Lam Research Corporation (NASDAQ:LRCX) JPMorgan’s 52nd Global Technology, Media and Communications Conference May 21, 2024 10:50 AM ET Company Participants Doug Bettinger - Chief Financial Officer Conference Call Participants Harlan Sur - JPMorgan Harlan Sur Great. Good morning, and again, welcome to the second day of JPMorgan's 52nd Annual Technology, Media and Communications Conference. My name is Harlan Sur. I'm the semiconductor and semiconductor capital equipment analyst for the firm. Very pleased to h ...

Visa Inc. (NYSE:V) J.P. Morgan Global Technology, Media & Communications Conference Call May 21, 2024 9:30 AM ET Company Participants Jack Forestell - Chief Product & Strategy Officer Conference Call Participants Tien-Tsin Huang - JPMorgan Tien-Tsin Huang Thanks for everyone for joining. This is the Visa session. My name is Tien-Tsin Huang. I follow the payments and IT services sector here at JPMorgan. And it wouldn't be a conference without Visa, and we're lucky to have Jack Forestell, the Chief Product an ...

Affirm Holdings, Inc. (NASDAQ:AFRM) JPMorgan Global Technology, Media and Communications Conference Call May 21, 2024 10:50 AM ET Company Participants Michael Linford - Chief Financial Officer Conference Call Participants Reginald Smith - JPMorgan Reginald Smith Good morning. Thanks for coming out. I'm Reggie Smith. I lead fintech research here at JPMorgan and I am pleased to chat with Michael Linford, CFO of Affirm, this morning. Welcome. Michael Linford Thank you for having me. Question-and-Answer Session ...

Lumen Technologies, Inc. (NYSE:LUMN) JPMorgan Global Technology, Media and Communications Conference Call May 21, 2024 10:00 AM ET Company Participants Kate Johnson - President & CEO Conference Call Participants Sebastiano Petti - J.P. Morgan Sebastiano Petti Hi, good morning, everyone. I'm Sebastiano Petti. I cover the Communications Space here at JPMorgan. I would like to welcome Kate Johnson from Lumen Communications. Thank you, Kate, for joining us today. Kate Johnson Thanks. Good to be here. Question-a ...

Microsoft Corporation (NASDAQ:MSFT) J.P. Morgan's 52nd Annual Global Technology, Media and Communications Conference May 21, 2024 8:50 AM ET Company Participants Alysa Taylor - Corporate Vice President of Azure & Industry Conference Call Participants Mark Murphy - JPMorgan Mark Murphy Okay. Welcome, everyone. Good morning. I'm Mark Murphy, software analyst with JPMorgan. And it is a great pleasure to be here this morning with Alysa Taylor, who is CVP of Commercial Cloud and AI with Microsoft. Alysa, I was o ...

Industry and Company Overview * **Industry**: Semiconductor equipment spending environment, wafer equipment (WFE), process control, and specialty segments. * **Company**: KLA Corporation (NASDAQ: KLAC), a leading provider of process control and inspection solutions for the semiconductor industry. * **Key Participants**: Bren Higgins, Executive Vice President and CFO of KLA, and Harlan Sur, Semiconductor and Semiconductor Capital Equipment Analyst at J.P. Morgan. Key Points and Arguments * **2024 Industry Outlook**: The semiconductor industry is expected to experience a transitional year in 2024, following a strong 2023. WFE spending is projected to remain flat to slightly up, with a total of approximately $90 billion in 2023 and a similar outlook for 2024. * **KLA's Growth Outlook**: KLA expects sequential growth throughout 2024, with high single-digit growth in the second half compared to the first half. The company's service business is expected to grow between $250 million and $300 million, while the EPC business is projected to grow modestly in the mid to high single digits. * **Process Control**: KLA's process control business is expected to grow as the industry transitions to more advanced nodes and technologies. The company's strong position in optical inspection and other key areas positions it well for growth. * **Advanced Packaging**: KLA has a strong position in advanced packaging, with a $400 million annualized revenue run rate. The company expects this market to grow significantly over the next few years, driven by increasing complexity and demand for higher-value solutions. * **Services**: KLA's services business has been a key driver of resilience during downturns. The company expects this business to reaccelerate to its long-term growth target of 12% to 14% CAGR over the next few years. * **Financial Targets**: KLA remains confident in its financial targets for 2026, including $14 billion in revenues, 63% gross margins, and $38 in earnings power. Additional Important Points * **Supply Chain**: KLA has faced supply chain challenges, particularly in optical pattern inspection, but is working to improve capacity and meet demand. * **China**: KLA has faced market access restrictions in China, but remains confident in its position and ability to win business. * **Competitive Landscape**: KLA maintains a strong market share position in process control, with a significant lead over its competitors. The company expects this position to continue to strengthen as it invests in R&D and product innovation. * **Investment in R&D**: KLA continues to invest heavily in R&D, focusing on new technologies and solutions to meet the evolving needs of the semiconductor industry.

Verizon Communications Inc. (NYSE:VZ) J.P. Morgan's 52nd Annual Global Technology, Media and Communications Conference May 21, 2024 8:50 AM ET Company Participants Hans Vestberg - Chairman & CEO Conference Call Participants Sebastiano Petti - JPMorgan Sebastiano Petti Good morning. I'm Sebastiano Petti, and I cover the cable, telecom and satellite space for JPMorgan. I want to welcome Hans Vestberg, Chairman and CEO of Verizon. Hans Vestberg Thank you. Sebastiano Petti Hans, thanks for being here. Hans Vest ...

Comcast Corporation (NASDAQ:CMCSA) J.P. Morgan Investor Conference May 21, 2024 9:30 AM ET Company Participants Dave Watson - President and Chief Executive Officer Conference Call Participants Sebastiano Petti - J.P. Morgan Sebastiano Petti Good morning, everyone. I'm Sebastiano Petti and I cover the communication space here at J.P. Morgan. I'd like to welcome Dave Watson, President and CEO of Comcast Cable. Dave, thanks for joining us. Dave Watson It's great to be with you. Question-and-Answer Session Oper ...

Twilio Inc. (NYSE:TWLO) J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference May 21, 2024 8:10 AM ET Company Participants Khozema Shipchandler - CEO Conference Call Participants Mark Murphy - JP Morgan Mark Murphy Okay. Good morning, everyone. I'm Mark Murphy, Software Analyst of JP Morgan. Great to see everyone. And it is a real pleasure to be here with Khozema Shipchandler, who is the CEO of Twilio. So first off, Khozema, I want to thank you for taking the time, making the trip o ...

Micron Technology, Inc. (NASDAQ:MU) J.P. Morgan’s 52nd Annual Global Technology, Media and Communications Results Conference May 21, 2024 8:10 AM ET Company Participants Mark Murphy - EVP & CFO Manish Bhatia - EVP of Global Operations Conference Call Participants Harlan Sur - JPMorgan Harlan Sur Good morning, and welcome to the second day of JPMorgan's 52nd Annual Technology Media and Communications Conference. My name is Harlan Sur. I'm the semiconductor and semiconductor capital equipment analyst for the ...