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Analyst
Victor Chiu
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters; questions recorded in 5).
- Questions
- 7on tracked calls
- Challenge rate
- 14%1 of 7 questionsLimited sample
- Companies
- 4questioned at least once
- Reporting periods
- 5with 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 7 of 7 questions from 4 companies
SMCISupermicro3 questions · 2 reporting periods · 1 of 3 challenging
Calendar 2026 Q2
how much of your backlog and end demand are being impacted by the shift towards agentic and inference workloads
Show response
Charles described the mix as still roughly 70%+ GPU with high-20s% CPU, calling it a complicated combination shifting toward agentic and edge workloads.
Calendar 2026 Q1
The investments that you previously noted that you made in engineering support and services, have those mostly kind of peaked now
Show response
David emphasized engineering services investments have not peaked and are just gaining traction. Charles confirmed services revenue growing with profit margins better than hardware average.
Does the investigation around the -- that may potentially impact your relationship with NVIDIA, subsequently, your allocation or supply of GPU
Show response
David confirmed no change in NVIDIA allocation. Charles emphasized longstanding vendor partnerships with NVIDIA, AMD, Intel and Broadcom remain strong.
FFIVF5, Inc.2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
does your expectation around systems growth over the long-term change, given these dynamics
Show response
Francois maintained long-term view that software will grow as a percentage. However, AI use cases could impact the trajectory, a wildcard that's too early to quantify.
was there some specific dynamic that caused the, that triggered these upgrades to kind of align around the same time
Show response
Francois said refresh is stronger than initially expected due to customers embracing hybrid multi-cloud, needing more capacity, and consolidating security use cases on F5. Competitive displacement is an additional driver.
HPEHewlett Packard Enterprise1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q2
Has Blackwell demand helped to bridge the recovery in AI servers and contribute the improved line of sight that you noted earlier
Show response
Neri explained prepayment model for large customers and confirmed older GPU inventory exposure significantly reduced. Inventory discipline improved with adequate reserves.
NTAPNetApp1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q3
inventory nearly doubled sequentially. Just kind of wondering, is that a function of trying to secure NAND and other components against expected demand?
Show response
Wissam framed the inventory build as strategic purchases and supply management to meet demand, and a positive for supply/cost visibility.
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 |
|---|---|---|
| SMCI Supermicro | 3 | 33%1 of 3 questions |
| FFIV F5, Inc. | 2 | —Rate withheld: fewer than 3 questions |
| HPE Hewlett Packard Enterprise | 1 | —Rate withheld: fewer than 3 questions |
| NTAP NetApp | 1 | —Rate withheld: fewer than 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 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q1No questions recorded
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q3No questions recorded
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Supply Chain3
- Demand3
- Inventory2
- Competitive Dynamics1
- Margin1
- Innovation & R&D1
- Regulation Policy1
- Cloud & AI1
- Capex Investment1