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Analyst
Ben Reitzes
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 98on tracked calls
- Challenge rate
- 11%11 of 98 questions
- Companies
- 17questioned at least once
- Reporting periods
- 9with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 98 of 98 questions from 17 companies
AAPLApple Inc.16 questions · 8 reporting periods · 2 of 16 challenging
Calendar 2026 Q2
how much do these supply constraints really hit you in December and impact that
Show response
Tim expanded on the constraint's root cause but Kevan declined the December question outright, restating that Apple provides no color beyond the September quarter.
Is there any possibility that you guys broaden out your silicon providers in a reasonable time frame to alleviate these
Show response
Tim reframed the constraint as demand outrunning forecast rather than a supplier problem and cited Arizona sourcing, but did not address whether Apple would add silicon providers.
Calendar 2026 Q1
the big concern out there is margins after the June quarter given component trends and all these constraints
Show response
Cook walked through memory cost chronology: minimal in December, higher in March offset by carry-in inventory, significantly higher in June, and increasing impact beyond. Will evaluate a range of options.
With the rise of agents, how would you like us to think about that? Does this mean there are new products coming
Show response
Cook declined to discuss future roadmap but highlighted iPhone 17 momentum, pivoting to current results rather than addressing the agentic AI form factor question directly.
Calendar 2025 Q4
if there's an opportunity for you guys to share in revenue too with that partnership like you do in search
Show response
Cook explained Google was chosen for the most capable AI technology but explicitly declined to release details of the financial arrangement.
How are you doing that with this memory, the NAND prices? Is it due to mix that there's a good less hardware and more services
Show response
Parekh attributed the strong margin to favorable iPhone mix and leverage from the strong cycle, with products up 450bp sequentially, plus services mix contribution and cost management.
Calendar 2025 Q3
if the resolution that we saw with the antitrust ruling with one of your partners was a boost and and if that played a role or if it was all really just organic outperformance
Show response
Parekh confirmed services growth was entirely organic with no impact from the Google antitrust resolution, emphasizing sequential acceleration across majority of categories.
How is that going to trend in the December quarter? And have you turned the corner there
Show response
Cook expressed strong confidence in China's trajectory, citing significantly higher store traffic, strong iPhone 17 reception, and expectation to return to growth in the December quarter.
Calendar 2025 Q2
how's your confidence towards launching that next year? Is there anything that's been done internally to increase that confidence? Is it tied to the investment
Show response
Cook confirmed Siri features expected next year, highlighted significant AI investment growth and internal personnel reallocation, and expressed strong excitement about the roadmap.
why would it decelerate if Services is staying the same at 13%. What -- is there a conservatism there
Show response
Parekh explained the deceleration is due to the ~1 point tariff pull-forward headwind and a difficult compare against last year's full-quarter iPad launch impact, with FX being a minor factor.
Calendar 2025 Q1
could it be a multiple of that figure or is it just completely unknown? We're all just trying to figure out what happens after June
Show response
Cook declined to project tariff impact beyond June, citing uncertainty around the Section 232 investigation and potential future tariff actions.
the trajectory there improving even with subsidies because subsidies benefited your competitors, too. Just wondering if I could get a little more color there
Show response
Cook noted China was roughly flat ex-FX, with stable channel inventory, subsidies had favorable impact, and iPhone was top two models in urban China.
Calendar 2024 Q4
there's a perception that you're a big beneficiary of lower cost of compute and I was wondering if you could give your worldly perspective here on the DeepSeek situation
Show response
Cook gave a high-level response praising efficiency innovation and highlighting Apple's hybrid on-device/cloud approach, but avoided specific commentary on cost or margin implications.
do you feel that there's a lot of room for form factor innovation in the future? Or do you feel that the current lineup kind of it shows where you're going
Show response
Cook expressed strong optimism about the product pipeline and future smartphone innovation, though without specifics.
Calendar 2024 Q3
When you look at mid- to low-single-digit revenue growth, do you expect the iPhone to grow faster?
