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    Benjamin Reitzes • Melius Research

    Benjamin Reitzes's questions to CoreWeave Inc (CRWV) leadership

    Benjamin Reitzes's questions to CoreWeave Inc (CRWV) leadership • Q1 2025

    Question

    Benjamin Reitzes asked if the $3 billion increase in the CapEx forecast was driven by higher equipment costs or a different GPU mix, and also inquired about how this incremental spending would be funded.

    Answer

    CEO Michael Intrator stated the CapEx increase is not due to higher prices but is a direct result of new client contracts being signed, describing it as a 'success-based virtuous spiral.' CFO Nitin Agrawal added that the increased CapEx is fundamentally driven by increased customer demand, which is also reflected in the company's increased revenue guidance for the year.

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    Benjamin Reitzes's questions to Arista Networks Inc (ANET) leadership

    Benjamin Reitzes's questions to Arista Networks Inc (ANET) leadership • Q1 2025

    Question

    Benjamin Reitzes questioned the conservative second-half outlook, pointing out that non-cancelable GPU orders by cloud providers should provide Arista with strong top-line visibility.

    Answer

    CFO Chantelle Breithaupt clarified the unchanged guidance is a procedural choice to avoid multiple updates, preferring to wait until tariff impacts are clear. CEO Jayshree Ullal added that absent the tariff uncertainty, Arista would be 'even more bullish' on the second half due to strong momentum in cloud, AI, and enterprise.

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    Benjamin Reitzes's questions to Arista Networks Inc (ANET) leadership • Q4 2024

    Question

    Benjamin Reitzes questioned the gross margin guidance, which is projected to be lower for the full year after a strong Q1, and asked if this implies an acceleration in the Cloud Titan business mix.

    Answer

    CFO Chantelle Breithaupt confirmed that the outlook is indeed mix-driven, implying a higher proportion of Cloud Titan sales through the year. She clarified it is not a result of pricing pressure. CEO Jayshree Ullal and another executive, John McCool, added that while the company is absorbing some costs related to China tariffs, this is a smaller factor than the business mix.

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    Benjamin Reitzes's questions to Arista Networks Inc (ANET) leadership • Q3 2024

    Question

    Benjamin Reitzes sought more clarity on the $750 million AI revenue forecast for 2025, asking if visibility had improved and whether the slower progress of one customer was limiting the outlook.

    Answer

    CEO Jayshree Ullal and CFO Chantelle Breithaupt confirmed the forecast is based on a realistic assessment. Ullal stated they have good visibility on three of the five major AI customers for the next 6-12 months. A fourth is expected to ramp in 2026, and the fifth is currently stalled. They affirmed their confidence in the 2025 guide, noting the stalled customer's potential contribution is not a critical dependency.

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

    Benjamin Reitzes's questions to Apple Inc (AAPL) leadership • Q2 2025

    Question

    Benjamin Reitzes expressed surprise that the tariff impact was only $900 million for the June quarter and asked if the impact could be a multiple of that figure in subsequent quarters. He also asked for more color on China's performance, the role of subsidies, and the region's trajectory amid geopolitical tensions.

    Answer

    CEO Tim Cook reiterated that it is difficult to predict the tariff impact beyond the June quarter due to uncertainties like the ongoing Section 232 investigation. Regarding China, Cook noted the 2% decline was roughly flat when adjusted for foreign exchange, a significant sequential improvement from the prior quarter. He acknowledged that government subsidies likely had a positive impact and highlighted that iPhone was the key driver of the improvement, with iPhone and iPad holding top sales spots in urban China.

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    Benjamin Reitzes's questions to Apple Inc (AAPL) leadership • Q1 2025

    Question

    Benjamin Reitzes asked for perspective on whether lower compute costs from new AI models could benefit margins and inquired about the future of iPhone form factor innovation.

    Answer

    CEO Tim Cook stated that innovation driving efficiency is positive and that Apple's integrated hardware/software model serves it well. He also expressed strong optimism about the future product pipeline, stating there is a lot of innovation left for the smartphone.

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    Benjamin Reitzes's questions to Apple Inc (AAPL) leadership • Q4 2024

    Question

    Benjamin Reitzes sought more detail on the December quarter's low-to-mid single-digit revenue growth guidance, asking specifically if the iPhone is expected to grow faster and about the outlook for China. He also asked what market observers might be missing, given the 'noise' around builds and lead times.

    Answer

    CFO Luca Maestri declined to provide specific growth rates for iPhone or China, reiterating the total company guidance and noting the staggered rollout of Apple Intelligence. CEO Tim Cook stated he tunes out market 'noise' and expressed immense excitement for the product pipeline, including Apple Intelligence, new health features, and the new Mac lineup, calling it the strongest ever for a holiday season.

