time we have the American Heart Association ringing the bell here at the New York Stock Exchange and my friend Diane King Hall and I are in red. I don't know if she did it on purpose. I saw it in the elevator and quickly wore a red sweater.Um, and good morning to you, Dian. >> Good morning. I love that we are representing today on a day that the American Heart Association ringing the opening bell today Nicole.So that's great stuff. Speaking of good news, Deckers, how about that one. That one is off to the r ...

QLTY's 37% Tech Allocation Was A Tailwind; Now It's A Liability - 24/7 Wall St.[S&P 5006,943.60 -0.39%] [Dow Jones48,866.90 -0.30%][Nasdaq 10025,735.60 -0.61%][Russell 20002,629.12 -0.78%][FTSE 10010,227.60 +0.01%][Nikkei 22553,698.20 +0.63%][Stock Market Live January 30, 2026: S&P 500 (SPY) Deep in the Red][Investing]# QLTY's 37% Tech Allocation Was A Tailwind; Now It's A Liability### Quick ReadGMO U.S. Quality ETF (QLTY) attracted $3B since November 2023. QLTY returned 20.5% and beat the S&P 500 by 500 ba ...

格隆汇1月30日｜有投资者在互动平台向国力电子提问：请问国力电子公司在国产半导体射频电源方 面，公司主打产品真空电容器给国内哪些企业进行供货，真空电容在下游客户的占比如何。根据恒运昌 的招股书披露显示，电容在总体元器件成本占比30%+以上，真空电容器作为核心零部件对海外厂商的 替代进展如何，在国产替代趋势下，后续市场空间如何展望？ 国力电子回复称，公司在射频电源端的 主打产品真空电容器已向国内主要半导体设备厂和射频电源厂供货，例如直接供应给北方华创、中微公 司等头部设备制造商，同时也向四川英杰电气、深圳恒运昌等射频电源厂商供货。在该产品的国产替代 方面，公司产品在耐压、承载电流及寿命等关键性能上与国外主要竞争对手已基本相当，凭借更优的性 价比优势，正加速在核心客户中实现进口替代。展望未来，随着国家政策对产业链自主可控的推动以及 国内半导体设备需求的持续增长，半导体领域高性能真空电容器的全球及中国市场预计将保持可观的年 复合增长率。 ...

29 January 2026 | 3:47AM GMT Equity Research ASML Holding (ASML.AS): Robust AI demand with rising EUV intensity ahead; reiterate Buy Exhibit 1: ASML's 4Q25 revenue was above Visible Alpha Consensus Data but EBIT of €3.4bn was slightly below consensus. The company's bookings figure in 4Q was €13.2bn, up meaningfully qoq from a strong 3Q25 order intake of €5.4bn and materially above Visible Alpha Consensus Data of €6.6bn. The company introduced its guidance for 2026 and expects revenue between €34bn to €39bn ...

Core Insights - KLA reported strong financial results for the December quarter, with revenue of $3.3 billion and a 17% year-over-year growth, driven by investments in advanced foundry/logic and memory technologies [1][4] - The company highlighted AI infrastructure demand as a significant growth driver, particularly in advanced logic, high bandwidth memory (HBM), and advanced packaging [2][6] - KLA's full-year results for 2025 showed record revenue of $12.745 billion, a 17% increase year-over-year, with a non-GAAP gross margin of 62.8% and a 29% rise in earnings per share [3][6] Financial Performance - KLA's non-GAAP diluted EPS for the December quarter was $8.85, while GAAP diluted EPS was $8.68 [1] - The company generated free cash flow of $4.4 billion, marking a 30% increase year-over-year, and returned $3 billion to shareholders through dividends and share repurchases [3][6] - The services business generated $786 million in revenue for the December quarter, reflecting an 18% year-over-year growth [8] Market Outlook - KLA guided for March quarter revenue of $3.35 billion ± $150 million and non-GAAP EPS of $9.08 ± $0.78, with expectations for the 2026 total WFE + packaging market to be in the mid-$130 billion range [5][14] - The company anticipates continued growth in advanced packaging, with year-over-year growth expectations in the mid- to high-teens [11] - Management expects the core WFE market to grow in the high single- to low double-digit percentage range, with advanced packaging projected to reach approximately $12 billion [15] Industry Dynamics - KLA noted that DRAM is expected to grow faster than foundry/logic, driven by HBM demand, with industry forecasts indicating DRAM growth of roughly 15%–20% [21] - The company is experiencing supply constraints, with many products virtually sold out in the first half of 2026, affecting shipment decisions made in mid-2025 [21] - Rising process control intensity in memory, particularly DRAM tied to HBM, is driving tighter requirements for inspection and metrology [13]

KLA Corp beat Wall Street expectations for second-quarter revenue and profit on Thursday, as enterprises ramped up orders for its chip fabrication tools used to manufacture advanced artificial intelli... ...