Show response
Luca declined to break out iPhone growth or China, restating only the low- to mid-single-digit total-company guide.
what do you think people are missing and what are you excited about
Show response
Tim cited Apple Intelligence, health features and the strongest-ever holiday lineup, and said he tunes out the noise, but was non-specific.
INTCIntel Corporation11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
I wanted to ask about the capex increase by about 3 billion this year and significantly.
Show response
Zinsner tied the CapEx step-up to confidence across business units and long-term agreements, though gave no specific hard-order figure.
Calendar 2026 Q1
With regard to CapEx, is there anything in there with regard to investing in foundry customers? Or is that still not in there?
Show response
Dave explained CapEx is flat YoY with space spend declining materially but tool spend up ~25%. External foundry customer signals expected in H2 2026 to early 2027.
If you could just talk about the Google deal and there's a comment I believe in the release that you signed other [ LTAs ]
Show response
Lip-Bu confirmed Google as one of multiple LTAs signed in Q1. Dave added that agreements are structured with volume and pricing over 3-5 years.
Calendar 2025 Q4
So what does that imply for 2Q to 4Q? Should we model that above seasonal or are the constraints in PC so much that we shouldn't?
Show response
Dave confirmed expectation of above-seasonal growth Q2-Q4 as supply improves.
is this mostly driven by hyperscaler? Or do you feel like the shortage is mostly impacting them, making you subseasonal? Or is the enterprise demand also are you seeing it there?
Show response
Lip Bu emphasized hyperscalers sending clear message that CPU drives their workloads and they want long-term supply agreements. Also excited about system-level silicon co-design, ASIC opportunities, and advanced packaging integration. Broad-based demand across hyperscale and enterprise.
Calendar 2025 Q3
Is this strategy more about partnering? Is it more about -- is there a specific Intel IP for inferencing that you're excited about? Or is it more of a Switzerland approach
Show response
Lip Bu described revitalizing x86 for purpose-built CPU/GPU for AI workloads, focusing on power-efficient agentic computing. Will partner with both incumbents and emerging companies. Broad strategic framing without specific product or IP details.
can we get an update on the NVIDIA relationship timing of products? Have you gotten any feedback from customers in terms of your ability to articulate on the materiality of the relationship
Show response
Lip Bu emphasized multigenerational, heavy engineering-to-engineering engagement with NVIDIA connecting x86 and NVLink. Custom data center and PC products for AI era. Dave added it's incremental TAM, not cannibalizing existing business. No specific timing or revenue materiality given.
Calendar 2025 Q2
are you inferring that you have a GPU-centric strategy or something else? And how should we be thinking about how you're going to attack that market?
Show response
Lip Bu said details coming in months ahead. Focus on inference and agentic AI where accuracy and speed matter. Leveraging x86 with accelerators as compute platform. Adding software talent.
what's the trend you're expecting into the third quarter? And what are your thoughts about share losses there
Show response
Dave said roughly up a little in Q3 for servers. Acknowledged competitive gap but noted share held relatively well given the performance position, testament to x86 ecosystem strength.
Calendar 2024 Q4
I was wondering if you could just give a little more detail about your initial talks with them. Have they reached out?
Show response
Dave described multi-level engagement since the election, highlighting Intel's pull position as the only leading-edge U.S. fab. Focus on security, high-wage jobs, and supply chain.
I'm trying to figure out how high it goes sequentially, as we go throughout the year
Show response
Dave said products margins stay under pressure through 2025 due to cost and competition, but Foundry margins improve with EUV mix shift and cost reductions in Q2-Q3.
CSCOCisco Systems, Inc.10 questions · 7 reporting periods · 1 of 10 challenging
Calendar 2026 Q3
I wanted to ask about gross margins? What is your approach here in the first quarter and for the year
Show response
Patterson explained the hardware-mix gross margin headwind and pointed to operating margin as the better profitability indicator.
Calendar 2026 Q2
I wanted to talk about the comment Mark made around the non-AI portion growing in line with the model next year
Show response
Mark clarified long-term model was 4-6% total (not 2-5%), deferred detailed FY27 guidance to next quarter, noted price increases should help offset tougher comps.
