更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha CPO on the Rise: ASE's Role in the Next Heterogeneous Revolution Original Articles By SemiVision Research (IEEE ECTC , ASE ) JUN 18, 2025 ∙ PAID SEMI VISION As AI computing scales beyond imagination, traditional electrical interconnects are approaching their physical limits. In this data-driven technological revolution, photonic packaging is no longer a vision of the future—it is the solution of today. 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投 ...

11 June 2025 | 9:06AM HKT Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Xuan Zhang +852-2978-1478 | xuan.zhang@gs.com Goldman Sachs (Asia) L.L.C. Taiwan Technology: May review: ASIC AI servers & Components in strong growth; model transition in 3Q25 ASIC / baseboard-based AI servers, and components stay strong: (1) ASIC AI servers in strong growth: Wiwynn delivered +187% YoY of revenues growth in May, ...

GLOBALFOUNDRIES (GFS) 2025 Conference June 03, 2025 02:20 PM ET Speaker0 Good morning, everyone. Welcome to this session. I'm Vivek Arya from BofA's semiconductor and semi cap equipment team. I'm really happy that you could join us for the session and really excited to introduce the team from GlobalFoundries, Tim Green, CEO and Sam Franklin, the Senior Vice President of Finance, Operations and Investor Relations. And as usual, I'll go through a quick fireside format, my questions. But if you have anything y ...

Summary of Lightwave Logic (LWLG) Conference Call - May 21, 2025 Company Overview - **Company**: Lightwave Logic (LWLG) - **Industry**: AI Hardware and Electro-Optic Polymers - **Market Size**: AI market valued at over $20 billion, projected to reach $30 billion by 2028 [2][3] Core Technology and Business Model - **Unique Material**: Lightwave Logic has developed electro-optic polymers with unique properties that enhance connectivity and bandwidth in AI data centers [2][3] - **Revenue Streams**: The company generates revenue through material sales and licensing/royalty fees, targeting gross margins exceeding 60% at scale [5][39] - **Modulator Functionality**: The electro-optic polymer acts as a modulator, enabling data transmission over fiber optics at speeds exceeding 100 billion times per second [7][8] Market Challenges and Opportunities - **AI Data Centers**: The need for high-speed interconnections in AI factories creates a demand for advanced optical solutions, with a projected market for optical transceivers exceeding $25 billion by 2028 [13][14] - **Competitive Landscape**: Traditional technologies are reaching their limits, creating an opportunity for Lightwave Logic's unique materials to fill the gap [35][36] - **Total Addressable Market**: The company estimates a serviceable market of $1 to $2.5 billion for its modulators within the broader optical communication market [14][39] Customer Engagement and Development Timeline - **Customer Traction**: The company is targeting multiple design wins by 2028, with a focus on major silicon photonics design houses [15][16] - **Development Cycle**: The typical cycle from customer engagement to revenue generation takes 18 to 24 months, with current progress indicating potential for three to five customers in prototype stage by the end of 2025 [21][22] Financial Position and Capitalization - **Financial Health**: Lightwave Logic has a solid balance sheet with no debt, having invested over $100 million in technology and production capabilities [3][41] - **Operational Expenses**: The company has been burning approximately $20 million annually, with adequate financing in place for the next couple of years [42][43] Investor Considerations - **Market Positioning**: The company is positioned to address a significant industry challenge with a unique material, which is rare in the market [48][49] - **Transparency and Credibility**: The CEO emphasizes the importance of transparency regarding customer traction and progress to rebuild investor confidence [45][49] Conclusion - **Value Proposition**: Lightwave Logic presents a compelling investment opportunity due to its innovative technology, strong market demand, and strategic positioning within the rapidly growing AI infrastructure sector [48][49]

Tower Semiconductor (TSEM) Q1 2025 Earnings Call May 14, 2025 10:00 AM ET Company Participants Noit Levy - Senior Vice President of Investor Relations & Corporate CommunicationsRussell Ellwanger - CEOOren Shirazi - CFO & Senior VP of FinanceMatthew Bryson - MD - Equity Research Conference Call Participants Cody Acree - Equity Research AnalystRichard Shannon - Senior Research AnalystLisa Thompson - Senior Analyst Operator Good day, and thank you for standing by. Welcome to the Tower Semiconductor First Quart ...

