Thermo Fisher Scientific Inc. (NYSE:TMO) Bernstein 39th Annual Strategic Decisions Conference Call May 31, 2023 11:00 AM ET Company Participants Marc Casper - Chairman, President and Chief Executive Officer Conference Call Participants Eve Burstein - Bernstein Eve Burstein All right. Good morning, everyone. Let's go ahead and get started. My name is Eve Burstein, and I'm a new analyst at Bernstein. No relation, even though the names sound similar. Pre-launch, we'll be launching on US life science tools and ...

Amgen Inc. (NASDAQ:AMGN) 4th Annual Oncology Innovation Summit: Insights for ASCO & EHA May 31, 2023 11:00 AM ET Company Participants David Reese - Executive Vice President of R&D Arvind Sood - Vice President of Investor Relations Conference Call Participants Yaron Werber - TD Cowen Yaron Werber Okay. Good morning, everybody. We're just going to wait five seconds or so to let everybody scroll in. And then we will get started. So good morning, everybody, and thank you once again for joining us at the 4th Ann ...

Summary of Lam Research Corporation Conference Call Company Overview - **Company**: Lam Research Corporation (NASDAQ:LRCX) - **Event**: Bernstein 39th Annual Strategic Decisions Conference - **Date**: May 31, 2023 - **Key Executive**: Tim Archer, President and CEO Industry Context - **Industry**: Semiconductor and Semiconductor Capital Equipment - **Current Trends**: The semiconductor industry is experiencing a cyclical downturn after a period of strong growth, with significant focus on memory spending and the impact of export controls on the market [2][3][4] Key Points Discussed Supply and Demand Dynamics - The COVID-19 pandemic caused significant disruptions in both supply and demand within the semiconductor industry, leading to increased demand for electronics as people worked from home [4][5] - Equipment demand surged due to the urgency of adding supply to meet the spike in demand, but supply constraints, including labor and logistics issues, impacted financial performance [6][8] Financial Performance and Resilience - Despite challenges, Lam Research delivered strong financials, although not as robust as expected due to inflationary costs [6] - The company is using the current slow period to implement structural improvements and enhance its manufacturing and supply chain capabilities, particularly in Asia [8] Market Segmentation and Strategy - Lam Research is diversifying its revenue streams beyond memory, with a focus on foundry and logic segments, as well as services [10][12] - The installed base of equipment has grown by 40% since the last downturn, contributing to a more stable revenue source through spares and services [15][16] - The company is seeing significant reductions in memory spending, with NAND down approximately 75% year-on-year [12][22] Long-term Industry Outlook - The semiconductor industry is projected to grow to around $1 trillion by the end of the decade, with a substantial portion of that growth expected to come from memory [20] - AI applications are anticipated to drive increased demand for memory and advanced packaging, with Lam Research's addressable market for advanced packaging expected to double in the next three to four years [74][78] Export Controls and China Market - Export controls have impacted the NAND and DRAM segments, with an estimated financial impact of around $2 billion to $2.5 billion, now revised to approximately $2 billion [31][32] - There is a growing demand for trailing edge technology in China, driven by local investments in electric vehicles and other semiconductor applications [34][40] Capital Intensity and Equipment Demand - Capital intensity in the semiconductor industry is expected to rise, with discussions around the potential for $150 billion in wafer fabrication equipment (WFE) spending by 2030 [54][56] - Lam Research is focused on maintaining its competitive edge by innovating and improving productivity without significantly increasing costs [60][61] Advanced Technologies and Future Opportunities - The company is investing in advanced technologies such as atomic layer deposition and selective etch, which are critical for new 3D devices and advanced packaging [64][70] - The transition to gate-all-around technology presents a $1 billion incremental opportunity for Lam Research in the foundry logic space [65] Additional Insights - The current memory cycle is the worst since the financial crisis, but there is optimism about recovery driven by increased utilization of existing fabs and technology upgrades [22][25] - The regionalization of semiconductor manufacturing is seen as an opportunity for growth, particularly in specialty technologies and trailing edge markets [81] This summary encapsulates the key discussions and insights from the conference call, highlighting the current state and future outlook of Lam Research Corporation and the semiconductor industry.

Blackstone Inc. (NYSE:BX) Bernstein 39th Annual Strategic Decisions Conference May 31, 2023 10:00 AM ET Company Participants Jon Gray - Blackstone President & COO Conference Call Participants Patrick Davitt - Autonomous Research Patrick Davitt All right. Good morning, everyone. Thanks for joining us. For those of you that don't know me, my name is Patrick Davitt, I'm the asset manager analyst here at Autonomous. As a reminder, we're using Pigeon Hole for Q&A. So if you do have any questions, put them in the ...

Marvell Technology, Inc. (NASDAQ:MRVL) Goldman Sachs Global Semiconductor Conference Call May 31, 2023 8:20 AM ET Company Participants Willem Meintjes - Chief Financial Officer Ashish Saran - Senior Vice President, Investor Relations Conference Call Participants Toshiya Hari - Goldman Sachs Toshiya Hari Okay, great. Welcome, back everyone. Thank you so much for joining. My name is Toshiya Hari. I cover the semiconductor and cap equipment space at Goldman Sachs. We are very pleased, very excited to host the ...

