The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Atif Malik - Citi - Analyst
: That's great. Bren, a lot of our investors have tried to simplify things by looking at end markets and associating a particular equipment maker with
that end market and its growth. And so when we look at your outperformance this year, I feel like you guys have been like a silent outperformer.
And can you walk us through the drivers in terms of end markets? DRAM has been a strong growth this year when foundry logic was probably
down from last year. Can you help us understand what has driven your outperformance?
And as we look into second half, you have indicated that you're still going to outperform WFE and also into next year, like what are the drivers of
outperformance historically? And how does it look like in the next six months to next year?
Question: Atif Malik - Citi - Analyst
: Just staying on the leading edge in 2 nanometer, I feel like historically, when there is a wavelength change in the industry, for example, EUV adoption,
you guys kind of benefit along with that way, but in the last -- in the three, four quarters, I would say, you guys are starting to separate yourself
from the lithology company in terms of maybe you're shipping more equipment for 2-nanometer qualification, but it's not tracking as closely as
it has in, I would say, last couple of years in terms of lithography, adoption. And you had print check and all that.
So are there timing differences in terms of your equipment going into the 2 nanometer foundries right now for troubleshooting the gate all around
and you guys being kind of early beneficiaries of spending?
Question: Atif Malik - Citi - Analyst
: Great. Let me come back to the --
Question: Atif Malik - Citi - Analyst
: Yes, that makes a lot of sense. Oreste, just sticking with you, first congratulations on your new role. It makes a lot of sense.
You've seen both sides, EPC. And like Bren pointed out, the back end is a new front end, there's definitely a rerating going on in terms of packaging
and when we talk to some of your peers, the small-cap metrology inspection companies, they have a view that there are a lot of opportunities in
the back end.
And so can you just help us understand where are you going to be focused near term, longer term in terms of taking advantage of some of these
challenges on the back end using your front-end portfolio?
Question: Atif Malik - Citi - Analyst
: I understand it's early days, but have you done an exercise in terms of incremental TAM that the back end can open up for you given your leadership
on the front end?
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SEPTEMBER 04, 2024 / 2:00PM, KLAC.OQ - KLA Corp at Citi Global TMT Conference
Question: Atif Malik - Citi - Analyst
: Great. Then a segment of memory, we didn't talk about NAND, which has been fairly dormant for the last few quarters. I mean, what are your
expectations in terms of NAND recovery?
Question: Atif Malik - Citi - Analyst
: And then on China, it has -- it was more than 40% for the first few quarters of the year and you're expecting it to come down in the back of this
year. Can you just talk about what you're seeing in China and how your China customers are looking at investments second half into next year?
Question: Atif Malik - Citi - Analyst
: Great. Can you stop here to see if there any questions in the audience? If you have a question, please raise your hand.
Unidentified Participant
I'm just curious, should tax rates go up significantly in a new administration? Would that affect your capital allocation policies in any material way?
Question: Atif Malik - Citi - Analyst
: That's super helpful putting the context on metrology as we move to get all around as well as on a clinic inspection longer term. A couple of areas
we didn't talk about services. What's driving it towards the high end of the 12% to 14% growth, how sustainable that is?
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SEPTEMBER 04, 2024 / 2:00PM, KLAC.OQ - KLA Corp at Citi Global TMT Conference
Question: Atif Malik - Citi - Analyst
: Great. We'll wrap it up here, Bren and Oreste, really appreciate your insights today.
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