Key Takeaways SMCI's server and storage revenues jumped 19% YoY in Q3 FY25, driven by HPC and AI workload demand. The company launched modular DCBBS solutions and new 4-Socket X14 Servers with Intel Xeon 6 processors. SMCI's offerings support SAP HANA, Oracle Linux, and aim to streamline powerful data center deployment.Super Micro Computer’s (SMCI) server and storage segment has experienced massive traction in recent times. The recent growth has primarily been fueled by demand in high performance computin ...

Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 11.3% sequentially, supported by strong demand for 3nm and 5nm technologies, with a 17.8% increase in USD terms to $30.1 billion, exceeding guidance [6][12] - Gross margin decreased by 0.2 percentage points to 58.6%, primarily due to unfavorable foreign exchange rates and margin dilution from overseas fabs [6][14] - Operating margin increased by 1.1 percentage points to 49.6%, with EPS up 60.7% year-over-year and ROE at 34.8% [7][12] Business Line Data and Key Metrics Changes - Revenue contribution by technology: 3nm accounted for 24% of wafer revenue, while 5nm and 7nm accounted for 36% and 14% respectively; advanced technologies (7nm and below) made up 74% of wafer revenue [7] - Revenue by platform: HPC increased by 14% quarter-over-quarter to 60% of revenue; smartphone revenue increased by 7% to 27%; IoT increased by 14% to 5%; automotive remained flat at 5%; DCE increased by 30% to 1% [8] Market Data and Key Metrics Changes - The company ended Q2 with cash and marketable securities of NT$2.6 trillion (approximately $90 billion) [9] - Current liabilities decreased by $1 billion quarter-over-quarter, mainly due to a reduction in accrued liabilities [9] - Days of inventory decreased by 7 days to 76 days, attributed to higher shipments of N3 and N5 wafers [10] Company Strategy and Development Direction - TSMC plans to invest $165 billion in advanced semiconductor manufacturing in the U.S., including six advanced wafer manufacturing fabs in Arizona [24][25] - The company aims to maintain its technology leadership and manufacturing excellence while expanding its global footprint, including plans for new fabs in Japan and Europe [28][29][30] - TSMC expects gross margin dilution from overseas fabs to be between 2% to 3% annually in the early stages, widening to 3% to 4% in later stages [14] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand for AI and HPC-related products, with expectations for a 30% increase in full-year 2025 revenue in USD terms [21][22] - There are uncertainties regarding tariff policies and their impact on consumer-related markets, but overall semiconductor demand remains robust [21] - Management remains cautious about the future, considering macroeconomic uncertainties while focusing on technology leadership and customer trust [22] Other Important Information - The company generated approximately $497 billion in cash from operations in Q2 and spent NT$297 billion on CapEx [10] - TSMC's capital expenditures for 2025 are expected to remain between $38 billion and $42 billion [12] Q&A Session Summary Question: Demand outlook for data center AI - Management confirmed that demand for AI is stronger than three months ago and is working to narrow the supply-demand gap [37][40] Question: Gross margin sustainability - Management expressed confidence in maintaining a gross margin of 53% or higher despite structural headwinds from FX and overseas fab dilution [46][49] Question: AI accelerator demand and growth - Management noted that while the H20 chip can now ship to China, it is too early to revise long-term growth targets for AI accelerators [50][52] Question: N2 ramp and revenue contribution - Management indicated that N2 profitability is expected to be better than N3, with revenue contributions anticipated to be significant in 2026 [55][82] Question: CapEx guidance and future expansion - Management acknowledged macro uncertainties but indicated that CapEx spending is unlikely to drop significantly in any given year [86][87]

Group 1 - Nano Labs Ltd has purchased 74,315 Binance Coin (BNB) tokens for approximately US$50 million, averaging US$672.45 per token, increasing its total digital currency reserves to around US$160 million [1][2] - The company plans to evaluate the security and long-term value of BNB, with an aim to acquire up to US$1 billion worth of BNB through convertible notes and private placements in the initial phase [2] - Over the long term, Nano Labs intends to hold 5% to 10% of BNB's total circulating supply [2] Group 2 - Nano Labs Ltd is a leading Web 3.0 infrastructure and product solution provider in China, focusing on high throughput computing (HTC) and high performance computing (HPC) chips [3] - The company has developed a comprehensive flow processing unit (FPU) architecture that integrates features of both HTC and HPC [3] - Nano Labs has established Bitcoin as its primary reserve asset and has built an integrated solution platform covering three main business verticals, including HTC and HPC solutions [3]

Enabling the Future Amkor Technology Investor Presentation May 2025 © 2025 Amkor Technology, Inc. 1 Disclaimer Non-GAAP Measures This presentation contains certain measures that are not defined terms under U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures should not be considered in isolation or as a substitute for, or superior to, measures of liquidity or performance prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by ...