Calendar 2026 Q1
something is getting a little better on the operating margin line. Is that from cost cutting or gross margin in the fourth quarter
Show response
Patterson indicated memory cost pressure is partly timing, expects improvement going forward. Also noted FY27 software growth should help margins.
Calendar 2025 Q4
What are you seeing that gives you the confidence to talk about multiyear cycles, maybe highlight the key ones
Show response
Robbins cited Cat 4K/6K end-of-support driving replacement, faster-than-historical ramp of routing, WiFi 7, and campus switching. Cat 9K transition ran 5-7 years, expects similar duration.
Calendar 2025 Q3
on the humane and some of these sovereigns, you know, you mentioned the NVIDIA deal so much. But on one of them, you're working with AMD
Show response
Robbins confirmed tight AMD partnership for sovereign deployments, noting strong personal relationship with Lisa Su. Will deliver integrated solutions alongside NVIDIA.
the security was pretty well below the street. And has to accelerate pretty significantly to get to your 15% to 17% growth
Show response
Robbins stood by 15-17% target, noting new/refreshed products (two-thirds of organic security) grew 20%+ and legacy tail is shrinking. Expects to exit FY26 near or on path to target.
Calendar 2025 Q1
the view that do you still think people are getting ready for AI? Or I don't know if I heard that from you this time
Show response
Robbins confirmed demand is AI-driven, including telco buildout for AI connectivity, with customers across segments preparing for AI workloads.
we've got a lot of questions very recently about a new switch that you just put out, the 9,300 Nexus
Show response
Robbins explained DPU-embedded switch enables security at network speed via Hypershield, won two Fortune 100 customers, praised team innovation pace.
Calendar 2024 Q4
is there anything happening near-term that makes you feel better about that long-term target
Show response
Scott said they set the Analyst Day targets conservatively to ensure they could hit or overachieve by FY26-27. Both cited AI and networking portfolio investments as paying off.
Are you getting a sense of what they're engaging you for? Is it they feel like there's going to be more inferencing
Show response
Chuck identified customer experience, automation/efficiency (robotics, supply chain), and customer upselling/cross-selling as top enterprise AI use cases. Expects front-end network buildout as a result.
NVDANVIDIA Corporation9 questions · 8 reporting periods · 1 of 9 challenging
Calendar 2026 Q3
with the developments in RSI as well as AGI, what happens to industry demand?
Show response
Jensen said demand inflects further as workloads shift to always-on agentic systems, describing a coarse-grained self-improvement loop.
Calendar 2026 Q2
I was just wondering the goal for the company to grow faster than hyperscaler CapEx?
Show response
Jensen confirmed NVIDIA should outgrow hyperscale CapEx because the second segment (ACIE) represents hundreds of thousands of companies that semi-custom chips cannot serve.
Calendar 2026 Q1
sustainability of the mid-70s long term
Show response
Jensen framed sustained margins as a function of delivering generational leaps in performance per watt and per dollar every year.
Calendar 2025 Q4
wanted to ask you about cash
Show response
Jensen said the balance sheet funds a resilient supply chain and ecosystem expansion via OpenAI and Anthropic investments, while reiterating ongoing buybacks.
Calendar 2025 Q3
data center infrastructure spend by the end of the decade
Show response
Jensen said NVIDIA represents ~35% of a $50-60B gigawatt AI factory, framed power as the ultimate limiter, and argued perf-per-watt directly drives customer revenue.
Calendar 2025 Q2
rest of the business, you know, in order to hit $45 billion
Show response
Colette confirmed the ex-H20 business is running ahead. Jensen enumerated four positive surprises: reasoning AI demand, rescinding of AI diffusion rule, enterprise AI taking off, and industrial AI/onshoring, framing them as turbocharging drivers.
Calendar 2025 Q1
the US was up about $5 billion or so sequentially
Show response
Jensen said China is steady at ~half the pre-export-control percentage and framed AI as mainstream software now being integrated into every service, arguing NVIDIA is three years into a multi-decade modernization of computers that addresses a larger share of world GDP than any prior tool.
