Expedia Group, Inc. (NASDAQ:EXPE) Deutsche Bank Technology Conference Call August 29, 2024 5:45 PM ET Company Participants Ariane Gorin - CEO Conference Call Participants Lee Horowitz - Deutsche Bank Lee Horowitz I think that's our queue. So thanks so much for joining us. We're delighted to be closing out our 2024 Deutsche Bank Technology Conference today with Ariane Gorin, the new CEO of Expedia Group. Prior to her role as CEO, Ariane has held multiple executive leadership roles at Expedia over 11 years, m ...

QUALCOMM Incorporated (NASDAQ:QCOM) Deutsche Bank 2024 Technology Conference August 29, 2024 2:00 PM ET Company Participants Akash Palkhiwala - CFO & COO Conference Call Participants Ross Seymore - Deutsche Bank Ross Seymore All right everyone, let's get started with the next fireside chat. We're very pleased to have Akash Palkhiwala, the CFO and COO. I think from last year -- I don't know, when the COO happened? Akash Palkhiwala This January. Ross Seymore So since last year, we've added another C title ...

ON Semiconductor Corporation (NASDAQ:ON) Deutsche Bank 2024 Technology Conference August 29, 2024 1:00 PM ET Company Participants Hassane El-Khoury - CEO Thad Trent - CFO Conference Call Participants Ross Seymore - Deutsche Bank Ross Seymore We're very pleased to have ON Semi up on stage. We have both the CEO, Hassane El-Khoury, as well as the CFO, Thad Trent. I'll be asking questions of them. I don't know if we're doing the raising your hand if you have questions. If you do, feel free to raise your hand. S ...

Visa Inc. (NYSE:V) Deutsche Bank 2024 Technology Conference August 29, 2024 12:30 PM ET Company Participants Chris Newkirk - Global Head of New Flows, Commercial & Money Movement Solutions Conference Call Participants Bryan Keane - Deutsche Bank Bryan Keane Okay. Happy to get started here. We're excited to have Visa, Chris Newkirk, who's the Global Head of New Flows, Commercial & Money Movement Solutions. I'm Bryan Keane. I cover the payments processors and IT services at Deutsche Bank. And so, we're excite ...

Mastercard Incorporated (NYSE:MA) Deutsche Bank Technology Conference August 29, 2024 11:45 AM ET Company Participants Ed McLaughlin - President & Chief Technology Officer Conference Call Participants Bryan Keane - Deutsche Bank Bryan Keane Good morning. Welcome again to a day two of the DB Tech Conference. And my name is Bryan Keane. I cover the Payments, Processors and IT Services here at Deutsche Bank. And we're really excited to have Ed McLaughlin, who's the President and Chief Technology Officer at Mas ...

Summary of Intel Corporation's Conference Call Company Overview - **Company**: Intel Corporation (NASDAQ: INTC) - **Event**: Deutsche Bank's 2024 Technology Conference - **Date**: August 29, 2024 - **Participants**: Patrick Gelsinger (CEO), Ross Seymore (Deutsche Bank) Key Points Industry and Market Dynamics - The semiconductor industry is experiencing challenges, with cyclical businesses like automotive and FPGA not recovering as quickly as anticipated [10][12] - The PC market has shown weaker sell-through than expected, leading to inventory build-up among OEMs [11][12] - Geopolitical factors, particularly regarding China, have also contributed to a slower recovery than expected [12] Financial Performance and Guidance - Intel's Q3 guidance was adjusted to address inventory issues more aggressively, reflecting a cautious outlook [11] - Gross margins have been negatively impacted due to high costs associated with new fabs and early-stage production [16][17] - The company aims to return to gross margins in the 40s and eventually the 60s, with a focus on improving cost structures and operational efficiency [18][52] Strategic Transformation - Intel is in the second phase of its transformation, focusing on efficiency and cost reduction after rebuilding its product and process leadership [3][6] - The company has initiated a clean sheet effort to achieve best-in-class operational metrics, including a reduction of 15,000 positions to streamline operations [8][22] - The IDM 2.0 strategy is being emphasized, with a focus on both foundry and fabless operations [8][26] Product Development and Technology - Intel has made significant progress in its product development, with the launch of Panther Lake and Clearwater Forest expected to enhance competitiveness [4][29] - The company has achieved a defect density below 0.4, indicating improved manufacturing processes [4][29] - Advanced packaging has seen a tripling of deal pipeline, highlighting its importance in the foundry strategy [5][34] Foundry Business and Market Position - Intel's foundry business is gaining traction, with a focus on advanced packaging and a growing number of active deals [34][35] - The company is optimistic about achieving $15 billion in long-term deal value by the end of the decade, despite challenges in the foundry journey [37] AI and Infrastructure Strategy - Intel is positioning itself in the AI infrastructure space, focusing on CPU and GPU integration for enterprise applications [39][41] - The company has a strong market share in AI workloads on Xeon processors, which is expected to grow as new products are launched [42][43] Future Outlook - Intel is committed to achieving its financial targets, including breakeven in the foundry business by 2027, while adjusting its growth expectations based on current market conditions [45][46] - The company is focused on building a more efficient capital structure and improving operational metrics to enhance shareholder confidence [46][47] Conclusion - Intel is navigating a challenging market environment while executing a comprehensive transformation strategy aimed at improving efficiency, product competitiveness, and financial performance. The focus on advanced technologies and strategic partnerships in the foundry space positions the company for potential growth in the coming years.

