Arista Networks, Inc. (NYSE:ANET) UBS Annual Technology, Media and Telecom Conference November 28, 2023 2:55 PM ET CorporateParticipants Anshul Sadana - Chief Operating Officer ConferenceCall Participants David Vogt - UBS David Vogt Good afternoon, everyone. Thanks for joining us here at UBS Tech Conference. I'm David Vogt, I'm the hardware networking analyst. And we're excited to have with us Arista Networks, Anshul Sadana, Chief Operating Officer. Before we get started on so let me just read a quick discl ...

Autodesk, Inc. (NASDAQ:ADSK) UBS Global Technology Conference November 28, 2023 3:35 PM ET Company Participants Andrew Anagnost - CEO Conference Call Participants Rich Hilliker - UBS Rich Hilliker All right. Well, hi, everyone. My name is Rich Hilliker, and I'm a software analyst here at UBS. We're really excited that you all could join us, and we're very grateful that Autodesk is here again year after year, and we've got Andrew Anagnost, CEO. Thank you for being here. Excited to be up here together and ha ...

Western Digital Corporation (NASDAQ:WDC) Wells Fargo 7th Annual TMT Summit November 28, 2023 4:30 PM ET Company Participants Wissam Jabre - EVP and Chief Financial Officer Conference Call Participants Aaron Rakers - Wells Fargo Aaron Rakers So why don't we go ahead and get started. So I'm Aaron Rakers. I'm the IT hardware and semiconductor analyst here at Wells Fargo. I appreciate Wissam Jabre, the Executive Vice President and CFO of Western Digital joining us here this afternoon to talk a little bit about ...

MGM Resorts International (NYSE:MGM) Bank of America Leveraged Finance Conference Call November 28, 2023 3:30 PM ET Company Participants Jonathan Halkyard - CFO & Treasurer Conference Call Participants James Kayler - Bank of America Merrill Lynch James Kayler I think there might be a few more people wandering, and will kick this off. The clock to start. Afternoon, everyone. Thank you for joining us. Very happy to have MGM Resorts, an old friend, Jonathan Halkyard, Chief Financial Officer of MGM. Thank you, ...

Microsoft Corporation (NASDAQ:MSFT) Wells Fargo TMT Summit Conference November 28, 2023 3:00 PM ET Company Participants Tim Stuart - CVP, Xbox CFO Conference Call Participants Michael Turrin - Well Fargo Michael Turrin Hey. Thanks, everyone. Thanks for joining us for Day One of the Wells Fargo TMT Summit here in Sunny, Southern California. Very pleased to be helping host the lunch session here with Microsoft. So, we have Tim Stuart, who's -- we were just discussing has a lot on his plate with everything tha ...

Fortinet, Inc. (NASDAQ:FTNT) Wells Fargo 7th Annual TMT Summit Conference November 28, 2023 3:45 PM ET Company Participants Keith Jensen - CFO Conference Call Participants Andy Nowinski - Wells Fargo Andy Nowinski Okay, everyone, thank you very much for joining us today. My name is Andy Nowinski, software analyst at Wells Fargo. And it's my pleasure to introduce you to Keith Jensen, CFO of Fortinet. I think we have a full room and we're webcasting this session. So I know Keith has a safe harbor statement he ...

Visa Inc. (NYSE:V) UBS 27th Global Technology Conference November 28, 2023 2:15 PM ET Company Participants Christopher Suh - Chief Financial Officer Conference Call Participants Timothy Chiodo - Lead Payments, Processors and Fintech Analyst, UBS Timothy Chiodo Okay. Great. Welcome, everyone, to the afternoon keynote session here at our 27 Annual Global Technology Conference. I'm Tim Chiodo, I'm the Lead Payments, Processors and Fintech Analyst here at UBS. We are very, very glad and fortunate to have with u ...

ServiceNow, Inc. (NYSE:NOW) UBS Global Technology Conference November 28, 2023 4:15 PM ET Company Participants CJ Desai - President and COO Conference Call Participants Karl Keirstead - UBS Karl Keirstead Okay, everybody. Why don't we get started? I'm Karl Keirstead on the UBS software team. On a serious note, I've been taking an informal poll of the best dressed man at the conference and CJ as it turns out, I think wins. I trust everybody would agree. And I clearly need to raise my game for next year's con ...

Summary of Lam Research Corporation Conference Call Company Overview - **Company**: Lam Research Corporation (NASDAQ:LRCX) - **Date**: November 28, 2023 - **Participants**: Tim Archer (President and CEO), Doug Bettinger (CFO) Key Industry Insights - **Market Trends**: - NAND market is experiencing a downturn, with WFE (Wafer Fabrication Equipment) share expected to be lower due to unfavorable mix [4][5] - DRAM pricing is strengthening, particularly driven by High Bandwidth Memory (HBM) [3] - Foundry logic remains strong at the leading edge, but weaker at mature nodes [3] - **WFE Share Dynamics**: - Current WFE share is at a seven-year low, primarily due to mix issues rather than a loss of market share at the application level [4][6] - NAND WFE is down more than 75% year-over-year, impacting revenue significantly [7] - **Future Opportunities**: - Lam sees potential growth in markets that have fallen the furthest, anticipating a rebound [3] - The company has identified several tech inflections (e.g., advanced packaging, gate-all-around, backside power delivery) that represent $1 billion+ market share growth opportunities [10] Financial Performance and Projections - **Revenue Growth**: - Lam's revenue could continue to grow even if NAND WFE does not return to previous peaks, due to higher capture rates from tech conversions [17][18] - The installed base has grown by approximately 40% since 2019, providing a solid foundation for future revenue generation [36] - **Service Business**: - The customer support business group (CSBG) is a significant revenue generator, with spares and service upgrades being key components [32] - Tools have a long lifespan, often generating more revenue over their lifetime than at initial sale [35] Competitive Landscape - **China Market Dynamics**: - The Chinese market has shown strong growth, particularly in the second half of the year, but there are concerns about sustainability [22][23] - Local Chinese companies are expected to capture a growing share of the WFE market, but Lam believes its technological edge will maintain its competitive advantage [28][30] - **Technology Leadership**: - Lam's access to leading-edge customers is crucial for innovation and maintaining market leadership [30] - The company is focused on advancing technology faster than competitors, particularly in high-tech areas [28] Strategic Focus - **R&D Investment**: - Lam is committed to investing in R&D to expand its served available market (SAM) in foundry logic, which is currently underexposed [50] - The company aims to leverage its expertise in 3D technologies to capture more market share across various device types [15] - **Long-term Growth Potential**: - The company anticipates significant growth opportunities by 2030, projecting a $1 trillion semiconductor industry with a larger share of WFE [51] - Lam's unique position allows for selective growth in underdeveloped areas of the market, presenting a favorable outlook for future profitability [51] Conclusion - Lam Research Corporation is positioned to capitalize on emerging market trends and technological advancements, despite current challenges in the NAND sector. The company's strategic focus on R&D, service revenue, and competitive technology leadership suggests a robust growth trajectory in the coming years.

Corning Incorporated (NYSE:GLW) UBS Global Technology Conference November 28, 2023 10:15 AM ET Company Participants Ann Nicholson - VP of IR Conference Call Participants Josh Spector - UBS Josh Spector All right, everyone. We're going to get started here. Thanks, everyone, for joining us in person and online for UBS' Global Technology Conference. My name is Josh Spector, and I cover North American chemicals and packaging for UBS, as well as a few other niche areas. Today, we're hosting Corning for a firesid ...