We hosted STMicroelectronics (STM) CEO Jean Marc Chery, CFO of IR Celine Berthier and IR for investor meetings in London. GM, Pricing, Autos, long-term outlook, SiC, Apple (A) Gross Margin upside: STM expects to exit FY24 with GM >45%, with Q1 the bottom (impacted by $100mn of under capacity utilisation charges in Q1 and Q2), and upside coming from potential higher ramp of Agrate 300mm fab and better revenue mix. (B) Pricing: STM highlighted no additional pricing pressure from its Autos customers. (C) Autos backlog: STM’s backlog covers now more than 85% of its FY24E Autos revenue. Management was also confident there is no excess inventory outside of ADAS.