Advanced Micro Devices, Inc. (NASDAQ:AMD) Deutsche Bank Technology Conference August 28, 2024 4:15 PM ET Company Participants Mark Papermaster - Executive Vice President & Chief Technology Officer Conference Call Participants Ross Seymore - Deutsche Bank Ross Seymore I'm Ross Seymore, cover semiconductors here at Deutsche Bank. We're very pleased to have Mark Papermaster, the CTO of AMD on stage with us today. Mark, thank you very much for joining here at the DB Tech Conference. So I think it was just what ...

Micron Technology, Inc. (NASDAQ:MU) Deutsche Bank Technology Conference August 28, 2024 Industry and Company - **Industry**: Semiconductor, specifically DRAM and NAND memory - **Company**: Micron Technology, Inc. Key Points and Arguments **1. Near-term Trends and Market Demand** - **Data Center**: Robust demand trends for DRAM and NAND products, driven by AI and traditional servers. - **Smartphone and PC Markets**: Stable sell-through, with inventory build-up due to pricing trends, strong data center demand, and AI content growth. - **Consumer Retail Channels, Industrial, Automotive**: Relatively weaker demand, but long-term trends remain strong in industrial and automotive markets. - **Fiscal Q1 2025**: Bit shipments expected to be flattish to slightly up compared to Fiscal Q4 2024, with gross margins strengthening sequentially. - **2025**: Substantial revenue growth and robust profitability expected due to AI and tight supply environment. **2. HBM (High Bandwidth Memory)** - **Market Growth**: HBM market expected to grow from 1.5% of industry bits in 2023 to around 6% in 2025, with a TAM of over $25 billion. - **Micron's Position**: Well-positioned with HBM products, aiming to reach HBM share in line with DRAM share by 2025. - **Technology Advantage**: HBM3E offers 30% lower power consumption compared to competitors, driven by advanced DRAM technology and packaging technology. - **Manufacturing Challenges**: HBM3E requires three times as many wafers as standard products, with increased yield challenges in assembly and testing. - **Customization**: Micron is working on HBM4E solutions that enable customer logic integration, providing greater value to customers. **3. DRAM and NAND** - **Industry Growth**: DRAM industry expected to grow in the mid-teens over time, with HBM contributing to this growth. - **AI Impact**: AI will have a positive impact on all major end markets, driving demand for memory. - **Edge Devices**: AI-enabled smartphones and PCs will require more memory content, with NAND storage content also increasing. **4. Profitability** - **HBM**: HBM is accretive to gross margins, with a 3:1 trade ratio contributing to pricing dynamics in the rest of the business. - **DRAM Margins**: Micron expects core DRAM margins to improve as well, with pricing environments remaining tight. **5. Capital Expenditure (CapEx)** - **Fiscal 2025**: CapEx expected to increase meaningfully compared to Fiscal 2024, with a focus on construction CapEx and HBM assembly capacity CapEx. - **Capacity Needs**: New capacity will be required to meet AI demand through the decade, with construction CapEx addressing these needs. - **Supply-Demand Discipline**: Micron remains focused on maintaining supply-demand discipline and maintaining overall bit share of DRAM and NAND.

