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    Ben Reitzes • Melius Research

    Ben Reitzes's questions to Cisco Systems Inc (CSCO) leadership

    Ben Reitzes's questions to Cisco Systems Inc (CSCO) leadership • Q4 2025

    Question

    Ben Reitzes of Melius Research LLC challenged the security segment's performance, asking if the long-term 15-17% growth target is still appropriate. He also inquired about Cisco's partnerships beyond NVIDIA, specifically with AMD on sovereign AI deals.

    Answer

    CEO Chuck Robbins defended the security strategy, noting double-digit order growth ex-US Federal and over 20% growth in new products. He believes they will exit FY26 near or on a path to the target. He also confirmed a 'very, very tight partnership' with AMD on certain sovereign deals to deliver integrated solutions.

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    Ben Reitzes's questions to Advanced Micro Devices Inc (AMD) leadership

    Ben Reitzes's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    Ben Reitzes of Melius Research asked for confirmation that the nearly $1 billion sequential revenue growth guided for Q3 is primarily from GPUs. He also questioned how quickly the MI308 business in China could ramp back to its previous run rate if and when export licenses are approved.

    Answer

    CFO Jean Hu confirmed that the 'majority' of the strong sequential growth is driven by the MI355 ramp, but also highlighted that the Client and Embedded segments are expected to contribute to the growth. CEO Lisa Su clarified that any ramp of MI308 in China would 'take some time' following license approval, given the current date and the work-in-process nature of the inventory, making a significant Q3 contribution unlikely.

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    Ben Reitzes's questions to Advanced Micro Devices Inc (AMD) leadership • Q2 2025

    Question

    Ben Reitzes sought to confirm that the nearly $1 billion sequential revenue growth guided for Q3 is primarily from GPUs, and asked if MI308 shipments to China could resume at their previous run rate immediately upon license approval.

    Answer

    EVP, CFO & Treasurer Jean Hu confirmed that the strong MI355 ramp is the majority driver of the sequential growth, supplemented by increases in the Client and Embedded segments. Chair and CEO Lisa Su clarified that MI308 shipments to China would take time to ramp post-license approval and would not be a significant Q3 contributor.

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    Ben Reitzes's questions to Apple Inc (AAPL) leadership

    Ben Reitzes's questions to Apple Inc (AAPL) leadership • Q3 2025

    Question

    Ben Reitzes questioned Apple's confidence in launching a more personalized Siri next year and its connection to AI investments and new products. He also challenged the Q4 revenue guidance, asking why growth would decelerate from Q3 given stable Services growth.

    Answer

    CEO Tim Cook expressed confidence in the 2026 Siri release, noting significant and growing AI investment. SVP & CFO Kevan Parekh explained the guided revenue deceleration by pointing to two factors: an estimated one-point demand pull-forward into Q3 due to tariff talk, and a difficult year-over-year comparison for iPad in Q4.

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    Ben Reitzes's questions to Qualcomm Inc (QCOM) leadership

    Ben Reitzes's questions to Qualcomm Inc (QCOM) leadership • Q3 2025

    Question

    Ben Reitzes of Melius Research LLC inquired about Qualcomm's M&A strategy for the data center, asking if more tuck-in acquisitions like AlphaWave or even a larger deal could be expected. He also asked for more color on the growing use of AI on Android and its long-term implications versus Apple.

    Answer

    President & CEO Cristiano Amon stated that the current focus is on closing the AlphaWave deal and executing the product roadmap, though the company always evaluates opportunities. He also expressed optimism about AI on Android, citing a 3x increase in Galaxy AI usage from S24 to S25, and believes it will drive upgrade cycles and expand the market.

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    Ben Reitzes's questions to Amkor Technology Inc (AMKR) leadership

    Ben Reitzes's questions to Amkor Technology Inc (AMKR) leadership • Q2 2025

    Question

    Ben Reitzes of Melius Research LLC questioned the Q3 communications guidance versus normal seasonality, its sustainability into Q4, and sought confirmation on re-winning business on the iOS side. He also asked to clarify the normalized SG&A run rate.