Group 1 - The semiconductor industry is experiencing a typical seasonal downturn in Q1 2025, with electronic product sales declining by 16% compared to the previous quarter, but remaining stable year-on-year [1] - Integrated circuit (IC) sales decreased by 2% quarter-on-quarter but saw a significant year-on-year increase of 23%, driven by ongoing investments in artificial intelligence (AI) and high-performance computing (HPC) infrastructure [1] Group 2 - Capital expenditures in the semiconductor industry fell by 7% quarter-on-quarter in Q1 2025, but increased by 27% year-on-year [5] - Notably, capital expenditures related to memory surged by 57% year-on-year, while non-memory capital expenditures also grew by 15% year-on-year [5] Group 3 - Wafer fab equipment (WFE) spending increased by 19% year-on-year in Q1 2025, while backend test equipment orders saw a remarkable year-on-year growth of 56% [9] - Assembly and packaging equipment spending also achieved double-digit year-on-year growth [9] Group 4 - Due to uncertainties in trade policies and the backdrop of supply chain restructuring, the semiconductor industry is expected to face atypical seasonal changes this year, particularly in non-AI and data center sectors, which may experience investment delays or shifts in demand due to external factors [10]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $25.1 million, a 17% decrease year over year and slightly below the $26.1 million reported in Q4 2024 [19] - Bitcoin mining revenue was $7.8 million, down 64% year over year and 26% sequentially, primarily due to the April 2024 halving event and increased network difficulty [19][20] - Cloud services revenue increased 84% year over year and 14% sequentially to $14.8 million, supported by new contracts [19][20] - Gross profit was $12.3 million, representing a total gross margin of 49%, compared to 47% in the same quarter last year [21] - Adjusted EBITDA was negative $44.5 million, compared to a positive $58.5 million in Q1 2024, primarily due to a $49.2 million mark-to-market loss on digital asset holdings [24] Business Line Data and Key Metrics Changes - Mining segment revenue decreased 64% year over year, with production declining 80% to 83 bitcoins for the quarter [5][6] - Cloud services gross margin expanded to 59% from 52% in the previous quarter, reflecting improved utilization and scale [21] - Colocation services gross margin improved modestly to 67% [22] Market Data and Key Metrics Changes - Active Hash rate stood at approximately 1.5 exahash, with fleet efficiency at approximately 24.5 joules per terahash [7] - The market value of digital asset positions appreciated on a mark-to-market basis, with Bitcoin prices increasing by 25% and Ethereum by 40% since the quarter end [25] Company Strategy and Development Direction - The company is focusing on investing in data center build-out and cloud services, with a strategy to secure multiyear contracts with creditworthy counterparties [8][12] - The company is pursuing nondilutive financing structures to support the expansion of its HPC platform and has initiated the process for commercial mortgage financing in the US [27][29] - The company is actively evaluating over 500 megawatts of potential capacity across Canada and the US, focusing on retrofitting existing sites [52][53] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the mining segment due to the halving event and increased competition but expressed confidence in the growth of cloud services [6][8] - The management is optimistic about securing large contracts with annualized revenue potential above $100 million, reflecting the strength of the platform built through disciplined investment [12] - Management emphasized the importance of maintaining a strong liquidity position to build trust with customers and support growth initiatives [29][30] Other Important Information - The company held $57.6 million in cash and cash equivalents and $3.7 million in restricted cash as of March 31 [25] - The company remains debt-free and spent approximately $65 million on capital expenditures during the quarter, primarily on GPUs and data center infrastructure [26] Q&A Session Summary Question: Update on white fiber rebranding and platform initiatives - The rebranding has been well received, with positive feedback on the new website and upcoming first-to-market technology announcements expected soon [33][34][35] Question: Demand from hyperscalers and enterprise users - Strong demand is observed from both hyperscalers and medium-sized NeoClouds, with updates expected in the coming months [38][40] Question: Delay in customer contract start date - The delay was due to internal product development schedule changes, but the company has options to utilize GPUs for other contracts if necessary [43][44][47] Question: Expansion in the US versus Canada - The company is evaluating over 500 megawatts of potential capacity in both regions, focusing on retrofitting existing sites for efficiency [51][52][53] Question: Balancing equity issuance and liquidating