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    George Wang • Barclays PLC

    George Wang's questions to Flex Ltd (FLEX) leadership

    George Wang's questions to Flex Ltd (FLEX) leadership • Q4 2025

    Question

    George Wang asked for the reasons behind the sequential step-down in implied operating margin for Q1 2026 and requested more color on networking share gains and the growth outlook for value-added services.

    Answer

    CFO Kevin Krumm cited lower fixed cost absorption on sequentially lower revenue and a margin drag from expected weakness in the automotive business as drivers for the Q1 margin dip. CEO Revathi Advaithi noted networking gains are with large, global players and are a significant part of their growth. She confirmed value-added services are expected to grow in fiscal 2026 but declined to provide a specific rate, highlighting their strategic importance for margin enhancement.

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    George Wang's questions to Flex Ltd (FLEX) leadership • Q3 2025

    Question

    George Wang inquired if the enhanced liquid cooling capabilities from the JetCool acquisition are already leading to market share gains in cloud service provider rack integration. He also asked for an analysis of the embedded power business, questioning whether growth is driven more by gaining share within GPU racks or by the overall power content per rack increasing, especially with upcoming platforms like Blackwell.

    Answer

    CEO Revathi Advaithi stated that while the 45% data center growth speaks to strong performance, the JetCool acquisition just closed, so its full impact is yet to be seen in the results. She confirmed the industry is moving from air to liquid cooling, making JetCool a critical addition that has already changed customer conversations. Regarding GPU power, Advaithi noted that overall power requirements and content per rack are increasing, not decreasing, and Flex is developing technology for up to 200-kilowatt capabilities within the rack. She sees recent AI developments as net positive, driving more compute density and infrastructure spend.

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    George Wang's questions to Jabil Inc (JBL) leadership

    George Wang's questions to Jabil Inc (JBL) leadership • Q2 2025

    Question

    George Wang asked about Jabil's positioning for co-packaged optics (CPO), progress with hyperscalers on 800G and 1.6T transceivers, and the drivers for the increased server and rack revenue guidance.

    Answer

    CEO Mike Dastoor confirmed Jabil is well-positioned for CPO, particularly on switching gear, and expects it to ramp in the next 1-2 years. He reported good progress with hyperscaler customers on transceivers and noted Jabil will showcase its 1.6T capability at the upcoming OFC conference. The increased server and rack guidance was attributed to both market share gains through consolidation and strong underlying end-market growth, including emerging sovereign data center build-outs.

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    George Wang's questions to Jabil Inc (JBL) leadership • Q1 2025

    Question

    George Wang asked for a breakdown of growth drivers within the semi-cap equipment business, specifically between ATE and WFE. He also inquired about the potential upside in the silicon photonics business as technology evolves beyond pluggable transceivers to designs like CPO.

    Answer

    CEO Mike Dastoor clarified that growth in semi-cap is primarily driven by the much stronger Automated Test Equipment (ATE) side, fueled by new custom silicon chips. He noted the business mix is shifting more heavily toward ATE. On silicon photonics, Dastoor mentioned the business is now a $300-$400 million run-rate and is expanding to more customers. While they are looking at future technologies, he cautioned that growth will be in "baby steps" from its current small base.

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    George Wang's questions to CDW Corp (CDW) leadership

    George Wang's questions to CDW Corp (CDW) leadership • Q4 2024

    Question

    George Wang asked for more detail on the drivers of Q4 hardware strength, particularly in NetComm and storage, and inquired about the persistence of competitive pricing pressures mentioned last quarter.

    Answer

    CFO Al Miralles noted that the hardware outperformance was most significant in the Commercial segment and also strong in Healthcare. For 2025, he anticipates modest solutions hardware growth. He clarified that fierce competition has been a consistent factor for the last two years in a tough hardware market, not a new Q3 development, and it is not having a meaningful impact on margins.

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    George Wang's questions to TD Synnex Corp (SNX) leadership

    George Wang's questions to TD Synnex Corp (SNX) leadership • Q4 2024

    Question

    George Wang requested more detail on the growth drivers within peripherals and asked for commentary on the storage market, which he noted seemed poised for growth but was not discussed in detail.

    Answer

    CEO Patrick Zammit reported low single-digit growth in peripherals and highlighted the strategy of bundling them with PC sales to drive future attachment. Regarding storage, he acknowledged the segment was muted in Q4 but expressed confidence for the coming quarters, explaining that in a data center recovery, compute typically rebounds first, with storage following.

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    George Wang's questions to TD Synnex Corp (SNX) leadership • Q3 2024

    Question

    George Wang asked about the Hyve business, focusing on new customer wins and assembly line utilization, and also inquired about the P&L impact timing for AI PCs and any potential cannibalization of traditional PCs.

    Answer

    CFO Marshall Witt confirmed a newly landed Hyve customer continues to expand and that the pipeline of prospects is strong, though onboarding is a long process. He stated there is sufficient capacity for current and expected demand. CEO Patrick Zammit reiterated that AI PC adoption is ramping up, albeit slower than expected, but should accelerate as new mid-range products from Intel and others launch, which will increase the product offering and drive adoption.

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    George Wang's questions to Nutanix Inc (NTNX) leadership

    George Wang's questions to Nutanix Inc (NTNX) leadership • Q1 2025

    Question

    George Wang from Barclays asked for details on recent changes to channel incentives, particularly for deals involving VMware displacement. He also asked for new data points on the trend of cloud repatriation benefiting Nutanix.

    Answer

    CEO Rajiv Ramaswami clarified that the main channel incentive changes were made a few months ago, not recently, and include dedicating prospects to the channel and rewarding new logos. On repatriation, he said they haven't seen a massive wave but noted that CIOs are now more circumspect, often choosing to keep steady-state workloads on-prem for better TCO.

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    George Wang's questions to Super Micro Computer Inc (SMCI) leadership

    George Wang's questions to Super Micro Computer Inc (SMCI) leadership • Q1 2025

    Question

    George Wang inquired about the expected timing for the company to begin booking revenue from NVIDIA's Blackwell platform and how the gross margin profile for Blackwell might compare to the previous generation, considering NVIDIA's reference designs.

    Answer

    CEO Charles Liang stated that the timing of Blackwell revenue depends on NVIDIA's production ramp, but Super Micro's solutions are fully ready. He acknowledged that competition is expected to increase but believes Super Micro is well-positioned due to its value-added Data Center Building Block Solutions, management software, and on-site services.

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