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    Louis Miscioscia • Daiwa Capital Markets America Inc.

    Louis Miscioscia's questions to NetApp Inc (NTAP) leadership

    Louis Miscioscia's questions to NetApp Inc (NTAP) leadership • Q4 2025

    Question

    Louis Miscioscia of Daiwa Capital Markets America Inc. asked if a 'step function' of growth for storage could occur in calendar 2026 as enterprise AI inference adoption ramps up, building on management's previous long-term commentary.

    Answer

    CEO George Kurian reiterated his belief that the real value and growth in AI will come from business impact delivered through inferencing and reasoning models. He observed that enterprises are currently in the first phase of getting their data infrastructure ready for AI, a trend that is expanding quarter by quarter. He stated that the pace of a future growth step-up depends entirely on the business value customers derive from these AI use cases, which will become clearer over the next 12 to 18 months.

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    Louis Miscioscia's questions to NetApp Inc (NTAP) leadership • Q3 2025

    Question

    Louis Miscioscia asked for an updated timeline on when AI is expected to become a material revenue contributor for NetApp, suggesting it did not appear to be a significant driver in the current quarter's results.

    Answer

    CEO George Kurian reiterated that the transition of enterprise AI projects from proof-of-concept to full production is expected in the second half of calendar 2025 and into 2026. He noted that while larger clients are moving more quickly to build AI infrastructure, broader adoption will take time. He affirmed that NetApp is well-positioned and making good progress in this emerging market.

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    Louis Miscioscia's questions to NetApp Inc (NTAP) leadership • Q2 2025

    Question

    Louis Miscioscia asked for commentary on European demand versus the Americas and whether differing AI adoption rates were a factor.

    Answer

    CEO George Kurian acknowledged that the macro environment in Europe remains choppy but stated the European team has outperformed. He credited the strong performance in the Americas to excellent execution by the new leadership team across all segments, rather than a fundamental difference in AI adoption, though North America did see more AI wins.

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