Financial Data and Key Metrics Changes - For 2025, revenue grew 17% to a record $12.745 billion, with earnings per share increasing by 29% year-over-year [4][5] - KLA maintained industry-leading gross margins of 62.8% and operating margins of 43.6% [5] - Free cash flow increased by 30% to $4.4 billion, with total capital returns of $3 billion [5][9] Business Line Data and Key Metrics Changes - Process control systems revenue grew 19%, while the service business grew 15% for the year [6] - In the December quarter, KLA reported revenue of $3.3 billion, with non-GAAP diluted EPS of $8.85 and GAAP diluted EPS of $8.68 [6][10] - Advanced packaging revenue reached approximately $950 million for 2025, representing over 70% year-over-year growth [8] Market Data and Key Metrics Changes - The demand for AI infrastructure is driving growth in semiconductor manufacturing, particularly in advanced logic and high bandwidth memory [6][9] - KLA expects the core WFE market to grow in the high single- to low double-digit percentages, reaching the low $120 billion range in 2026 [13][14] - China’s WFE market is expected to be flat or slightly positive in 2026, contributing mid- to high-20% range to KLA's revenue [30] Company Strategy and Development Direction - KLA is focusing on supporting AI-driven semiconductor manufacturing and expanding its market share in advanced packaging [6][9] - The company plans to prioritize next-generation product development and infrastructure investments to support expected revenue growth [16] - KLA aims to capitalize on technology transitions and increasing process control intensity across all segments [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in KLA's ability to outperform the market in 2026, driven by strong customer momentum and expanding market share [14][18] - The company anticipates mid-single-digit revenue growth in the first half of 2026, with accelerating growth in the second half [15] - Management acknowledged supply constraints impacting growth but emphasized that they are managing customer expectations effectively [31][50] Other Important Information - KLA's effective tax rate for the quarter was 15%, with a guided tax rate of 14% for future projections [11][17] - The company ended the quarter with $5.2 billion in cash and cash equivalents, and $5.9 billion in debt [12] Q&A Session Summary Question: Clarification on WFE growth forecast - KLA's forecast for core WFE growth is around $110 billion for 2025, with advanced packaging expected to grow to approximately $12 billion in 2026, leading to a total market forecast in the mid-$130 billion range [25][26] Question: Supply constraints impact - KLA is virtually sold out across most products, with lead times extending due to supply constraints, particularly in optical components [31][49] Question: Growth in inspection and patterning - KLA expects continued growth in inspection and patterning, driven by increased demand for yield and manufacturability in semiconductor manufacturing [38][39] Question: Trajectory of gross margin - Management indicated that March is likely the low point for gross margins, with expectations for improvement as the year progresses [52][60] Question: DRAM process control intensity - KLA sees increasing demand for DRAM process control due to higher design complexity and the need for rigorous inspection [62][63]

Financial Data and Key Metrics Changes - For 2025, the company reported a revenue growth of 17% to a record $12.745 billion, with earnings per share increasing by 29% year-over-year [4][5] - Gross margins and operating margins were maintained at 62.8% and 43.6%, respectively, while free cash flow grew by 30% to $4.4 billion [5][6] - In the December quarter, revenue was $3.3 billion, with non-GAAP diluted EPS at $8.85 and GAAP diluted EPS at $8.68, reflecting a 17% year-over-year revenue growth [6][10] Business Line Data and Key Metrics Changes - The process control systems business revenue grew by 19%, while the service business grew by 15% for the year [6][8] - Advanced packaging revenue reached approximately $950 million for calendar 2025, representing over 70% year-over-year growth [8] - The service business generated $786 million in the December quarter, up 6% sequentially and 18% year-over-year, marking the 16th consecutive year of annual service revenue growth [8] Market Data and Key Metrics Changes - The company expects the core wafer fabrication equipment (WFE) market to grow in the high single- to low double-digit percentages, reaching the low $120 billion range in 2026 [13][14] - Advanced packaging is projected to grow similarly to approximately $12 billion, contributing to a total market forecast in the mid-$130 billion range [14] - China’s WFE market is expected to be flat or slightly positive in 2026, with the company estimating it to be in the mid- to high-$30 billion range [30] Company Strategy and Development Direction - The company is focused on supporting customers, investing in next-generation product development, and executing product roadmaps to drive productivity [15][18] - KLA aims to capitalize on technology transitions and growth drivers in the semiconductor industry, particularly in advanced packaging and process control [18][19] - The company is positioned to benefit from increasing demand for custom silicon and advanced process control solutions [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to outperform the market in 2026, driven by rising process control intensity and growth in advanced packaging [17][18] - The first half of 2026 is expected to see mid-single-digit revenue growth compared to the second half of 2025, with accelerating growth anticipated in the latter half [15][17] - Management noted supply constraints impacting growth potential, particularly in the first half of the year, but expressed optimism for the second half [31][50] Other Important Information - The company ended the quarter with $5.2 billion in cash and cash equivalents, and $5.9 billion in debt [12] - The effective tax rate for the quarter was 15%, with expectations for a planning tax rate of 14.5% for 2026 [11][17] - The company’s business model is designed to deliver 40%-50% incremental operating margin leverage on revenue growth over the long run [16] Q&A Session Summary Question: Clarification on WFE growth forecast - The company clarified that its forecast for WFE growth is around $110 billion for 2025, with advanced packaging contributing to a total of low $120s for 2026, differing from peers' higher estimates due to varying definitions of WFE [22][25] Question: Supply constraints impact - Management indicated that supply constraints are primarily due to long lead times for optical components, affecting first-half growth potential, but they expect to see acceleration in the second half of 2026 [48][50] Question: Growth in inspection and patterning - The company expects continued strong growth in inspection and patterning, driven by increased demand for yield and manufacturability, particularly in the context of AI and advanced memory technologies [37][39] Question: Trajectory of gross margins - Management anticipates that March will be the low point for gross margins, with expectations for gradual improvement throughout the year, driven by product mix and volume increases [52][60] Question: DRAM process control intensity - The company noted that DRAM process control intensity is increasing, driven by technological advancements and customer demand for higher performance, but it remains distinct from advanced logic [67][69]