Calendar 2024 Q4
with the change in administration that's going to take place here in the US and the China situation, have you gotten any sense
Show response
Jensen gave a diplomatic non-answer, stating NVIDIA will comply with any regulations, support customers, and compete, without providing any specifics on anticipated policy changes.
Do your comments on Blackwell imply that we reaccelerate from there as you get more supply? Just in the first half
Show response
Jensen declined to comment on sequential growth trajectory beyond current quarter. Colette reiterated they are focused on the current quarter's Blackwell ramp.
AVGOBroadcom Inc.8 questions · 8 reporting periods · 0 of 8 challenging
Calendar 2026 Q3
Could you shed a little bit more light on the maximum off-balance sheet risk for the backstop agreements?
Show response
Amie declined to give an overarching maximum, saying prior disclosed figures stand and future financings will be evaluated deal-by-deal with tailored features.
Calendar 2026 Q2
Is that potentially being an accelerator to what you have already outlined in terms of your TAM per gigawatt?
Show response
Hock said dollars per gigawatt are relatively stable but the number of gigawatts keeps accelerating, with 2028 a substantial step up from 2027.
Calendar 2026 Q1
your commentary about supply visibility on those 4 major components through 2028. A, how'd you do it? This is probably the -- you're the first one to kind of go out through the '28 time frame
Show response
Hock credited early T-glass and substrate lock-ups plus deep multi-year customer commitments. Charlie confirmed growth visibility into 2028.
Calendar 2025 Q4
OpenAI contract that it's supposed to start in the second half of the year and go through 2029 for 10 gigawatts
Show response
Hock clarified the 10GW OpenAI agreement runs 2027-2029, not 2026, and distinguished it from the separate XPU program with OpenAI.
Calendar 2025 Q3
How is the dialogue going beyond these four customers? In the past, you've talked about having seven. Now we've added a fourth to production
Show response
Hock declined to quantify prospect timing but confirmed all three remaining prospects are still actively developing toward substantial production. Million-unit goal still intact for the four current customers.
Calendar 2025 Q2
AI networking was really strong in the quarter, and it seemed like it must have beat expectations. I was wondering if you could just talk about the networking in particular, what caused that?
Show response
Hock explained scale-up networking consumes 5-10x more switches per cluster than scale-out, driving the surprise upside. Tomahawk 6 only in proof-of-concept stage but sees tremendous demand.
Calendar 2025 Q1
you talked about four more customers coming online. Can you just talk a little bit more about the trend you're seeing, can any of these customers be as big as the current three?
Show response
Hock clarified the four are 'partners' not yet customers; development cycle is 1.5 years per chip. Eventual demand potential matches current three but on a later timeline.
Calendar 2024 Q4
is this a run rate TAM or a cumulative TAM? Kind of meaning do we take the $12.2 million, then add some growth
Show response
Hock clarified the $60-90B is a single-year 2027 milestone, not cumulative, and cautioned against adding the two new hyperscaler prospects to the stated SAM.
DELLDell Technologies8 questions · 8 reporting periods · 1 of 8 challenging
Calendar 2026 Q3
would you be willing to -- should you grow kind of in line with NVIDIA for next year?
Show response
David declined a specific long-term number, pointing to durable H2 momentum; Jeff framed a $1 trillion-plus opportunity over the coming years.
Calendar 2026 Q2
Can you just go through the puts and takes of the pull forwards in the major segments, please?
Show response
Clarke laid out multiple durable demand drivers (buy-ahead, install-base refresh, AI drag, share gains) and cited record pipeline growth to justify the raised guide.
Calendar 2026 Q1
It sounds like, you know, it is turning a little bit. You know, you beat the Street by a little bit, 2%
Show response
Jeff highlighted all Dell IP platforms growing double digits with architecture advantages (5:1 data reduction, 75:1 backup compression) as fuel in the memory shortage. Dell IP mix expected to grow further in FY27.
Calendar 2025 Q4
You mentioned it was up sequentially. Was wondering if you guys can talk about, you know, order order of magnitude there
Show response
Jeff attributed improvement to elimination of Q2 onetime supply chain costs, passage of early aggressive GB200 deals, continued value engineering, and improved customer mix diversity.
