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Maya Arms

Research Analyst at Morgan Stanley

Maya Arms's questions to TD SYNNEX (SNX) leadership

Maya Arms's questions to TD SYNNEX (SNX) leadership • Q3 2025

Question

Maya Arms inquired about the future dynamics of TD SYNNEX's HIVE business, specifically addressing potential declines due to tough comparisons, the strong Q3 performance, the robust Q4 guidance, and broader cloud capital expenditure trends, seeking high-level insights for the upcoming fiscal year.

Answer

CEO Patrick Zammit explained that HIVE's overperformance was driven by significant growth across all programs and customers, a strong rebound in demand from their second-largest customer, and higher-than-expected demand for supply chain services. CFO Marshall Witt added that TD SYNNEX continues to invest in HIVE's skill sets, engineering capabilities, and manufacturing capacity to stay ahead of demand.

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Maya Arms's questions to TD SYNNEX (SNX) leadership • Q3 2025

Question

Maya Arms (for Eric Woodring of Morgan Stanley) inquired about the sustainability of HYVE's strong performance, particularly regarding its potential decline in the fiscal forecast, given robust Q3 results and Q4 guidance, and broader cloud CapEx trends.

Answer

CEO Patrick Zammit attributed HYVE's overperformance to significant growth across all programs and customers, the return of demand from the second-largest customer, and higher-than-expected demand for supply chain services. CFO Marshall Witt added that TD SYNNEX continues to invest in HYVE's skill sets, engineering capabilities, and manufacturing capacity to stay ahead of requirements.

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