Wells Fargo & Company (NYSE:WFC) Bernstein 39th Annual Strategic Decisions Conference May 31, 2023 8:00 AM ET Company Participants Charlie Scharf - CEO Conference Call Participants John McDonald - Bernstein John McDonald We're ready to go. Thanks, everyone, for joining us today. We're happy to kick off the conference in this room today with Wells Fargo. We have CEO, Charlie Scharf, joining us. Charlie, thanks for coming back this year. Charlie Scharf Thanks, John. Great to be here. Question-and-Answer Sessi ...

Ford Motor Company (NYSE:F) Company Conference Call May 31, 2023 9:00 AM ET Company Participants James Farley - Chief Executive Officer Conference Call Participants Toni Sacconaghi - Bernstein Toni Sacconaghi Welcome to Bernstein’s SDC. I’m Toni Sacconaghi. I cover IT hardware and electric vehicles at Bernstein, and I’m thrilled to have Jim Farley, CEO of Ford join us today. Jim’s been with Ford since 2007. He became CEO in 2020 and he’s really leading a significant transformation at the company. Jim att ...

General Electric Company (NYSE:GE) Bernstein 39th Annual Strategic Decisions Conference May 31, 2023 8:00 AM ET Company Participants Larry Culp - Chairman & Chief Executive Officer Conference Call Participants Brendan Luecke - Bernstein & Co. Doug Harned - Bernstein & Co. Brendan Luecke Good morning. My name is Brendan Luecke, and I cover U.S. multi-industrials at Bernstein. In light of the upcoming spin at GE, Doug Harned, our aerospace and defense analyst, will be co-moderating today's session. We're thri ...

3M Company (NYSE:MMM) Bernstein 39th Annual Strategic Decisions Conference May 31, 2023 9:00 AM ET Company Participants Mike Roman - Chairman and CEO Bruce Jermeland - SVP, IR Conference Call Participants Brendan Luecke - Bernstein Brendan Luecke Good morning. My name is Brendan Luecke. I cover multi-industrials with Bernstein. It’s my great pleasure today to welcome Mike Roman, Chairman and CEO of 3M, joining us again at SDC this year. Thank you for joining us, Mike. Mike Roman Thank you, Brendan. Thank yo ...

Micron Technology, Inc. Conference Call Summary Company Overview - **Company**: Micron Technology, Inc. (NASDAQ: MU) - **Event**: Goldman Sachs Global Semiconductor Conference - **Date**: May 31, 2023 - **Participants**: Mark Murphy (CFO), Toshiya Hari (Goldman Sachs) Key Industry Insights Demand Trends - Demand for DRAM and NAND has been consistent with previous expectations, with bit and byte growth anticipated [3][4] - Customer inventories are trending down, indicating a potential recovery in supply-demand balance [4][5] - The market is believed to be bottoming out, with expectations of stronger growth in the second half of the year [4][7] Impact of Chinese Regulations - The Cybersecurity Administration of China (CAC) has advised critical information infrastructure operators not to use Micron products, potentially impacting revenue by high single-digit percentages [5][6][9] - The impact is primarily expected in networking and server segments [10][53] Inventory Dynamics - Industry-wide inventory levels are unprecedented, but the situation is seen as manageable compared to previous downturns [13][46] - PC and smartphone inventories are healthier due to earlier downturns, while data center inventories remain elevated [15][14] Pricing and Product Transition DRAM Pricing - Price stability is being observed in certain areas, with DDR5 showing more resilience than DDR4 [5][16] - The transition to DDR5 is expected to reach about 30% of volumes by the end of the year, up from 20% [17] NAND Pricing - NAND pricing has decreased over 50% year-over-year, with higher inventory levels than DRAM [30][31] - Long-term growth for NAND is projected at a low 20% CAGR, but current demand elasticity is uncertain [32][31] Technological Advancements Product Development - Micron is optimistic about its 1-beta technology for DDR5, which offers significant improvements in bit density and power efficiency [17] - The company is also preparing to launch HBM products, which are expected to benefit from the growing AI market [19][20] AI Market Potential - AI is currently a small but rapidly growing segment of Micron's business, with expectations for significant growth in memory demand due to AI applications [21][22] - AI servers are projected to require significantly more memory compared to traditional servers, indicating a strong future demand for DRAM and NAND [25][26] Supply Chain and Production Strategy CapEx and Production Cuts - Micron has cut production by 25% in both DRAM and NAND, with WFE down over 50% year-over-year [33][35] - Future production increases will depend on inventory levels decreasing and clearer demand visibility [36][38] Competitive Landscape - The company believes that all industry participants are taking appropriate steps to manage supply and demand, with a focus on sustainable pricing [40][41] Global Manufacturing Footprint Expansion Plans - Micron is expanding its manufacturing footprint in the U.S. with projects in Boise and Upstate New York, driven by government incentives [58][59] - The company plans to align capacity additions with industry growth rates while considering geographic competitiveness [61] Conclusion - Micron Technology is navigating a challenging semiconductor market with strategic production cuts, a focus on technological advancements, and a proactive approach to emerging opportunities in AI and data centers. The company remains committed to long-term growth despite short-term uncertainties related to regulatory impacts and inventory levels.