    Answer

    CEO Giel Rutten confirmed that the recovery of the iOS socket is proceeding as planned and is factored into the outlook. He cautioned that Q4 visibility is low due to market uncertainty, making normal seasonality an unreliable predictor. CFO Megan Faust added that Q3 Communications growth will be very strong, but offset by flat Consumer revenue. She also confirmed that excluding the one-time $32 million contingent payment, operating expenses were in line with guidance and that this level represents a normal run rate for the second half of the year.

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    Ben Reitzes's questions to Intel Corp (INTC) leadership

    Ben Reitzes's questions to Intel Corp (INTC) leadership • Q2 2025

    Question

    Ben Reitzes from Melius Research LLC asked about the expected trend for the server business in Q3 and when market share losses might dissipate. He also requested that Lip-Bu Tan expand on Intel's AI strategy.

    Answer

    CFO David Zinsner stated that while the company isn't where it wants to be competitively in servers, products like Granite and Diamond Rapids represent continuous improvement, and share has held up well due to the strength of the x86 ecosystem. CEO Lip-Bu Tan elaborated on the AI strategy, noting a focus on inference and agentic AI, moving from silicon up to a full system and software stack. He emphasized understanding workloads first and then designing the stack to optimize for them.

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    Ben Reitzes's questions to Intel Corp (INTC) leadership • Q2 2025

    Question

    Ben Reitzes inquired about the expected trend for the server business in Q3, the outlook for market share stabilization, and asked for more details on the company's evolving AI strategy.

    Answer

    CFO David Zinsner noted that while the server portfolio is still being improved, upcoming products like Granite and Diamond Rapids should enhance their competitive position. CEO Lip-Bu Tan outlined that the AI strategy will focus on inference and agentic AI, employing a full-stack approach (system, software, silicon) that leverages the core x86 franchise to become a 'compute platform of choice'.

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    Ben Reitzes's questions to International Business Machines Corp (IBM) leadership

    Ben Reitzes's questions to International Business Machines Corp (IBM) leadership • Q2 2025

    Question

    Ben Reitzes asked why IBM was not raising its full-year revenue guidance, given the strong quarterly performance, improved economic outlook, and better-than-expected free cash flow.

    Answer

    SVP & CFO James Kavanaugh responded that while the company is more confident, it is also raising other key metrics. He noted they are increasing the annual run-rate productivity savings goal to $4.5 billion, raising the operating margin expansion outlook to about one point, and lifting the free cash flow forecast to above $13.5 billion. He stated that while there is upside, the company prefers to remain prudent with half the year remaining.

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    Ben Reitzes's questions to Broadcom Inc (AVGO) leadership

    Ben Reitzes's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Ben Reitzes from Melius Research LLC asked about the drivers behind the particularly strong AI networking results in the quarter and inquired about the expected timing for the new Tomahawk 6 switch to begin contributing to revenue growth.

    Answer

    CEO Hock Tan explained that AI networking growth is closely tied to AI accelerator deployments. He noted a "pleasantly surprised" observation of much higher switch density in scale-up deployments (5-10x more than scale-out), which kept networking's share of AI revenue high at 40%. Regarding the Tomahawk 6, he confirmed "tremendous demand" and strong interest, though current shipments are limited to proof-of-concept units.

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    Ben Reitzes's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Ben Reitzes of Melius Research LLC asked about the particularly strong performance in AI networking during the quarter, seeking to understand the specific drivers and the expected timing for the new Tomahawk 6 switch to begin contributing to growth.

    Answer

    CEO Hock Tan explained that AI networking's strength is tied to accelerator deployments and was pleasantly surprised by the high density of switches in 'scale-up' architectures, which is 5-10 times greater than in 'scale-out'. This kept networking's share of AI revenue at a robust 40%. He added that while there is tremendous demand for the new Tomahawk 6 switch, it is currently only shipping for proof-of-concept evaluations.

