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    Irvin Liu

    Stock Analyst at Evercore ISI

    Irvin Liu is a Stock Analyst at Evercore ISI Group specializing in real estate and REITs, with a focus on companies such as Digital Realty Trust. He has demonstrated a performance track record including a 100% success rate and 16.02% average return based on recent ratings, though other platforms report a 40% win rate on five measured price targets. Liu’s most actively covered companies include Digital Realty Trust, Fortinet, Palo Alto Networks, and Check Point Software. Beginning his analyst career in the early 2020s, Liu joined Evercore ISI and has since issued research reports and price targets for major REIT and technology-adjacent firms; professional license information is not publicly disclosed.

    Irvin Liu's questions to HP (HPQ) leadership

    Irvin Liu's questions to HP (HPQ) leadership • Q3 2025

    Question

    Irvin Liu asked for clarification on whether AI PCs carry a higher average selling price (ASP) or margin profile than standard PCs. He also sought to understand the drivers behind the stronger-than-historical sequential EPS growth forecasted for Q4.

    Answer

    CEO Enrique Lores confirmed that AI PCs command a price uplift of 5% to 10% compared to similar non-AI models. CFO Karen Parkhill attributed the strong Q4 EPS guidance to expected sequential revenue growth and margin improvement in both Personal Systems and Print. This is driven by the Windows 11 refresh, AI PC adoption, the holiday season, and a seasonally higher mix of Print supplies.

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    Irvin Liu's questions to HP (HPQ) leadership • Q4 2024

    Question

    Irvin Liu, on behalf of Amit Daryanani at Evercore ISI, asked about the expected impact on average selling prices (ASPs) and margins as the AI PC mix grows, and how HP is positioned to mitigate potential new U.S. tariffs.

    Answer

    CEO Enrique Lores reiterated that AI PCs are expected to drive a 5-10% ASP lift in the category once they reach a 40-60% mix. Regarding tariffs, Lores stated that HP has worked for three years to build a more resilient global supply chain, putting it in a strong position relative to competitors. He noted it's too early to speculate on specific policies but the company is prepared to manage the environment.

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    Irvin Liu's questions to DIGITAL REALTY TRUST (DLR) leadership

    Irvin Liu's questions to DIGITAL REALTY TRUST (DLR) leadership • Q2 2025

    Question

    Irvin Liu from Evercore ISI inquired about the long-term financial implications of the new U.S. Hyperscale fund, specifically asking about its potential contribution to fee income and Core FFO per share growth.

    Answer

    CIO Greg Wright outlined the fund's structure, and CFO Matt Mercier explained the financial impact. He noted that DLR will receive its 20% share of development returns from the up to $10 billion fund, which will ramp over several years. The most significant near-term benefit will come from asset management fees based on committed equity.

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    Irvin Liu's questions to DIGITAL REALTY TRUST (DLR) leadership • Q1 2025

    Question

    Irvin Liu of Evercore ISI asked about the drivers behind the strong pricing for new leases, particularly in the Americas greater-than-1-megawatt segment, and whether any one-off factors were at play.

    Answer

    CEO Andrew Power attributed the pricing strength to a compounding of demand in the U.S. from enterprise IT, cloud computing, and AI. He specified that recent success was concentrated in key markets like Northern Virginia, Dallas, and Chicago, with Northern Virginia leading in the last quarter. He anticipates this trend will globalize due to data sovereignty needs, positioning the company for future growth.

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    Irvin Liu's questions to DIGITAL REALTY TRUST (DLR) leadership • Q3 2024

    Question

    Irvin Liu asked if the strong backlog and commencement schedule could lead to upside versus the prior 'mid-single-digits' growth expectation for 2025 and how to frame the medium-term growth algorithm.

    Answer

    CFO Matt Mercier expressed increased confidence in achieving accelerating growth in 2025 and beyond. He confirmed the mid-single-digit growth for 2025 remains a solid foundation, noting the significant backlog ($350M commencing in 2025, $300M in 2026) substantially de-risks the company's growth trajectory and provides a clear path to acceleration.

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    Irvin Liu's questions to Rackspace Technology (RXT) leadership

    Irvin Liu's questions to Rackspace Technology (RXT) leadership • Q1 2025

    Question

    Irvin Liu inquired about the current macroeconomic environment, asking if Rackspace has observed changes in customer behavior, such as delayed decision cycles or onboarding timelines. He also asked for an update on the evolution of the sales pipeline and win rates over recent quarters.

    Answer

    CEO Amar Maletira explained that while the company is cautious about the time it takes to convert bookings to revenue, customers are not delaying decisions on transformational projects, as evidenced by strong Q1 bookings and a robust funnel. He attributed the strength to a successful sales organization refresh over the last two years, the launch of new offerings, and a strategic shift to value-based selling in the enterprise segment, which has improved both the pipeline and win rates.

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    Irvin Liu's questions to Rackspace Technology (RXT) leadership • Q4 2024

    Question

    Irvin Liu asked about headcount utilization in light of the strong bookings performance and whether an increase in staff would be necessary. He also requested clarification on whether AI was a meaningful driver of booking strength and asked for a quantification of its contribution.

    Answer

    CEO Amar Maletira explained that Rackspace uses a 'labor minus' model focused on automation, unlike traditional SIs. While acknowledging a surgical increase in headcount for professional services and data, the primary focus is on improving utilization of existing resources. Regarding AI, Maletira confirmed it was a key driver for data services bookings. He quantified AI's contribution as currently less than 2% of revenue, up from nearly zero a year ago, with a conservative estimate of it reaching over 5% in the next couple of years.

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    Irvin Liu's questions to Motorola Solutions (MSI) leadership

    Irvin Liu's questions to Motorola Solutions (MSI) leadership • Q1 2025

    Question

    Irvin Liu, on for Amit Daryanani, asked if tariff-related price increases apply to existing backlog or only new orders and what customer feedback has been. He also asked if public safety budgets are shifting to accommodate new AI technology investments.

    Answer

    EVP and CFO Jason Winkler confirmed pricing actions apply to new orders. EVP and COO Jack Molloy added that services contracts have periodic opportunities for price adjustments and that customers generally expect pricing actions in the current market. Chairman and CEO Gregory Brown clarified that cost reductions, not pricing, are the primary mitigation tool. On budgets, Molloy noted that major cities are appropriating more funds for integrated tech, while EVP and CTO Mahesh Saptharishi explained AI is being embedded to enhance core products, driving value rather than requiring a separate budget line.

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