply and Demand Dynamics - The fiber optic cable industry is entering a new phase of supply-demand restructuring, characterized by tight market supply and extended order lead times for high-quality products from leading companies [2] - The reversal in supply-demand dynamics is driven by years of capacity clearance on the supply side and a concentrated upward cycle in demand due to AI data center construction and network upgrades [2] - The production of fiber preform, a core raw material, has a long capacity construction cycle of about two years, leading to periodic mismatches between supply and demand [2] Growth in Fiber Demand - The structural growth in fiber demand is driven by both domestic and overseas markets, with AI data center construction in China and large-scale projects in North America contributing significantly [3] - The North American market has seen a historic shift, with the data center market size surpassing that of the traditional telecom market, highlighting the urgent need for fiber to meet demand [3] - The rapid expansion of AI training clusters and the development of large-scale data center parks are creating new interconnectivity demands, necessitating higher performance fiber products [3] Challenges in Supply Balance - Data center operators are pushing for high-performance cables to optimize network speed, latency, throughput, and energy efficiency, leading to a surge in demand that outpaces traditional telecom markets [4] - The demand from AI data centers may exert pressure on traditional telecom market demand, while major domestic operators maintain stable procurement levels, supporting leading fiber companies [5] - Companies that innovate and expand their business around data center and AI demands are likely to enhance capacity utilization and optimize costs, solidifying their market position [5]

Summary of Western Digital 2026 Investor Day Company Overview - **Company**: Western Digital (NasdaqGS: WDC) - **Event**: 2026 Investor Day - **Date**: February 03, 2026 Key Industry Insights - **Storage Demand Growth**: The demand for storage exabytes is projected to grow at a CAGR of over 25% over the next five years, driven by AI and cloud technologies [14] - **HDD Market Position**: HDDs are expected to represent 80% of the storage media in hyperscale environments due to their superior economics and performance [15] - **AI Impact**: The transition to large language models and the rise of multimodal AI applications are significantly increasing storage requirements, particularly for video and inference data [13] Core Company Strategies and Achievements - **Customer Engagement**: Western Digital has reorganized teams to enhance customer trust and engagement, resulting in long-term agreements extending through 2028 [6] - **Product Innovation**: The company has shipped 3.5 million units of its industry-leading 32 TB drives and is projected to ship nearly 4 million units in the next quarter [7] - **Cultural Transformation**: A cultural shift within the company has been emphasized, focusing on combining 55 years of hard drive experience with new engineering talent [10] Financial Performance - **Revenue Growth**: Strong financial results have been reported, with significant revenue growth and margin appreciation over the past year [10] - **Free Cash Flow**: 100% of free cash flow generated in the last two quarters has been returned to shareholders [11] - **Recognition**: Western Digital was added to the Nasdaq 100 in December 2025, highlighting its financial performance [11] Product Development and Technology - **HAMR Technology**: The company is advancing its Heat-Assisted Magnetic Recording (HAMR) technology, with expectations to reach 100 TB drives by 2029 [43][51] - **Dual Pivot Technology**: Introduction of Dual Pivot technology aims to double the performance and transactions per second without requiring software changes [59][62] - **Power Efficiency**: New designs are being developed to reduce power consumption by 20% while maintaining performance, allowing for increased capacity [63] Customer Needs and Expectations - **Capacity and Reliability**: Customers require high-capacity drives that are reliable and cost-efficient, with a focus on minimal disruption during technology transitions [20][21] - **Performance for AI Workloads**: There is a growing need for drives that can handle the performance demands of AI workloads, including higher bandwidth and throughput [23][55] - **Simplified Adoption**: Western Digital aims to make it easier for smaller players in the AI space to adopt their technology without significant investment in storage infrastructure [24] Future Outlook - **Continued Innovation**: The company is committed to accelerating innovation while maintaining a strong execution focus, with plans for future updates on technology advancements [26] - **Market Positioning**: Western Digital is positioned to meet the evolving needs of customers as AI continues to reshape the data landscape, ensuring that HDDs remain the backbone of data storage [54] Additional Insights - **Sustainability Goals**: The company is focused on being a good corporate citizen and delivering on sustainability goals [11] - **Cultural Recognition**: Western Digital has been recognized as one of the best places to work in America, reflecting its cultural transformation [11]

