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.

Summary of Corning Incorporated's UBS Global Technology Conference Call Company Overview - **Company**: Corning Incorporated (NYSE: GLW) - **Industry**: Material Science, specifically in glass and ceramic technologies Core Points and Arguments 1. **Long-term Strategy**: Corning's strategy focuses on three core technologies: glass science, ceramic science, and optical physics, supported by four manufacturing platforms to create innovative products and processes [4][5] 2. **Value Creation**: The company aims to improve profitability and cash flow despite current lower demand, with confidence in market recovery [5][6] 3. **Third Quarter Performance**: - Gross margin expanded by 80 basis points to 37% due to pricing actions, despite lower sales in optical communications and display [7] - Free cash flow reached $466 million, up 83% year-over-year, indicating effective cost management [7] 4. **Market Access Platforms**: - **Optical Communications**: Positioned to benefit from trends in broadband and cloud computing, with a focus on innovative, cost-effective solutions [9] - **Display**: Market leader in glass substrates, profitability restored to pre-pandemic levels [10] - **Mobile Consumer Electronics**: Collaborations with Apple to enhance product durability and performance [11] - **Automotive**: Growth in technical glass for displays and emissions control products, targeting a $100 per car opportunity [12] - **Life Sciences**: Focus on individualized biologic medicines and efficient packaging solutions [13] Important but Overlooked Content 1. **Sales Potential**: Corning has the capacity to generate over $3 billion in additional sales with minimal cash investment, indicating strong growth potential [14][15] 2. **Capital Expenditure**: Anticipated lower capital spending in 2024, with a focus on process improvements to enhance production efficiency [28][29] 3. **Demand Trends**: Current demand across various sectors is below historical trends, with expectations for recovery in the latter half of 2024 [22][24] 4. **Optical Market Dynamics**: The optical communications market is expected to grow significantly, driven by increasing data consumption and new applications [31][32] 5. **Emerging Opportunities**: Corning is exploring growth in automotive glass, data centers, and solar manufacturing, particularly with the onshoring of solar capacity in the U.S. [39][41] Conclusion Corning Incorporated is strategically positioned to navigate current market challenges while focusing on long-term growth opportunities across various sectors, leveraging its technological capabilities and innovative approaches to enhance profitability and shareholder value.

Lumen Technologies, Inc. (NYSE:LUMN) Bank of America 2023 Leverage Finance Conference November 28, 2023 2:10 PM ET Company Participants Chris Stansbury - Executive Vice President and Chief Financial Officer Conference Call Participants Ana Goshko - Managing Director, Bank of America Ana Goshko This is the Bank of America 2023 Leverage Finance Conference, and I'm Ana Goschko. I cover Telecom and Technology Credit, and we're thrilled to have Lumen Technologies with us. And we have Chris Stansbury, Executive V ...

Cisco Systems, Inc. (NASDAQ:CSCO) UBS Global Technology Conference Call November 28, 2023 12:55 PM ET Company Participants Bill Gartner - SVP and General Manager, Optical Systems and Optics Group Conference Call Participants David Vogt - UBS David Vogt Great. I think we're going to get started. Good morning, everyone. Thank you for joining. I am David Vogt. I'm the UBS Enterprise Hardware and Networking Analyst, and we're excited to have Cisco with us today. From the company, we have Bill Gartner, SVP and G ...