Summary of Microsoft Corporation's Conference Call at Deutsche Bank's 2024 Technology Conference Company Overview - **Company**: Microsoft Corporation (NASDAQ: MSFT) - **Event**: Deutsche Bank's 2024 Technology Conference - **Date**: August 28, 2024 - **Participants**: Charles Lamanna (Corporate Vice President, Business Apps & Platforms), Brad Zelnick (Deutsche Bank) Key Points Industry and Market Trends - **Dynamics 365 Growth**: Dynamics 365 is now 90% cloud-based, growing at 20% in constant currency, with approximately $6.5 billion in revenue last year [5][6] - **AI Investment Focus**: Customers are prioritizing AI investments that yield tangible business outcomes, moving away from mere experimentation to ROI-driven discussions [5][6] - **Competitive Landscape**: The competitive environment is intensifying as customers expect AI integration in CRM and ERP solutions, changing evaluation criteria for these tools [7][8] Product and Strategy Insights - **Copilot Strategy**: Microsoft has introduced around 10 Copilot solutions across Dynamics 365, focusing on customization to meet specific business processes [9][10] - **User Engagement**: Over 2 million active users are leveraging Dynamics 365 Copilot solutions, indicating strong engagement and perceived value [13] - **Power Platform Growth**: The Power Platform has 48 million monthly active users, with potential to grow 10x as it democratizes app development for all users [22][23] AI Integration and Development - **Generative AI Impact**: Generative AI is seen as a transformative tool that simplifies development processes, allowing users to create solutions using natural language [29][30] - **Copilot Studio**: Over 50,000 organizations have utilized Copilot Studio to customize their Copilot experiences, enhancing the overall utility of Microsoft’s offerings [35][39] Customer Adoption and Use Cases - **Enterprise Market Penetration**: Dynamics 365 is being adopted by larger enterprises, with successful implementations at companies like Starbucks and Mercedes [43][44] - **Customer Service Solutions**: Microsoft’s contact center solutions integrate various components, providing a comprehensive approach to customer service that leverages AI for improved outcomes [49][50] Future Outlook - **AI-Driven Transformation**: The focus will be on modular workflows for AI transformation, allowing businesses to adopt AI incrementally rather than through complete system overhauls [45][46] - **Extensibility and Integration**: Microsoft aims to position Copilot as a central integration layer across various systems, enhancing its role in the broader software ecosystem [52][54] Additional Important Insights - **Contextual AI**: The importance of context in AI applications is emphasized, as it enhances the effectiveness of AI solutions in real-world scenarios [48][50] - **User-Centric Development**: The shift towards user-driven development is highlighted, with tools designed to empower end-users to create their own solutions [33][34] This summary encapsulates the key insights and strategic directions discussed during the conference call, reflecting Microsoft's commitment to innovation and customer-centric solutions in the evolving tech landscape.

Key Points Industry/Company - **Company**: Texas Instruments Incorporated (NASDAQ: TXN) - **Industry**: Semiconductor Core Points and Arguments - **Strategic Focus**: TI is focusing on Analog and Embedded Processing products, with a strong emphasis on industrial and automotive markets. - **Growth Expectations**: TI expects to grow its revenue and market share in the next decade, driven by increasing semiconductor content in industrial and automotive applications. - **Capacity Investments**: TI is investing in 300-millimeter wafer fabs to meet customer demand and ensure geopolitical reliability. - **Capital Allocation**: TI plans to spend approximately $5 billion in CapEx per year through 2025, with a range of $2 billion to $5 billion in 2026, depending on revenue. - **Free Cash Flow**: TI aims to achieve free cash flow per share growth across a range of market conditions, driven by revenue growth and a scalable CapEx strategy. Other Important Points - **CHIPS Act Funding**: TI has signed a preliminary agreement with the U.S. Department of Commerce for up to $1.6 billion in proposed direct funding under the CHIPS and Science Act, which will help fund the construction of SM1, LFAB2, and SM2. - **Investment Tax Credit**: TI expects to receive an estimated $6 billion to $8 billion in investment tax credit, which will further support its capacity investments. - **Market Recovery Scenarios**: TI has provided four revenue scenarios for 2026, representing a range of market conditions, including rapid market recovery, zero growth, and persistently weak market. - **Competitive Advantage**: TI's competitive advantages include its broad portfolio of Analog and Embedded Processing products, manufacturing and technology foundation, and strong customer relationships. - **Geopolitical Dependability**: TI is investing in capacity to ensure geopolitical dependability for its Analog and Embedded Processing semiconductors. Key Metrics - **Revenue**: $20 billion to $26 billion in 2026 - **CapEx**: $2 billion to $5 billion in 2026 - **Free Cash Flow per Share**: $8 to $12 in 2026 - **Internal Wafer Sourcing**: More than 90% by 2026, with more than 95% by 2030 - **Assembly Internal**: More than 85% by 2026 References - [1] - [5] - [6] - [8] - [10] - [11] - [12] - [13] - [14] - [15] - [16] - [17] - [18] - [19] - [20] - [21] - [22] - [23] - [24] - [25] - [26] - [27] - [28] - [29] - [30] - [31] - [32] - [33] - [34] - [35] - [36] - [37] - [38] - [39] - [40] - [41] - [42] - [43] - [44] - [45] - [46] - [47] - [48] - [49] - [50] - [51] - [52] - [53] - [54] - [55] - [56] - [57] - [58] - [59] - [60] - [61] - [62] - [63] - [64] - [65] - [66] - [67] - [68] - [69] - [70] - [71] - [72] - [73] - [74] - [75] - [76] - [77] - [78] - [79] - [80] - [81] - [82] - [83] - [84] - [85] - [86] - [87] - [88] - [89] - [90] - [91] - [92] - [93] - [94] - [95] - [96] - [97] - [98] - [99] - [100] - [101] - [102] - [103] - [104] - [105] - [106] - [107] - [108] - [109] - [110] - [111] - [112] - [113] - [114] - [115] - [116] - [117] - [118] - [119] - [120] - [121] - [122] - [123]