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CFO Luis Visoso explained that while operating at 100% capacity is the long-term goal, the current underutilization is a tactical and prudent decision. He stated the company will adjust over time as supply and demand balance. Regarding the supply chain, he confirmed no significant bottlenecks are foreseen and that the chain is operating efficiently with sourcing flexibility.

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EVP & CFO Luis Visoso confirmed the costs were in line with previous plans. He explained they relate to the BIX-eight node transition, covering cleanroom preparation, tool relocation, and energy usage before production begins. These are temporary costs that will either be eliminated or absorbed into inventory once the fab is operational.

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CFO Csaba Sverha attributed the Q4 margin beat to strong operational execution on existing business, which offset some costs from new program ramps. CEO Seamus Grady added that DCI demand remains robust and durable. Sverha clarified that DCI growth is primarily from existing customers and 400ZR products, and that the major new program wins are in the broader telecom and new HPC categories.

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CEO Seamus Grady characterized the margin headwinds from start-up costs as very temporary, typically lasting only for the initial ramp quarter. He emphasized that the long-term growth drivers remain intact, with major ramps for 1.6T, Ciena, and Amazon all expected in fiscal 2026. He also stated that the Amazon relationship is not exclusive and should help Fabrinet pursue other cloud providers, serving as a proof point of their capabilities.

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CEO & Chair Fidji Simo detailed that personalization is a key advantage, leveraging 13 years of data for features like AI-driven pairings and personalized shopping aisles. Success is measured by increased cart sizes, item discovery, and improved conversion of new and lapsed customers. CFO Emily Reuter clarified that cash flow is less seasonal and more subject to quarter-to-quarter fluctuations from factors like the timing of retailer payments and the longer payback periods for categories like alcohol and EBT SNAP.

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CEO Fidji Simo, while not providing long-term guidance, pointed to strong leading indicators that support future growth. These include robust new user acquisition, increasing order frequency from existing users, deeper Instacart+ penetration, and a defensible competitive lead. She expressed confidence these fundamentals enable reinvestment to accelerate the industry's shift online.

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CFO Erin Brewer confirmed there were no unusual one-time items in the quarter's free cash flow. She emphasized Lyft's focus on the trailing twelve-month figure ($993 million) to smooth out quarterly variations. She reiterated that FCF dynamics are driven by business growth and the timing of insurance accruals versus cash payments, with no change to the underlying factors.

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CFO Erin Brewer stated the Q2 guide accounts for various scenarios and expects continued momentum from underpenetrated markets. Both she and CEO David Risher confirmed they see no signs of weakening consumer spending in their data. Risher elaborated on the business's resilience, citing rideshare's role as a daily necessity, the stability of services versus goods, and the platform's function as a flexible earnings source for drivers.

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CEO Ashish Chand reported that fiber sales reached 50% of broadband revenue, driven by DOCSIS upgrades and fiber-to-the-home projects, leading to a strong 1.14 book-to-bill ratio. CFO Jeremy Parks noted that guidance assumes current copper prices and explained there is a roughly two-month lag to implement price changes, which aligns with the company's inventory holding period, effectively matching cost and price timing.

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CEO Ashish Chand identified the low-hanging fruit as the complete digitization of operations across various verticals, upgrading legacy infrastructure, a trend accelerated by reshoring. Regarding broadband, he noted year-over-year growth and the completion of channel inventory digestion. He stated that customer DOCSIS rollouts remain intact and Belden's goal is to increase its fiber content and leverage its Precision Optical acquisition.

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CEO Ashish Chand clarified that Q4's double-digit growth in discrete manufacturing was driven by the Americas and APAC, occurring despite some EMEA weakness. He noted that energy and process markets are expected to remain strong, while other manufacturing sectors are more cautious. Regarding the Solutions business, Chand stated it represented 10-12% of sales for the year and emphasized the strategy of leveraging a common technology stack across verticals, such as using energy-sector tech in mass transit.

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CEO Jeff Benck explained that Benchmark's expertise in water cooling for High-Performance Computing (HPC) is now securing wins in AI data center builds, with ramps expected in Q4 2025 and growth continuing into 2026. Regarding the Semi-Cap sector, Benck stated that a combination of delayed fab build-outs and government restrictions on sales to China are pressuring the recovery. He affirmed that Benchmark is outperforming the market and using this period to increase its vertical integration capabilities.