Calendar 2025 Q3
Why will the margins improve? And what is the order of magnitude there? I think there's a perception that it's low single digits op margin
Show response
Jeff cited Q2 onetime supply chain expedite costs for GB200 deployments that won't recur, value engineering, scaling effects, and growing enterprise customer base improving margin mix.
Calendar 2025 Q2
if you do the $15 billion plus, let's call it, and including $8 billion in the first half for AI servers, that implies I don't know, $3.5 billion each quarter
Show response
Jeff corrected the math to ~$9B first-half AI server shipments and noted enterprise pipeline growing faster than CSP. Yvonne described the approach as historically conservative.
Calendar 2025 Q1
Could you be more specific on the guidance for this year with regard to tariffs? What are you factoring in for China in particular?
Show response
Jeff acknowledged the morning's tariff announcements were not in guidance. Positioned tariffs as input costs that may require price adjustments.
Calendar 2024 Q4
have you seen is that the reason that the pipeline surged and/or was that pipeline already baked?
Show response
Jeff avoided directly addressing competitor issues, instead attributed success to engineering differentiation and speed. Confirmed storage expected to grow in FY26 with Dell taking share via Dell IP portfolio.
Show 11 more companies
IBMInternational Business Machines Corporation7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
are you still looking for double-digit growth in software long term?
Show response
Krishna reaffirmed complete conviction in long-term double-digit software growth, noting the 80% recurring base already approaching 10% with multiple paths above it.
Calendar 2026 Q1
are you seeing something in Europe that keeps you at bay right now? Are you seeing evidence of something slowing
Show response
Arvind confirmed no impact from Middle East, strong Europe growth, no slowdown in pipeline. Jim explained beat mentality and execution discipline; only 3 months into the year. Referenced last year's same approach leading to outperformance.
Calendar 2025 Q4
I wanted to see what how we're going to bridge Red Hat, what how do we get the eight to the mid-teens
Show response
Jim outlined software drivers: data at high teens (~4pts), hybrid cloud double-digit, automation low double digit (~2.5pts), TP low-to-mid-single. Red Hat prudently guided to double-digit due to federal shutdown impact on Q4 bookings.
Calendar 2025 Q3
Are there signs that it can accelerate from here
Show response
Arvind expects Red Hat returning to mid-teens, Automation staying double-digit, TP returning to low single digits, Data maintaining. Jim detailed approaching double-digit organic software growth model for 2026.
Calendar 2025 Q2
what is causing you not to raise guidance if you feel better about the economy
Show response
Jim noted analyst estimates already up $1B+ since January, raised productivity to $4.5B, margins to ~1pt expansion, EBITDA to low-teens growth with $2B+ YoY improvement. Took Infrastructure up for full year.
Calendar 2025 Q1
I was wondering if we could just talk a little bit more about the dynamics, why that occurred
Show response
Jim explained subscription business grew mid-high teens while consumption moderated from low-mid-teens to high single digits. Virtualization bookings already over $200M annualized with pipeline north of half a billion.
Calendar 2024 Q4
I'm going to ask about Infrastructure and two aspects, one is tied to it within Software is TPP
Show response
Jim broke TPP growth into ~4pts from workload growth, ~3pts from AI innovation like watsonx Code Assistant for Z, and ~3pts from price optimization. Guided mid-single-digit for 2025.
QCOMQualcomm7 questions · 4 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
And just wondering if how is the reception outside of the 2 customers? And when you talk about the pipeline and some of the commentary around that, are you implying that there could be more than 2 ...
Show response
Acknowledged additional conversations but explicitly conditioned expansion on demonstrating HBC silicon first, declining to imply committed customers beyond the two.
Are you hearing from these customers that they're getting access to domestic Chinese memory and they're feeling really good that they're going to have supply?
Show response
Gave a specific mechanism for the bottom call, channel inventory exhaustion, rather than asserting confidence, and separately addressed the Chinese memory point.
