In the waning days of July 2026, Cohu's leadership gathered investors around the quarterly ritual of the earnings call — that peculiar ceremony where corporate stewards must account for the recent past while venturing predictions about an uncertain future. CEO Luis Müller and CFO Jeffrey Jones spoke from within a semiconductor industry caught between shifting demand, intensifying competition, and a regulatory landscape capable of rewriting strategy overnight. For a maker of test equipment whose fortunes rise and fall with the broader chip cycle, the call was less a report card than a navigatio