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CFO Bryan Schumaker confirmed the H1/H2 revenue trajectory, highlighting an expected recovery in Medical and late-year growth in AC&C as key drivers for the second half, along with continued strength in A&D and Semi-Cap. CEO Jeff Benck added that the next-generation HPC platform ramp has been delayed into next year, though smaller systems may provide some fill-in work. He attributed the robust Semi-Cap growth to market share gains, which are currently balancing headwinds from China sales restrictions.

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CEO Jeff Benck acknowledged that Benchmark has available capacity from recent expansions in Mexico, Romania, and Penang, which presents an opportunity for more leverage as utilization increases. He stated that the impact from the new Penang facility investment is not expected to be a significant drag on results. Benck also highlighted that the company's investment in vertical integration, such as building large frames and complex subassemblies in its Penang facility, is a key differentiator that is attracting OEM customers.

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CEO Jeff Benck identified 'green shoots' in the Industrial sector, expecting a return to year-over-year growth in Q4, but noted the Medical downturn seems more prolonged. Regarding engineering, Benck clarified that while there was a high number of wins in the quarter, the focus is not new. He emphasized that product development engineering is a core, high-value differentiator that leads to subsequent manufacturing contracts and is a key area of internal focus.

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CEO Dave Mosley noted that seasonality in the business is diminishing. CFO Gianluca Romano added that while March is typically the lowest quarter, the effect is lessening. He explained that receivables were up simply because the company did not engage in any factoring this quarter due to already strong free cash flow.

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CEO Dave Mosley indicated that learnings from the initial, challenging ramp should shorten future productization cycles. He noted that the company is already shipping 36TB samples and is aggressively driving technology transitions, as aerial density leadership is what provides value to customers and the company.

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CEO Dave Mosley explained that any significant increase in drive unit demand would require adding supply, which has a very long lead time, and the company remains cautious. He noted that CapEx at 4% of revenue primarily funds technology transitions, which provide small, slow capacity additions. The primary path to satisfying more exabytes is through technology transitions to higher capacity drives, not by adding significant new unit capacity.

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Chairman & CEO Wendell Weeks identified key inflection points as public announcements from partners like Nvidia and Broadcom naming Corning in their CPO platforms. For DCI, he advised watching for more customers announcing their adoption of Corning's advanced optical technology to showcase their network advantages.

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CEO Wendell Weeks advised watching for announcements from key partners like Broadcom and Nvidia naming Corning in their co-packaged optics (CPO) platforms. For DCI, he indicated that investors should look for additional customer announcements, as they will want to publicly highlight their use of Corning's latest optical technology to show a competitive advantage.

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Chairman and CEO Wendell Weeks explained that Corning has a successful track record of passing on costs, as seen during post-pandemic inflation. He noted that for solar, strong demand for U.S.-sourced products is improving potential pricing. For optical, unique new products are the primary growth drivers and have not yet faced significant tariff friction. He concluded that the company's global manufacturing footprint and strong customer relationships provide confidence in their ability to mitigate future tariff impacts.

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CFO Ed Schlesinger attributed the strong free cash flow to converting growing income to cash without significant new capital spending, a trend he expects to continue. CEO Wendell Weeks noted that while the Enterprise optical business is growing much faster than its 25% CAGR target through 2027, they will provide an updated long-term outlook at their Q1 investor event.

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EVP & CFO Jon Faust addressed the inventory risk, stating there is a ~$2 billion working capital target, primarily inventory, which has been thoroughly evaluated with AMD and ZT to ensure it's supported by customer demand. Chairman & CEO Jure Sola elaborated on the CPS segment's performance, noting their target is now above 15% margin, driven by strength in defense-related advanced PCBs, data center mechanicals like liquid cooling racks, and investments in optical modules and custom memory.

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Chairman and CEO Jure Sola detailed the expansion plans, highlighting significant growth opportunities in India for both domestic and export markets, particularly for data centers, with a new facility expected by October/November. He also mentioned capacity additions for high-tech printed circuit boards and mechanical systems in North America. On rack integration, Sola noted the company is building on its existing ODM server/storage and mechanical systems capabilities to expand organically into full system integration and testing for data center computing. EVP and CFO Jon Faust added that the investments cover both capacity and capabilities for more complex programs, clarifying the CapEx guidance to be around 2% of revenue for the full year.

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CFO Jonathan Faust explained that IMS segment margins benefited from a favorable mix of high-end programs and operational efficiencies. The CPS segment margin was slightly down year-over-year due to a couple of lower-margin programs but remains strong. Jure Sola (executive) added that for cloud, Sanmina is expanding its role from components to providing fully integrated, high-value racks with liquid cooling, which is a key growth opportunity.

