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    Matt Niknam • Deutsche Bank

    Matt Niknam's questions to Crown Castle Inc (CCI) leadership

    Matt Niknam's questions to Crown Castle Inc (CCI) leadership • Q2 2025

    Question

    Matt Niknam of Deutsche Bank asked about any observed implications from recent tax reform on the pacing of carrier network investments.

    Answer

    Interim President and CEO Daniel Schlanger noted that while carriers have indicated they will use tax savings for network investment, the focus appears to be more on fiber than wireless. He stated that Crown Castle has not seen a significant direct impact, but emphasized that the strong wireless environment—with rising traffic and subscriber growth—continues to drive the need for network investment regardless of tax policy.

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    Matt Niknam's questions to Dell Technologies Inc (DELL) leadership

    Matt Niknam's questions to Dell Technologies Inc (DELL) leadership • Q1 2026

    Question

    Matt Niknam of Deutsche Bank asked if the incremental spending on AI servers is crowding out traditional server spending, or if the observed softness is more macro-related. He also inquired if the very strong Q1 operating cash flow was aided by any one-time benefits and asked for an outlook for subsequent quarters.

    Answer

    Jeff Clarke, Vice Chairman and COO, stated that traditional server demand grew for the sixth consecutive quarter, though moderation was expected. The softness was attributed to a slowdown in the U.S. late in the quarter, not cannibalization. Tyler Johnson, SVP and Treasurer, addressed the cash flow question, confirming the strong performance was driven by profitability and working capital improvements, not one-offs. He noted a temporary, cash-neutral increase in payables will normalize without negatively impacting future cash flow.

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