investments - The company maintains flexibility with its ATM program while balancing equity issuance with selling digital assets to fund growth responsibly [58][62] Question: Gross margin profile and GPU procurement strategy - The company aims to increase margins through long-term contracts and strategic procurement aligned with customer demand [70][78]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $25.1 million, a 17% decrease year over year and slightly below the $26.1 million reported in Q4 2024 [19] - Bitcoin mining revenue was $7.8 million, down 64% year over year and 26% sequentially, reflecting the impact of the April 2024 halving event and increased network difficulty [20] - Cloud services revenue increased 84% year over year and 14% sequentially to $14.8 million, supported by new contracts [20] - Gross profit was $12.3 million, representing a total gross margin of 49%, compared to 47% in the same quarter last year [21] - Adjusted EBITDA was negative $44.5 million, primarily due to a $49.2 million mark to market loss on digital asset holdings [23] - GAAP net loss per share was $0.32, compared to earnings of $0.43 per share in Q1 2024 [24] Business Line Data and Key Metrics Changes - Mining segment revenue decreased 64% year over year and 26% sequentially, with production declining 80% year over year to 83 bitcoins [5][20] - Cloud services gross margin expanded to 59% from 52% in the previous quarter, reflecting improved utilization and scale [21] - Colocation services gross margin improved modestly to 67% [21] Market Data and Key Metrics Changes - Active Hash rate stood at approximately 1.5 exahash, with fleet efficiency at approximately 24.5 joules per terahash [6] - The market value of digital asset positions appreciated on a mark to market basis, with Bitcoin and Ethereum prices increasing by 25% and 40% respectively since the quarter end [24] Company Strategy and Development Direction - The company is focused on investing in data center build-out and cloud services, with a strategy to secure multiyear contracts with creditworthy counterparties [11][12] - The company aims to pursue nondilutive financing structures to support the expansion of its HPC platform [26] - The acquisition of a 95-acre property in North Carolina is intended for data center development, with a robust pipeline of over 500 megawatts of potential capacity under evaluation [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the mining segment due to market conditions but expressed confidence in the growth of cloud services and colocation segments [5][19] - The company remains optimistic about securing large contracts with annualized revenue potential above $100 million [11] - Management emphasized the importance of maintaining a strong liquidity position to build trust with customers and execute growth strategies [28] Other Important Information - The company raised approximately $10 million through its ATM program during the first quarter and an additional $48 million subsequent to the quarter end [27] - The company sold approximately $32 million worth of Bitcoin holdings during the quarter to help fund growth [28] Q&A Session Summary Question: Update on white fiber rebranding and platform initiatives - The rebrand has been well received, with positive feedback on the new website and upcoming first-to-market technology announcements expected soon [32][33] Question: Demand from hyperscalers and enterprise users - Strong demand is observed from hyperscalers and medium-sized NeoClouds for capacity, with updates expected in the coming months [40] Question: Reason for customer contract start date shift - The shift in start date was due to internal product development schedule changes, and the company is prepared to utilize the GPUs for other contracts if necessary [44][47] Question: Expansion in the US versus Canada - The company is evaluating over 500 megawatts of potential capacity across both Canada and the US, focusing on retrofitting existing sites for efficiency [52][54] Question: Balancing equity issuance and liquidating investments - The company maintains flexibility with its ATM program while balancing equity issuance with selling digital assets to fund growth responsibly [60][62] Question: Gross margin profile changes and GPU procurement strategy - The company aims to increase margins by spreading operating lease costs over a larger revenue base and continues to minimize speculative procurement risks [71][78]

