George Wang

Cliff noted pricing is evaluated case by case, room for different pricing in some markets, more competitive pressure in others. Focus on maintaining market share while optimizing profit dollars.

Cliff confirmed still targeting high-teens to 20% gross margin for auto OEM. Working with partners on cost recoveries for tariff-related costs. Believe there are additional levers to manage.

Cliff said no crystal ball but no behavior change observed yet. Including modest conservatism around possible softening. Garmin offers unique products that customers will still step up to buy.

Cliff noted sell-in and sell-through well matched in Q4. Retail channel not overstocked. Near real-time registration data confirms strong demand. Acknowledged consumer pressure exists broadly.

Cliff deflected the timeline question and instead emphasized that GRMN reports pure GAAP segment results without cost allocation tricks. Noted auto OEM provides meaningful margin contributions to corporate costs.

Market share gains already materializing with consolidation benefiting Jabil. FY2026 expected to see more meaningful ramp, but current trajectory already exceeding expectations.

Confirmed strong CPO positioning. Clarified that industry CPO discussion centers on switching gear rather than GPU side. Jabil's photonics capabilities position it well for both.

Silicon photonics described as about to take off considerably. Multiple customer engagements progressing from 400G to 800G with 1.6T on the roadmap. Few competitors as well-positioned.

ATE is the primary growth driver in semi cap, shifting from roughly 55% of the mix to a larger percentage. WFE AI-related business strong but other segments weak.

Silicon photonics business now in $300-400M range from small Intel acquisition base. Roadmap to 800G and 1.60G with design engineering capabilities acquired.

Charles expects GB300/B300 to further amplify Supermicro's technology advantage, especially with DLC-2. Summer launch anticipated.

Charles confirmed increasing sovereign AI demand worldwide beyond just the U.S. and large countries.

Charles emphasized unlimited engineering differentiation opportunity through vertical optimization and DCBBS expansion.

Charles acknowledged more competition with Blackwell but pointed to DCBBS and deployment services as differentiators. No specific margin guidance.

Charles could not give a specific timeline, saying it depends entirely on NVIDIA's chip availability. No commitment on quarter.

Chris said refresh activity is still primarily driven by aging devices and Win10 expiration. AIPCs are being sold with more conversations, but not yet the primary driver.

Chris declined to discuss specific partners but noted CDW is front and center in partner conversations to ensure appropriate value proposition across all ecosystems.

Al said competitive dynamics reflect the broader two-year hardware downcycle rather than Q3-specific issues. Not having meaningful margin impact despite fierce competition.

Al expects mid-single-digit client growth to continue, modest solutions hardware growth with some NetComm contribution, while servers remain challenging.

Kevin attributed the sequential margin step-down to lower fixed-cost absorption and an automotive step-down in Q1.

Revathi pointed to 45% growth as evidence of share gains but said JetCool's impact is not yet in results.

Revathi said growth comes from expanding wallet share with existing hyperscaler and colo customers plus acquisitions, not new logos.