Financial Data and Key Metrics Changes - Teradyne reported a strong fourth quarter with a 41% sequential revenue growth and over 100% non-GAAP earnings growth, exceeding high guidance expectations [4][17] - Fourth quarter sales reached $1,083 million, with non-GAAP EPS of $1.80, marking the highest revenue quarter of 2025 and the second highest in company history [17][18] - Full-year revenue for 2025 was $3.2 billion, up 13% from the previous year, with non-GAAP EPS increasing by 23% to $3.96 [22][29] Business Line Data and Key Metrics Changes - The semiconductor test group delivered 19% year-over-year growth in 2025, with SoC test revenue growing 23% year-over-year, primarily driven by networking and VIP compute [7][8] - Robotics revenue grew for three consecutive quarters, reaching $89 million in Q4, up 19% from Q3, with over 5% of revenue driven by a large e-commerce customer [18][19] - The product test group grew revenue by 8% in 2025, supported by strong demand in defense and aerospace [6][7] Market Data and Key Metrics Changes - AI-driven revenue accounted for more than 60% of Teradyne's revenue in Q4 2025, with expectations that it will drive upwards of 70% in Q1 2026 [5][6] - The overall memory TAM was down about 4% from 2024, but Teradyne gained some market share, with expectations of low double-digit TAM growth in 2026 driven by HBM and DRAM [11][12] - The SoC TAM reached record levels in 2025, nearly 60% larger than in 2024, with expectations for robust midterm growth driven by data center build-out and edge AI [9][10] Company Strategy and Development Direction - Teradyne's strategy focuses on AI, verticalization, and electrification, with a pivot towards AI-driven demand and high-performance computing [5][6] - The company announced a joint venture with MultiLane to serve the growing AI data center demand, expected to close in Q2 2026 [15][25] - The new target earnings model is framed around an ATE TAM of $12-$14 billion, with expectations of achieving $6 billion in revenue and non-GAAP EPS of $9.50-$11 [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in AI data centers and the recovery of markets such as auto industrial and mobile [13][14] - The company highlighted the importance of maintaining a balanced revenue mix to mitigate risks, with expectations of continued share gains in various segments [9][10] - Management cautioned about the lumpiness of revenue patterns and the unpredictability of future growth, particularly in the second half of 2026 [30][31] Other Important Information - Teradyne generated $450 million in free cash flow in 2025 and returned $785 million to shareholders through share repurchases and dividends [22][29] - The company ended 2025 with $448 million in cash and marketable securities, positioning itself for future investments and M&A opportunities [22][29] Q&A Session Summary Question: Near-term outlook for 2026 revenue growth - Management indicated a healthy backlog and better insights for the first half of 2026, but cautioned against linear growth assumptions due to potential revenue lumpiness [31][32][34] Question: Long-term share gain expectations - Management expects to gain share in the compute space, with the mobile market projected to grow but not return to previous peaks [36][37] Question: Breakdown of SoC TAM in 2025 - The SoC TAM was approximately $7.2 billion, with compute around $5 billion, mobility about $1 billion, and auto industrial just under $1 billion [43][44] Question: Market share expectations for GPU testing - Management anticipates incremental share gains in GPU testing over the next few years, with initial single-digit share numbers expected to grow over time [58][59] Question: Sensitivity of ATE market and revenue targets - Management acknowledged that the $6 billion revenue target is balanced, with uncertainties around market growth speed and share gains in the compute space [52][54]

Group 1 - Advanced Micro Devices, Inc. (NASDAQ:AMD) is recognized as a significant player in the semiconductor industry, producing processors, graphics cards, and AI chips for various applications including computers, servers, and gaming systems [3] - The company has seen a transformation under CEO Lisa Su, positioning itself as a strong competitor in the AI and data center markets, which are currently experiencing substantial growth [3] - Despite the positive outlook for AMD, some analysts suggest that other AI stocks may present greater upside potential and lower downside risk, indicating a competitive landscape within the AI sector [3] Group 2 - Jim Cramer highlighted AMD in his recent investment strategy, expressing concerns that even strong earnings reports may not prevent the stock from declining, reflecting a new trend in the semiconductor market [1] - The Alpha Wealth Insiders Fund acknowledged AMD's potential but also pointed out the attractiveness of certain undervalued AI stocks that could benefit from current economic trends, such as tariffs and onshoring [3]