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

    Benjamin Reitzes's questions to Amkor Technology Inc (AMKR) leadership • Q1 2025

    Question

    Benjamin Reitzes asked for the outlook for the Communications segment beyond Q2, questioning if a new socket win would lead to better-than-seasonal growth and impact margins. He also inquired about potential tariff impacts on second-half seasonality and sought clarification on the Automotive & Industrial segment's recovery and tariff exposure.

    Answer

    CEO Giel Rutten stated that while the new communications program is on track for a Q2 ramp, second-half volumes face uncertainty from trade restrictions and consumer demand. CFO Megan Faust noted that gross margins are expected to expand in the second half with higher utilization. Regarding Automotive, Rutten believes the market has hit a trough, with strength in advanced applications driving modest Q2 growth, but he remains cautious about a strong second-half recovery.

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

    Benjamin Reitzes's questions to International Business Machines Corp (IBM) leadership • Q1 2025

    Question

    Benjamin Reitzes questioned the reasons for the sequential deceleration in Red Hat's revenue growth. He asked for more detail on the underlying business dynamics and the potential for reacceleration, specifically highlighting virtualization as a potential growth driver.

    Answer

    CFO Jim Kavanaugh attributed the deceleration to a moderation in the smaller consumption-based part of the business, while emphasizing that the core subscription business remains strong with high-teens bookings. He confirmed virtualization is a significant growth vector, citing over $200 million in annualized bookings and a pipeline exceeding $500 million. CEO Arvind Krishna added that OpenShift is becoming a key platform for both containerization and virtualization, creating a long-term flywheel effect for growth.

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    Benjamin Reitzes's questions to International Business Machines Corp (IBM) leadership • Q4 2024

    Question

    Benjamin Reitzes asked about the sustainability of the high-growth, high-profit Transaction Processing (TPP) business within Software and sought details on the confidence behind the upcoming mainframe cycle.

    Answer

    CFO Jim Kavanaugh linked TPP's success directly to the enduring mainframe platform. He broke down its recent 11% growth into three components: about 4 points from underlying workload growth on the mainframe, 3 points from new innovation like watsonx Code Assistant for Z, and 3 points from price optimization. For 2025, he guided to a consistent mid-single-digit growth for TPP, with potential upside from the new z17 mainframe cycle.

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    Benjamin Reitzes's questions to International Business Machines Corp (IBM) leadership • Q3 2024

    Question

    Benjamin Reitzes asked if high single-digit free cash flow growth is still achievable in 2025, considering the HashiCorp acquisition, and whether this holds true even if the Consulting segment remains flat.

    Answer

    CFO Jim Kavanaugh expressed confidence in the 2025 outlook without providing a specific number. He reiterated the company's model is to grow free cash flow faster than revenue, driven by operating leverage from its high-value portfolio mix and productivity. He confirmed this expectation holds even with the dilutive impact of the HashiCorp acquisition factored in.

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

    Benjamin Reitzes's questions to Dell Technologies Inc (DELL) leadership • Q4 2025

    Question

    Benjamin Reitzes asked for specifics on what tariff assumptions, particularly for China, are factored into the current year's guidance and what remedies, like price increases or supply chain shifts, Dell is considering.

    Answer

    COO and Vice Chairman Jeffrey Clarke stated that the morning's tariff announcements were not included in the guidance provided. He described the environment as dynamic and highlighted Dell's globally diverse and agile supply chain, which helps minimize impacts. CFO Yvonne McGill added that the company will account for input costs and price accordingly within the competitive environment, implying price adjustments are a potential remedy.

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    Benjamin Reitzes's questions to Dell Technologies Inc (DELL) leadership • Q2 2025

    Question

    Benjamin Reitzes asked for a reconciliation of the Q4-weighted guidance, the potential savings from the recent workforce reduction, the progression of AI server margins, and whether the flat AI server backlog was a concern.

    Answer

    CFO Yvonne McGill attributed the Q4 weighting to a later-than-expected PC refresh and typical storage seasonality. COO Jeffrey Clarke stated that AI server margins improved sequentially due to value-added services. He dismissed concerns about the flat backlog, highlighting that shipments nearly doubled and the pipeline is several multiples of the backlog.

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

    Benjamin Reitzes's questions to NVIDIA Corp (NVDA) leadership • Q4 2025

    Question

    Benjamin Reitzes from Melius Research asked a geography-related question about the significant sequential growth in U.S. revenue and whether this trend can continue to offset potential weakness from regulated regions.

    Answer

    President and CEO Jensen Huang stated that China's revenue mix remains at about half its pre-export-control levels. He broadened the perspective, explaining that AI has gone mainstream globally and is driving a multi-decade modernization of the world's data centers from general-purpose to accelerated computing. He asserted that this fundamental shift is still in its early stages, suggesting a long runway for growth independent of specific geographic concentrations.