Tower Semiconductor (TSEM) Q1 2025 Earnings Call May 14, 2025 10:00 AM ET Company Participants Noit Levy - Senior Vice President of Investor Relations & Corporate CommunicationsRussell Ellwanger - CEOOren Shirazi - CFO & Senior VP of FinanceMatthew Bryson - MD - Equity Research Conference Call Participants Cody Acree - Equity Research AnalystRichard Shannon - Senior Research AnalystLisa Thompson - Senior Analyst Operator Good day, and thank you for standing by. Welcome to the Tower Semiconductor First Quart ...

Tower Semiconductor (TSEM) Q1 2025 Earnings Call May 14, 2025 10:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Tower Semiconductor First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer speakers' there'll a Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ms. Noit L ...

GLOBALFOUNDRIES (GFS) FY Conference May 13, 2025 11:30 AM ET Speaker0 All right. Good morning and welcome to JPMorgan's fifty third Annual Technology Media and Communications Conference. Again, my name is Harlan Sur. I'm the semiconductor and semiconductor capital equipment analyst for the firm. Very pleased to have John Hollister, Chief Financial Officer at GlobalFoundries. For those of you that don't know, GlobalFoundries, third or fourth largest semiconductor foundry in the world, leader in specialty and ...

Core Viewpoint - Coherent Corp. reported strong financial results for the third quarter of fiscal 2025, driven by significant demand in AI-related datacenter products and the introduction of new optical networking technologies [1][2][5]. Financial Performance - Revenue for Q3 FY2025 was $1.50 billion, representing a year-over-year increase of 24% [5][19]. - GAAP gross margin was 35.2%, up 491 basis points year-over-year, while non-GAAP gross margin was 38.5%, an increase of 490 basis points year-over-year [5][19]. - The company reported a GAAP net loss of $0.11 per diluted share, an improvement of $0.18 year-over-year, and a non-GAAP net income of $0.91 per diluted share, up $0.53 year-over-year [5][19]. Operational Highlights - The company paid down $136 million of its outstanding debt, emphasizing cash and capital allocation as priorities [2]. - Operating income for Q3 FY2025 was $72 million, a decrease of 47.6% quarter-over-quarter but a significant increase of 222% year-over-year [19]. - Total operating expenses for Q3 FY2025 were $456 million, a 22.4% increase year-over-year [19]. Product and Market Developments - Coherent was recognized as an NVIDIA Ecosystem Innovation Partner, collaborating on silicon photonics and co-packaged optics for AI infrastructure [8]. - The company received six Product Innovation Awards at the Optical Fiber Communication Conference 2025, highlighting its advancements in datacenter and communications technologies [8]. - Coherent demonstrated groundbreaking technologies, including a 400G EML for next-generation transceivers and a portfolio of co-packaged optics solutions [8][9]. Business Outlook - For Q4 FY2025, revenue is expected to range between $1.425 billion and $1.575 billion, with a non-GAAP gross margin percentage anticipated between 37% and 39% [15]. - Total operating expenses for Q4 FY2025 are projected to be between $290 million and $310 million on a non-GAAP basis [15].

Core Viewpoint - STMicroelectronics is reshaping its global manufacturing footprint and resizing its cost base to enhance competitiveness and ensure long-term sustainability as an Integrated Device Manufacturer [2][3]. Manufacturing Strategy - The company aims to accelerate the delivery of innovative technologies and products at scale across various applications, including automotive and industrial sectors [4]. - Planned investments will focus on future-ready infrastructure, including 300mm silicon and 200mm silicon carbide wafer fabs, while maximizing productivity of legacy 150mm and mature 200mm capabilities [5]. Ecosystem Strengthening - Over the next three years, ST will design and strengthen its manufacturing ecosystems in France, Italy, and Singapore, focusing on digital, analog, power technologies, and mature technologies respectively [6]. Capacity Expansion Plans - The Agrate (Italy) 300mm fab aims to double its capacity to 4,000 wafers per week by 2027, with potential expansions up to 14,000 wafers per week [7]. - The Crolles (France) 300mm fab plans to increase capacity to 14,000 wafers per week by 2027, with modular expansions potentially reaching 20,000 wafers per week [9]. Specialized Manufacturing Centers - Catania will serve as a center of excellence for power and wide-bandgap semiconductor devices, with production of 200mm wafers set to begin in Q4 2025 [10]. - Other sites, such as Rousset and Tours in France, will focus on optimizing existing manufacturing capacities and introducing new technologies like panel-level-packaging [11][12]. Workforce Evolution - The restructuring will lead to an expected voluntary departure of up to 2,800 employees globally over three years, with a shift in skill sets towards automation and process control [14].