CJ Muse

given the dramatic tightness, curious your ability to source incremental capacity from TSMC and elsewhere.

if you could kind of touch on gross margins through the year and as you balance kind of strengthening service CPU with, you know, perhaps greater you know, GPU accelerating in the second half.

how you're thinking about OpenAI and other large customers and how we should be thinking about the breadth of your customer kind of penetration

is there a framework that we should be thinking about for gross margins throughout calendar '26?

How are you thinking about the timing of the handoff, 350 to 400? How are you thinking about Helios' contributions?

how are you thinking about the use of proceeds? Is there saving for a rainy day or bolt-on acquisitions, perhaps more aggressive share buyback?

can you talk about 400 series and rack level solution, go-to-market strategy?

how should we think about traditional seasonality into the second half particularly with the potential of some pulling here

I wanted to revisit the first question, Roger, where you guys have kind of reduced your outlook for EUV revenues from 50% to 30%

where 90 days ago, you talked about growth and now greater uncertainty. I would think on the tariff front, there would be more certainty. And so curious why that has gotten worse

would love to hear the visibility you have today, the conversations you're having with your customers today as it pertains to 2026, 2027?

how we should be thinking about the overall implications to litho intensity

can you comment on kind of what you're seeing in terms of EUV layer counts, whether it's A16 or whether it's going HBM3, HBM4, etcetera?

I would have thought you would have completely derisked other markets. So can you touch on the level of derisking embedded in your assumptions for those customers where you've seen pushouts to 2026?

how are you thinking about the move to disaggregate prefill and decode from the GPU ecosystem and the impact to custom silicon demand?

I wanted to talk about custom silicon and maybe speak to how you expect content to grow for broad generation to generation

I understand that the guide down 70 bps, particularly with software lower sequentially. And greater contributions from wireless and XPU. But to to hit that 77 spot seven

Can you discuss workloads that are optimal that you're seeing for custom silicon? And that over time, what percentage of your XPU business could be inference versus training?

how you're expanding your portfolio now to six mega scale kind of frontier models. Will enable you to, you know, a more plush, you know, share tremendous information, but at the same time, a world ...

Is the plan here to reinvent x86 to succeed in the AI world or perhaps a broader portfolio, including ARM?

do those numbers fully contemplate the headcount reductions that you are planning? Or, you know, over time, could we see additional savings?

I would be curious to hear how your strategy has potentially evolved specifically for IFS

can you kind of walk through how you are thinking about the path to turning free cash flow positive?

how do you see that share kind of progressing in 2026 and 2027?

are your thoughts around 2027 and the ability to kind of pass along the higher DRAM cost

should we be thinking that you're at the higher end of that range given kind of greater contribution from the higher-margin silicon?

how those conversations are going, and what needs to happen to have firm conviction on growth in '26?

as three regions, Wuhan, Shanghai, Beijing are competing for supremacy, and we've now gone from four to six large kind of players

Rick, you talked about share gain. Can you elaborate on that? And then my second question would be on service

beyond the rising process control intensity at 2 nanometer and HBM, are there other drivers? Are those the two principal ones we should be thinking about?

could you speak a bit about the work you're doing with the supply chain, bringing on ramping Malaysia, and how we should think about that in the context of gross margins as revenues ramp in the '26...

over the last six, eight weeks, would love to hear how your conversations with customers have progressed. Are you seeing expedited meetings?

your tool business is likely growing 3x the growth rate of WFE here in calendar '25, and you indicated expectations for relative outperformance to continue

I was hoping to hit on the NAND upgrade. So the biggest growth driver into the June quarter. We'd love to hear your thoughts around the sustainability

Could you speak to if you had to rank order by product or upgrade or whatnot, how we should be thinking

Has that number changed

I am curious if you could discuss the breadth of the different customers that you are speaking with

how should we think about cost down across both DRAM and NAND

the relative growth seems very conservative in the backdrop that we are in

it certainly feels like in the last month or two, there's been an inflection in DRAM demand led by inference hyperscalers

it appears net CapEx implied $18 billion versus $13.8 billion last year

I was hoping to revisit your comments on HBM. So you're talking 23%, 24% market share

is there a point where we're thinking about the underutilization charges and the period cost

Curious how we should think about your future road map

do you see a realistic path for supply to catch up with demand over the next twelve to eighteen months

speak to, you know, your vision for growth into 2026

Saudi Arabia, the UAE

as test time compute and reinforcement learning shows such promise

I was hoping you could give us a framework for thinking about gross margins beyond the March quarter. You just gave us the depreciation

if we do assume normal seasonal pattern for your top-line into Q2, Q3, should we assume that loadings would move higher in Q2