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    Benjamin Reitzes's questions to NVIDIA Corp (NVDA) leadership • Q3 2025

    Question

    Benjamin Reitzes of Melius Research asked if current guidance implies a reacceleration of growth in the first half of next year due to Blackwell supply, and also inquired about potential impacts from the new U.S. administration on China policy.

    Answer

    CFO Colette Kress and CEO Jensen Huang adhered to their policy of guiding only one quarter at a time and declined to comment on future growth acceleration. Regarding potential policy changes, Huang stated that NVIDIA will 'comply with any regulation that comes along fully' and support the administration's mandate while continuing to serve customers and compete in the marketplace.

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    Benjamin Reitzes's questions to NVIDIA Corp (NVDA) leadership • Q2 2025

    Question

    Benjamin Reitzes asked about the geographic revenue dynamics, noting a sequential decline in the U.S. alongside growth in Asia, and sought clarification on whether overall revenue growth would accelerate in Q4.

    Answer

    EVP and CFO Colette Kress clarified that the geographic data in the 10-Q reflects the invoice location to partners like OEMs and ODMs, not the end-customer destination, and that these logistics can shift. She reiterated that Hopper revenue will continue to grow in the second half, with Blackwell revenue being additive in Q4, implying strong demand, but did not explicitly guide for Q4 revenue acceleration.

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

    Benjamin Reitzes's questions to Intel Corp (INTC) leadership • Q4 2024

    Question

    Benjamin Reitzes of Melius Research asked for more detail on Intel's engagement with the Trump administration regarding U.S. semiconductor manufacturing. He also requested a more prescriptive gross margin outlook for 2025, considering the stated price aggression.

    Answer

    CFO and Interim Co-CEO David Zinsner confirmed positive and ongoing engagement with the Trump administration, highlighting alignment on bringing high-tech jobs and secure manufacturing to the U.S. On gross margins, he reiterated that the Intel Products segment will face pressure all year, with overall corporate margin improvement dependent on revenue levels and a better mix from the Foundry business, suggesting a 40-60% incremental margin model.

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

    Benjamin Reitzes's questions to Broadcom Inc (AVGO) leadership • Q4 2024

    Question

    Benjamin Reitzes sought clarification on the $60-$90 billion AI SAM, asking if it represents an annual run-rate for 2027 or a cumulative figure. He also inquired if the two newly engaged hyperscaler customers have a similar market potential as the current three.

    Answer

    President and CEO Hock Tan confirmed the $60-$90 billion SAM is a single-year 'destination' or milestone for fiscal 2027, not a cumulative total. He added that while at least one of the two new prospective customers has a similar potential scale, he cautioned against including them in the SAM calculation until they become revenue-generating.

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    Benjamin Reitzes's questions to Broadcom Inc (AVGO) leadership • Q3 2024

    Question

    Benjamin Reitzes sought clarification on Broadcom's AI revenue, asking if the Q3 result was in line with expectations, what is driving the sequential growth to $3.5 billion in Q4, and whether the expected growth next year is due to any additional hyperscaler customers.

    Answer

    President and CEO Hock Tan stated that Q3 AI revenue was in line with expectations and the strong Q4 forecast is the basis for raising the full-year AI guidance to over $12 billion. He noted the growth is driven by existing hyperscaler customers and is based on the current backlog, without confirming new customer additions for next year.

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

    Benjamin Reitzes's questions to Cisco Systems Inc (CSCO) leadership • Q1 2025

    Question

    Benjamin Reitzes of Melius Research asked what specific AI applications enterprise customers are engaging Cisco for. He also questioned if recent performance, despite order volatility, has changed management's confidence in the long-term 4-6% revenue growth target set at the Analyst Day.

    Answer

    CEO Chuck Robbins identified customer experience, automation, and efficiency as key enterprise AI use cases. He believes this will drive front-end network build-outs as enterprises connect to cloud models. Regarding the long-term target, both Robbins and CFO Scott Herren expressed confidence, citing success with web-scale AI solutions and investments in networking and security as drivers that position them to meet or exceed the goal. Herren suggested looking at sequential order growth to better gauge demand normalization.

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

    Benjamin Reitzes's questions to Advanced Micro Devices Inc (AMD) leadership • Q3 2024

    Question

    Benjamin Reitzes asked about the specific catalysts for the next-generation Turin server CPU and its role in driving share gains in 2025. He also questioned the outlook for the PC market, noting concerns of consumer weakness and the potential for a more-than-seasonal decline in Q1.

    Answer

    CEO Dr. Lisa Su positioned Turin as a strong catalyst, being well-optimized for broad enterprise and cloud workloads and serving as a key component in AI server configurations. She highlighted progress in the enterprise as a key growth driver. For the PC market, she acknowledged AMD's consumer-heavy mix leads to H2 strength and expects normal seasonality in Q1 2025, but sees overall market growth next year driven by AI PCs and the Windows 10 refresh cycle.

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