Financial Data and Key Metrics Changes - The company reported record revenues of $119 million for Q1, reflecting a year-over-year increase of over 20% [6] - Gross margin improved to over 52%, contributing to a record operating income of over $37 million, a nearly 30% increase compared to the same period last year [7] - Net income for Q1 was $38.7 million, or $0.79 per diluted share, compared to $31.3 million, or $0.64 per share in the same quarter last year [17] Business Line Data and Key Metrics Changes - Revenue distribution was approximately 45-50% from high-performance computing (HPC) applications and about 20% from other advanced packaging applications [7] - The company sold systems to over 35 different customers during the quarter, indicating a robust and diverse business model [9] Market Data and Key Metrics Changes - Geographic revenue split for the quarter was 91% from Asia and 9% from the rest of the world [15] - The company has not seen any material impact from geopolitical issues or tariff policies, as most sales are not targeted at the US market [9] Company Strategy and Development Direction - The primary growth engine for the upcoming years will be advanced packaging, particularly in HPC supporting AI applications [11] - The company is focused on maintaining competitiveness through technological leadership and has successfully launched two new models, the Eagle G5 and the Hawk, which are expected to account for a significant portion of revenue this year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum heading into Q2, guiding revenues in the range of $120 million to $123 million, representing approximately 18% year-over-year growth [10] - The company remains in close dialogue with customers to continuously assess and monitor the global business uncertainty [13] Other Important Information - The company generated $23.6 million in cash from operations, with cash and cash equivalents totaling $523 million at the end of the quarter [18] - Inventory levels increased to $141.5 million, primarily due to building inventory for the newly introduced products [19] Q&A Session Summary Question: Concerns about larger competitors like KLA entering the market - Management stated that they have engaged with KLA and demonstrated that their systems are highly competitive, emphasizing their ability to meet specific market requirements quickly [24] Question: Product positioning in HBM4 and customer preferences - Management indicated that customers typically prefer to buy new equipment rather than upgrade existing tools, and they believe they are well-positioned to meet customer needs with both the Hawk and Eagle models [28] Question: HPC revenue outlook for the full year - Management expects HPC to continue being a strong segment, maintaining a similar revenue range as in Q1 [31] Question: Growth outlook for the back half of the year - Management expressed confidence in solid business for Q3, supported by a healthy backlog and pipeline [36] Question: Update on new products and customer feedback - Management reported positive customer feedback and increased orders for both the Eagle G5 and Hawk, expecting significant revenues from these products [40] Question: Gross margin expectations moving forward - Management anticipates gross margins to remain in the 51-52% range, with improvements expected as new products ramp up [44] Question: Market share in HPC and competitive landscape - Management believes they have maintained or grown market share, particularly in 2D applications, and are well-positioned against competitors [68] Question: Order dynamics and revenue guidance - Management noted some uncertainty in the market but has not experienced material impacts on business operations [73] Question: Inorganic growth opportunities - Management is actively looking for acquisition opportunities but emphasized that organic growth remains a priority [80]

Financial Data and Key Metrics Changes - Q1 2025 revenues reached $119 million, reflecting a year-over-year increase of over 20% [5] - Gross margin improved to over 52%, contributing to a record operating income of over $37 million, a nearly 30% increase compared to the same period last year [6] - Net income for Q1 2025 was $38.7 million, or $0.79 per diluted share, compared to $31.3 million, or $0.64 per share in Q1 2024 [15] - Operating margin was 31.5%, compared to 29.9% in Q1 2024 [15] Business Line Data and Key Metrics Changes - Revenue distribution: 45-50% from high-performance computing (HPC) applications, about 20% from other advanced packaging applications, and the remainder from CMOS image sensors, compound semiconductors, and general 2D applications [6] - The company sold systems to over 35 different customers, indicating a robust and diverse business model [7] Market Data and Key Metrics Changes - Geographic revenue split for the quarter was 91% from Asia and 9% from the rest of the world [13] - The company has not seen any material impact from geopolitical issues or tariff policies, as most sales are not targeted at the US market [7] Company Strategy and Development Direction - The primary growth engine for the upcoming years will be advanced packaging, particularly in HPC supporting AI applications [9] - The company is positioned strongly in the advanced packaging market, with a focus on technological leadership and competitiveness [12] - New technologies are expected to drive new tool requirements, particularly with the transition to HBM4 [10] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are uncertainties in the market due to geopolitical issues, they have not experienced delays or order cancellations [8] - The company expects Q2 2025 revenue in the range of $120 million to $123 million, representing approximately 18% year-over-year growth [8] - Management remains optimistic about the growth potential in both HPC and advanced packaging markets [48] Other Important Information - The company generated $23.6 million in cash from operations, with cash and cash equivalents totaling $523 million at the end of the quarter [16] - Inventory levels increased to $141.5 million, primarily due to building inventory for newly introduced products [16] Q&A Session Summary Question: Concerns about competition from KLA - Management expressed confidence in their competitive position, highlighting their ability to meet specific market requirements faster than larger competitors [21][22] Question: Product positioning for HBM4 - Management indicated that customers typically prefer to buy new equipment rather than upgrade existing tools, and they are well-positioned with both the Hawk and Eagle product lines [25][26] Question: HPC revenue outlook for the full year - Management expects HPC to continue to be a strong segment, maintaining a similar revenue range as seen in Q1 [28] Question: Growth outlook for the back half of the year - Management is optimistic about growth, supported by a healthy backlog and pipeline [32] Question: Update on new products - Management reported positive customer feedback and increased orders for the new products, expecting significant revenue contributions in 2025 [36][37] Question: Gross margin outlook - Management expects gross margins to remain within the 51-52% range, with improvements anticipated as new products ramp up [40] Question: Impact of tariffs on competition - Management does not foresee any competitive advantage from tariffs, as they are monitoring the situation closely [41] Question: Trends in HPC and COAS - Management noted growth in both HPC and COAS markets, with optimism about future demand [45][46] Question: Market share in HPC - Management believes they have maintained or grown their market share, particularly in 2D applications [64] Question: Order dynamics and visibility - Management indicated that while there is some caution in the market, they have not experienced material impacts on business [70]

Core Viewpoint - The release of the HBM4 specification by JEDEC is a significant advancement for AI training hardware developers, offering enhanced memory performance and density crucial for processing large datasets and complex computations in applications like generative AI and high-performance computing [1][3]. Summary by Sections HBM4 Overview - HBM4 provides a memory performance of 2TB/s and a density of up to 64GB, which is essential for applications requiring efficient processing of large datasets [1][3]. - The bandwidth of HBM4 is double that of HBM3, achieved by increasing the frequency to 8Gb/s and doubling the data width to 2048 bits [3]. Key Features of HBM4 - Higher Bandwidth: HBM4 supports over 1TB/s per stack, significantly surpassing DDR4's 25.6GB/s per module, which is critical for workloads needing rapid data access [7]. - Higher Memory Density: HBM4's vertical stacking architecture allows for greater memory density in a smaller physical footprint compared to traditional DDR memory [7]. - Energy Efficiency: HBM4 typically consumes 40% to 50% less power than DDR4 at equivalent bandwidths, enhancing performance while reducing power consumption [7]. Applications of HBM4 - HBM4 plays a crucial role in AI and machine learning applications that require high-speed processing of massive datasets, improving the performance of AI accelerators [9]. - In high-performance computing and scientific simulations, HBM4 significantly accelerates computation speeds and reduces memory bottlenecks, enhancing the efficiency of supercomputers and HPC clusters [9]. Challenges in HBM4 Deployment - High Production Costs: The advanced architecture of HBM4 results in higher manufacturing costs compared to traditional memory solutions [12]. - Complex System Integration: HBM4 requires proximity to CPUs or GPUs, complicating system design and integration for manufacturers [12]. - Thermal Management Issues: The high data transfer rates generate more heat, necessitating sophisticated cooling systems to maintain stable performance [13]. Workflow Advantages of HBM4 - HBM4 supports advanced multitasking environments, accelerating data processing between CPUs and memory, which is beneficial for running multiple virtual machines or complex workflows [14]. - Its compact design allows for higher memory density in space-constrained high-performance systems, providing greater flexibility in system design [14]. Future Trends of HBM4 - The future development of HBM4 may focus on integration with emerging technologies like quantum computing and next-generation AI accelerators, enhancing its role in supporting innovative applications [16]. - Efforts to reduce production costs and simplify system integration are expected to drive broader adoption in commercial and consumer markets [16].