Financial Data and Key Metrics Changes - Rambus achieved record revenue and earnings for fiscal year 2025, with product revenue reaching $348 million, a 41% increase year-over-year [12][8] - Cash from operations for 2025 was a record $360 million, up 56% from 2024 [12] - Fourth quarter revenue was $190.2 million, exceeding expectations, with product revenue of $96.8 million, representing 32% year-over-year growth [13][12] Business Line Data and Key Metrics Changes - Product revenue for the full year was $348 million, driven by DDR5 market share gains and new product contributions [12] - Silicon IP is focused on delivering solutions for AI hardware, with strong traction in high-speed memory and security IP [9][12] - The company reported a free cash flow margin of 45% for the full year, totaling $320.9 million [15] Market Data and Key Metrics Changes - The DDR5 market share for Rambus is estimated to be in the mid-40% range, reflecting growth from the early 40s in 2024 [30][66] - The company expects to grow faster than the market in 2026, despite a supply chain issue impacting Q1 [11][30] - The demand for AI and traditional server markets remains strong, driving the need for higher compute and memory performance [6][10] Company Strategy and Development Direction - Rambus aims to capitalize on trends in AI and memory architecture, positioning itself for long-term growth [10][11] - The company is focused on expanding its product roadmap and market opportunities, particularly in high-performance and AI PCs [7][10] - The strategy includes maintaining a diversified portfolio and enhancing interoperability among products [8][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to strong growth in Q2 following a supply chain issue in Q1 [11][24] - The company anticipates that the demand for servers will remain solid, but supply constraints may impact fulfillment [91][92] - Management expects gross margins to remain in the low 60% range, consistent with historical performance [97][98] Other Important Information - The company is actively monitoring the rollout of new platforms from Intel and AMD, which will influence product launches [31][70] - Rambus is preparing for the introduction of next-generation products, including MRDIMM, with initial contributions expected towards the end of the year [60][70] Q&A Session Summary Question: Will there be catch-up in the second quarter due to the supply chain issue? - Management confirmed that the supply chain issue has been resolved and expects a return to strong growth in Q2, with the lower Q1 revenue not changing the business trajectory [22][24] Question: What was the estimated revenue impact from the supply chain issue? - The estimated impact was around low double-digit millions, with expectations to recover in Q2 [25] Question: How did the RCD market share finish for 2025? - The RCD market share is believed to be in the mid-40% range, with expectations to continue growing faster than the market in 2026 [30][66] Question: What is the expected contribution from PMIC in 2026? - PMIC is expected to grow to a double-digit contribution of total product revenue, with strong traction anticipated [40] Question: How is the company addressing the DIMMs per CPU dynamic? - The company noted that the number of DIMMs per CPU is complex and varies based on application needs, with expectations for growth in average DIMMs per channel [48] Question: Is there any reputational harm from the supply chain issue? - Management stated there is no reputational harm, as the issue was identified and resolved quickly, maintaining strong collaboration with customers [56] Question: What is the outlook for the IP business in 2026? - The IP business is expected to continue growing in line with demand for AI solutions, with a strong portfolio positioned for market needs [81]

Rambus Fourth Quarter and Fiscal Year 2025 Financial Results Safe Harbor for Forward-Looking Statements; Other Disclosures This presentation contains forward-looking statements, including those relating to the Company's expectations regarding business opportunities, the Company's ability to deliver long-term profitable growth, industry growth rates, timing of expected product launches, demand for existing and newly- acquired technologies, product and investment strategies, the Company's outlook and financia ...

Welcome back. A stellar performance from Chevron for 2025, including the fourth quarter, as the company saw record oil production and that offset uh the pinch of lower oil prices. Joining me now is the chairman and CEO of Chevron, Mike Worth.Mike, great to have you assess the year for us. Welcome. >> Well, it's good to be with you, Maria.2025 was a record year of growth, execution, and shareholder returns for us. As you said, uh, we saw higher free cash flow by 35% even though oil prices were down about 15% ...