Calendar 2025 Q4
What's happened since Grok? With NVIDIA? And you know, the Howard discussion is going beyond humane
Show response
Cristiano confirmed strong technical interest from large companies. Disaggregated inference approach validated by industry trends. Focused on execution with details at upcoming investor event.
Is it possible you know, how do you kinda navigate that with with all your partners?
Show response
Cristiano acknowledged scale advantage in memory allocation, noting Samsung also has internal memory division. Problem is industry-wide with no OEM immune, not a demand issue but supply constraint.
Calendar 2025 Q3
I would assume if we're going to have an event and go through something like this, this has the opportunity to be something pretty material
Show response
Cristiano confirmed data center represents a potential multibillion-dollar revenue opportunity in a couple of years. Akash added XR/smart glasses significantly ahead of prior $2B target.
Calendar 2025 Q2
can you just draw that out a little more? Obviously, there's a perception that the Apple products are a little behind in AI
Show response
Cristiano highlighted Android ecosystem advantage in AI with Gemini growth, agentic use cases driving upgrade cycles, and 3x AI utilization increase between Galaxy S24 and S25.
What is -- what are your thoughts on doing -- having more of a tuck-in acquisition strategy there or even going bigger to get big fast
Show response
Cristiano focused on closing Alphawave and building product roadmap. Open to complementing road map as opportunities arise, consistent with historical approach.
ANETArista Networks6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
can you just talk about your progress in in landing the AI Labs as customers
Show response
Jayshree pivoted to a security webinar with Anthropic and model diversity rather than confirming a specific AI Labs 10%+ customer.
Calendar 2026 Q1
Are you able to say what the number was in the quarter and what it is taking away in terms of the $2.8 billion guide
Show response
Chantelle deflected the specific supply constraint dollar impact, framing it as a forward-looking issue rather than quantifying Q1/Q2 impact. Margin expansion opportunity is mix-dependent.
Calendar 2025 Q4
I wanted to ask about two things that I just was wondering if you could talk a little bit more about your Neo Cloud momentum and what that is looking like in terms of materiality
Show response
Jayshree categorized neoclouds into three tiers: classic CDN/security, AI-focused with strong financials, and geo-diverse with uncertain durability. AMD now 20-25% of deployments, driving best-of-breed open configurations.
Calendar 2025 Q3
your confidence on being able to participate in some of these builds that are affiliated with some of your cloud titans
Show response
Jayshree outlined three use cases (scale-up, scale-out, scale-across) with Arista strongest in scale-out today, pivoting to $15B long-term target with AI as major driver.
Calendar 2025 Q1
I'm just a little confused as to why you really don't know so much about the second half, at least on the top-line
Show response
Jayshree acknowledged confusion is valid, explaining guidance held flat due to tariff uncertainty not demand weakness. Would be more bullish absent tariff overhang.
Calendar 2024 Q4
about gross margins, so obviously, they go between to 61 at the midpoint after being much higher in the first quarter
Show response
Chantelle confirmed gross margin decline is mix-driven from increased cloud titan business, plus some absorption of China tariffs.
AMDAdvanced Micro Devices, Inc.4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q4
there that x86 has particular edge in agents, big picture. You know, do you agree with that?
Show response
Lisa Su said agentic workloads spawn CPU tasks predominantly on x86, with EPYC's workload-optimized portfolio from cloud to enterprise to storage positioning AMD for the multi-year CPU cycle.
Is everything on track for the second half for starting the six gigawatts and the three point five year timeline.
Show response
Lisa Su confirmed the OpenAI MI450 ramp is on schedule for 2H 2026 in deep co-development with CSP partners, and reminded that AMD has a broad set of customers excited about MI450 beyond OpenAI.
Calendar 2025 Q2
do you see it at the same run rate that you exited and then you have the ability to get at the $800 million run rate right away?
Show response
Lisa Su said MI308 ramp will take time post-license approval with very little expected in Q3, as license timing and WIP-to-finished-goods cycle determine the actual contribution.
I wanted to clarify a little bit on the $1 billion increase in sequential sales. It would seem like it's coming from GPUs primarily.