Financial Data and Key Metrics Changes - For 2025, revenue grew 17% to a record $12.745 billion, with earnings per share increasing by 29% year-over-year, indicating strong profitability and leverage in the business model [4][5] - Gross margins and operating margins were reported at 62.8% and 43.6%, respectively, maintaining industry-leading levels [4] - Free cash flow increased by 30% to $4.4 billion, with total capital returns of $3 billion through dividends and share buybacks [4][9] Business Line Data and Key Metrics Changes - The process control systems business revenue grew 19%, while the service business grew 15% for the year [5] - In the December quarter, KLA reported revenue of $3.3 billion, with non-GAAP diluted EPS of $8.85 and GAAP diluted EPS of $8.68, reflecting a 17% year-over-year revenue growth [5][10] - Advanced packaging revenue for calendar 2025 was approximately $950 million, representing over 70% year-over-year growth [8] Market Data and Key Metrics Changes - The advanced packaging market is expected to grow in the mid- to high teens percentage range for calendar 2026, driven by faster-than-market growth for process control products [8][13] - The core wafer fabrication equipment (WFE) market is projected to grow in the high single- to low double-digit percentage range, reaching the low $120 billion range in 2026 [12][13] Company Strategy and Development Direction - KLA is focusing on supporting AI infrastructure demand and expanding its market share in advanced packaging, which is seen as a critical growth vector [5][9] - The company aims to maintain its leadership in process control systems while investing in next-generation product development and infrastructure to support expected revenue growth [18][20] - KLA's strategy includes addressing all growth phases in WFE and advanced packaging, optimizing yield in high-volume production environments [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform the market in 2026, driven by multiple tailwinds and increasing process control intensity [20] - The first half of 2026 is expected to see mid-single-digit revenue growth compared to the second half of 2025, with accelerating growth anticipated in the latter half of the year [14][19] - Supply constraints are impacting growth potential, particularly in the first half of the year, but management is optimistic about ramping business in the second half [34][35] Other Important Information - KLA's effective tax rate for the quarter was 15%, with a planning tax rate of 14.5% for 2026 [11][19] - The company ended the quarter with $5.2 billion in cash and cash equivalents, and $5.9 billion in debt, maintaining a flexible bond maturity profile [12] Q&A Session Summary Question: Clarification on WFE growth forecast - Management explained the differences in WFE growth forecasts compared to peers, noting that their forecast includes traditional core WFE and advanced packaging, projecting a total market in the mid-$130 billion range for 2026 [25][27][28] Question: Supply constraints impact - Management indicated that supply constraints are primarily due to long lead times for optical components, affecting first-half growth potential, but they expect to see acceleration in the second half of 2026 [52][54][56] Question: Growth in inspection and patterning - Management expressed confidence in continued growth in inspection and patterning, driven by increased demand for advanced inspection technologies and the build-out for AI applications [40][42][43] Question: DRAM process control intensity - Management noted that while DRAM process control intensity is increasing, it is still not at the level of advanced logic due to design complexities, but they are optimistic about future growth in this area [71][72] Question: Foundry Logic growth expectations - Management highlighted that foundry logic is expected to grow, but the intensity of process control will depend on technology nodes and die sizes, with expectations for increased investments from customers [73][74]

Core Viewpoint - KLA Corp. reported strong second-quarter earnings, exceeding analyst expectations in both earnings per share and revenue, indicating robust company performance and growth potential in the semiconductor industry [2][3]. Financial Performance - KLA reported quarterly earnings of $8.85 per share, surpassing the analyst consensus estimate of $8.80 [2]. - The company achieved quarterly revenue of $3.3 billion, exceeding the analyst consensus estimate of $3.25 billion [2]. Company Outlook - KLA's CEO, Rick Wallace, highlighted that the company delivered a record quarter and anticipates continued strong performance for calendar year 2025 in terms of revenue, non-GAAP operating income, and free cash flow generation [2][3]. - For the third quarter, KLA expects adjusted EPS in the range of $8.30 to $9.86, compared to the analyst estimate of $8.93, and revenue between $3.2 billion and $3.5 billion, against the analyst estimate of $3.28 billion [3]. Stock Performance - Following the earnings report, KLA stock fell by 8.73% to $1,537.63 in extended trading [4].