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    Ben Reitzes's questions to Oracle Corp (ORCL) leadership

    Ben Reitzes's questions to Oracle Corp (ORCL) leadership • Q4 2025

    Question

    Ben Reitzes of Melius Research LLC inquired about the significant increase in capital expenditures, asking for details on spending and the rationale behind forecasting over $25 billion for the next fiscal year.

    Answer

    CEO Safra Catz clarified that the CapEx is for revenue-generating data center equipment to meet immense demand, and she suggested the $25 billion forecast might be understated. CTO Larry Ellison reinforced this, describing demand as 'astronomical' and 'insatiable,' with customers requesting all available capacity globally. He also confirmed that Oracle is not currently facing issues with GPU supply.

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    Ben Reitzes's questions to Dell Technologies Inc (DELL) leadership

    Ben Reitzes's questions to Dell Technologies Inc (DELL) leadership • Q1 2026

    Question

    Ben Reitzes of Melius Research sought clarification on the second-half guidance for AI servers. He pointed out that if Dell ships nearly $9 billion in the first half, the full-year guidance implies a significant slowdown in the second half. He asked whether this reflects conservatism or the expected 'lumpiness' of demand, and also requested more detail on the expected moderation in traditional ISG and CSG.

    Answer

    Jeff Clarke, Vice Chairman and COO, clarified that first-half AI server shipments are expected to be closer to $9 billion ($1.8B in Q1 and a guided $7B in Q2). He reiterated that the pipeline is growing but emphasized it's early in the year. CFO Yvonne McGill added that the company is being thoughtful and holding its full-year guidance steady for now, given the dynamic macro environment, while remaining excited about the AI opportunity.

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    Ben Reitzes's questions to Dell Technologies Inc (DELL) leadership • Q3 2025

    Question

    Ben Reitzes of Melius Research asked if competitor issues were a key reason for the surge in Dell's AI pipeline and sought clarity on storage growth expectations for fiscal '26.

    Answer

    Executive Jeffrey Clarke attributed the pipeline growth to Dell's differentiated offer, including co-engineering, rapid deployment speed, and comprehensive solutions, rather than competitor stumbles. Both Clarke and Yvonne McGill stated they expect the storage market to grow in fiscal '26 and for Dell to gain share with its IP portfolio.

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    Ben Reitzes's questions to NVIDIA Corp (NVDA) leadership

    Ben Reitzes's questions to NVIDIA Corp (NVDA) leadership • Q1 2026

    Question

    Ben Reitzes from Melius Research LLC asked for confirmation that the Q2 guidance implies stronger-than-expected performance in the non-China business, given the $8 billion H20 headwind. He also questioned if recent positive developments give management more conviction in sequential growth through the year.

    Answer

    EVP and CFO Colette Kress affirmed that strong Blackwell growth and improving supply are offsetting the H20 headwind in the Q2 guidance. President and CEO Jensen Huang detailed four 'positive surprises' boosting his conviction: the surge in reasoning AI demand, the rescinded AI diffusion rule enabling sovereign AI, enterprise AI being 'ready to take off,' and the growth of industrial AI.

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    Ben Reitzes's questions to Marvell Technology Inc (MRVL) leadership

    Ben Reitzes's questions to Marvell Technology Inc (MRVL) leadership • Q4 2025

    Question

    Ben Reitzes of Melius Research asked for confirmation that AI revenue would grow sequentially throughout the year and questioned if progress in the custom business still supported the company's long-term $15 billion data center revenue target for calendar 2028.

    Answer

    Matthew Murphy, Chairman and CEO, implied that continued sequential growth was a fair assumption given current momentum. Regarding the long-term target, he stated that Marvell is tracking "extremely well" toward its 20% market share goal, with both market share and the total addressable market (TAM) growing faster than the required rate. He expressed strong confidence in achieving the goal, noting the TAM itself appears larger than when first estimated.

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