Show response
Jean Hu confirmed MI355 drives the majority of sequential growth but declined to give a specific GPU dollar run rate, noting Client and Embedded also contribute to Q3 sequential growth.
MRVLMarvell Technology3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q3
are we talking like FY '29 and FY '30 big step-ups as a result of this incrementally, because these numbers are huge.
Show response
Murphy validated Reitzes' math on the deal's scale, said overall custom numbers in FY29+ would be a lot larger than anyone has modeled, at margins in line with Marvell's custom financial model, and deferred ranges to the Investor Day.
Calendar 2026 Q1
if you could just unpack since December, the $2 billion, especially the -- how fiscal '28 got $2 billion better since December
Show response
Murphy attributed increase to natural progression of visibility plus interconnect business being called too conservatively at CapEx when it should have been tied to GPU/XPU growth. Strong bookings and backlog plus detailed customer supply planning discussions provided concrete forward view. Noted company is tracking toward ambitious calendar 2028 targets set in April 2024.
Calendar 2025 Q1
you have a goal of $15 billion for the data center long-term by calendar year '28 are you seeing the progress
Show response
Murphy confirmed tracking well to 20% market share target. Both market size and share gains trending above the compounded growth rate needed from CY23 to CY28. TAM opportunity has grown since April AI Day.
CRWVCoreWeave, Inc. Class A Common Stock2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q4
What is your confidence in the rate of the CapEx growth? Like we understand you're spending now to get the revenue
Show response
Management grounded CapEx confidence in success-based, take-or-pay long-term contracts and durable demand; answered directly.
Calendar 2025 Q1
Was it particularly -- was there anything in there for higher costs though or mix of GPUs that you weren't expecting?
Show response
Management clarified the CapEx increase reflects new client contracts, not price inflation; answered directly.
ORCLOracle Corporation2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q4
how long will it take your AI margins across all your OCI data centers to ramp to that level
Show response
Clay explained individual data centers reach target margins within months of provisioning. Aggregate mix is lower during hypergrowth build-out phase but improves as more capacity comes online.
Calendar 2025 Q2
Your CapEx in the quarter was much higher than expected, I mean, $5 billion more than we expected to get to the '21
Show response
Safra explained CapEx is almost entirely equipment (not buildings) deployed to meet enormous demand. Larry described unprecedented customer demand for any available capacity anywhere.
SNDKSandisk Corporation2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
if you commit to buying $5 billion a quarter, and you do that over the next four quarters
Show response
Goeckeler pointed to $4.5B executed and a new $14B authorization, promising consistent execution but declined to commit to a specific quarterly pace.
you talked about the NBMs were being signed in this 80% margin range
Show response
Visoso confirmed roughly 80% margins on NBMs with upside as prices rise, without naming a specific figure.
MUMicron Technology, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q3
I wanted to know a little bit more about what changed and what that means for margins.
Show response
Management tied confidence in 2027-2028 to committed shipments and SCA extensions, and reaffirmed expected margin expansion.
STXSeagate Technology Holdings1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
this key-value cache use of the HDD tier at hyperscalers, you know, how much is that helping right now?
Show response
Dave called both KV cache and physical AI very early days and described the opportunity qualitatively without sizing any exabyte contribution.
WDCWestern Digital1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
should we expect the first quarter fiscal to represent the low point for both sequential revenue growth
Show response
Kris declined to shape full FY2027, reiterating one-quarter guidance while expressing high conviction in continued growth.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| AAPL Apple Inc. | 16 | 13%2 of 16 questions |
| INTC Intel Corporation | 11 | 0%none of 11 questions |
| CSCO Cisco Systems, Inc. | 10 | 10%1 of 10 questions |
| NVDA NVIDIA Corporation | 9 | 11%1 of 9 questions |
| AVGO Broadcom Inc. | 8 | 0%none of 8 questions |
| DELL Dell Technologies | 8 | 13%1 of 8 questions |
| IBM International Business Machines Corporation | 7 | 29%2 of 7 questions |
| QCOM Qualcomm | 7 | 14%1 of 7 questions |
| ANET Arista Networks | 6 | 33%2 of 6 questions |
| AMD Advanced Micro Devices, Inc. | 4 | 0%none of 4 questions |
- AAPLApple Inc. · 16 questions13%2 of 16 questions
- INTCIntel Corporation · 11 questions0%none of 11 questions
- CSCOCisco Systems, Inc. · 10 questions10%1 of 10 questions
- NVDANVIDIA Corporation · 9 questions11%1 of 9 questions
- AVGOBroadcom Inc. · 8 questions0%none of 8 questions
- DELLDell Technologies · 8 questions13%1 of 8 questions
- IBMInternational Business Machines Corporation · 7 questions29%2 of 7 questions
- QCOMQualcomm · 7 questions14%1 of 7 questions
- ANETArista Networks · 6 questions33%2 of 6 questions
- AMDAdvanced Micro Devices, Inc. · 4 questions0%none of 4 questions
Show all 17 companies
| Company | Questions | Challenge rate |
|---|---|---|
| MRVL Marvell Technology | 3 | 0%none of 3 questions |
| CRWV CoreWeave, Inc. Class A Common Stock | 2 | —Rate withheld: fewer than 3 questions |
| ORCL Oracle Corporation | 2 | —Rate withheld: fewer than 3 questions |
| SNDK Sandisk Corporation | 2 | —Rate withheld: fewer than 3 questions |
| MU Micron Technology, Inc. | 1 | —Rate withheld: fewer than 3 questions |
| STX Seagate Technology Holdings | 1 | —Rate withheld: fewer than 3 questions |
| WDC Western Digital | 1 | —Rate withheld: fewer than 3 questions |
- MRVLMarvell Technology · 3 questions0%none of 3 questions
- CRWVCoreWeave, Inc. Class A Common Stock · 2 questions—rate withheld: under 3 questions
- ORCLOracle Corporation · 2 questions—rate withheld: under 3 questions
- SNDKSandisk Corporation · 2 questions—rate withheld: under 3 questions
- MUMicron Technology, Inc. · 1 question—rate withheld: under 3 questions
- STXSeagate Technology Holdings · 1 question—rate withheld: under 3 questions
- WDCWestern Digital · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 2 | 0%none of 2 questions | 1 |
| 2024 Q4 | 12 | 0%none of 12 questions | 8 |
| 2025 Q1 | 11 | 9%1 of 11 questions | 9 |
| 2025 Q2 | 13 | 38%5 of 13 questions | 9 |
| 2025 Q3 | 12 | 8%1 of 12 questions | 9 |
| 2025 Q4 | 16 | 6%1 of 16 questions | 12 |
| 2026 Q1 | 11 | 9%1 of 11 questions | 9 |
| 2026 Q2 | 15 | 13%2 of 15 questions | 12 |
| 2026 Q3 | 6 | 0%none of 6 questions | 6 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2024 Q412 questions · challenge rate 0% (none of 12 questions) · 8 companies
- 2025 Q111 questions · challenge rate 9% (1 of 11 questions) · 9 companies
- 2025 Q213 questions · challenge rate 38% (5 of 13 questions) · 9 companies
- 2025 Q312 questions · challenge rate 8% (1 of 12 questions) · 9 companies
- 2025 Q416 questions · challenge rate 6% (1 of 16 questions) · 12 companies
- 2026 Q111 questions · challenge rate 9% (1 of 11 questions) · 9 companies
- 2026 Q215 questions · challenge rate 13% (2 of 15 questions) · 12 companies
- 2026 Q36 questions · challenge rate 0% (none of 6 questions) · 6 companies
Topics
Topics tagged on this analyst’s questions.
- Cloud & AI41
- Revenue Growth32
- Demand26
- Competitive Dynamics19
- Guidance Reliability15
- Margin14
- Innovation & R&D11
- Supply Chain10
- Capex Investment9
- Product Launch7
Show all 21 topics
- Cost Pressure6
- Regulation Policy5
- Capital Allocation4
- Geographic Expansion4
- Trade Tariffs4
- Pricing3
- M&A2
- Credit1
- Inventory1
- Macroeconomic1
- Subscriber Growth1