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CEO Revathi Advaithi framed the high demand as a 'good problem,' highlighting investments in new facilities in Dallas and Poland to manage growth. She stated the 35% data center growth demonstrates their ability to add capacity effectively. For other markets, she noted automotive and industrial are performing in line with their conservative expectations, and pointed to specific strength from share gains in networking and robust demand for medical devices.

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CEO Revathi Advaithi explained that Flex's scale advantage stems from its unique ability to combine compute and power solutions, offering vertically integrated IT rack integration and deep engineering design for power systems. CFO Kevin Krumm stated that inventory levels have normalized and, while some improvement is expected, the significant cash generation from inventory reduction seen in prior years will lessen. He noted this informs the 80%+ free cash flow conversion target for fiscal 2026.

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CEO Revathi Advaithi explained that each hyperscaler has unique configurations for their racks and power applications, and Flex's ability to engineer and customize these complex products is a key differentiator. She noted that recent acquisitions like JetCool enhance this capability. Regarding the medical business, Advaithi stated that medical device growth is strong, driven by smaller form factors and chronic disease management, and she expects this to continue. She mentioned that the medical equipment market has begun to stabilize after post-COVID inventory digestion and should continue to do so through calendar '25.

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President & CEO R. Adam Norwitt explained that while high growth in IT Datacom is a factor, the shift to higher-value technology is occurring across the entire company, including in the defense, industrial, and automotive markets. He emphasized that this broad-based value creation, combined with a disciplined cost culture, underpins the company's confidence in achieving higher margins.

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CEO Adam Norwitt declined to discuss a specific product line in detail but confirmed that active and passive optics are a key part of the broad IT Datacom portfolio, alongside high-speed copper and power products. He noted the company has been building its active optics capabilities for 5-6 years through acquisitions and internal initiatives and is "very happy" with its progress and participation in this complex, high-engineering space.

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CEO R. Norwitt confirmed that outperforming these markets has been a consistent trend for years. In automotive, growth is driven by the secular expansion of electronics content and Amphenol's ability to win a large share. In mobile devices, success comes from a broad product portfolio and superior execution agility. He views 2024 as a continuation of these long-standing company strengths, not an anomaly.

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CEO R. Norwitt attributed the strong performance to the team's ability to expand content in next-generation devices, including connectors, antennas, and mechanisms. He emphasized that as hardware innovation adds value, Amphenol's opportunity grows. He noted the market's volatility and the expansion from phones to a broader ecosystem of wearables and hearables.

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CEO Terrence Curtin stated that the company has been investing ahead of demand, with CapEx up almost 30% this year, the vast majority of which is for AI. He emphasized that scaling from $300 million to $800 million with new, cutting-edge products is a testament to the team's execution. He confirmed TE is continuously looking to expand flex capacity to support future growth.

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CEO Terrence Curtin explained that TE's pricing was neutral overall before recent tariffs, with positive pricing in Industrial offset by slightly negative pricing in Transportation. He expects future pricing to be dictated by input costs and tariff recovery. He also highlighted that TE's ability to offer value through mitigation actions, such as localization and tool moves, is a key part of their customer conversations beyond just price.

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CEO Terrence Curtin confirmed that the stabilization is more tangible now than 90 days prior, with channel inventory issues largely resolved. He pointed to upward order momentum in Japan and China, a sideways trend in the U.S., and continued weakness in Europe. He characterized the overall stability as a positive first step toward potential future growth.

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CEO Terrence Curtin stated that detailed recast financials will be provided via an 8-K later in the quarter. CFO Heath Mitts added that the Transportation segment's profile remains largely unchanged, targeting 20% or better margins. The new, larger Industrial segment, which combines the old Industrial and Communications segments, finished FY24 in the high-teens and represents the biggest opportunity for margin improvement in FY25, with a mid-term goal of reaching 20%.

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CFO Greg Hebard explained that margins were impacted by incremental investments needed to support the rapid growth. CEO Mike Dastoor added that a mix shift, including the dilutive impact of the 5G business, also played a role. Regarding expansion, Dastoor emphasized that the team is in constant dialogue with a growing customer base and that the new site is critical for showcasing Jabil's full end-to-end capabilities to win new business.

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Chief Executive Officer Mike Dastoor explained that higher yields are driven by Jabil's deep design, architecture, and engineering collaboration with hyperscalers. He noted the recent liquid cooling acquisition is opening many doors for customized solutions, though its potential is not yet in the forecast. Regarding automotive, Dastoor stated they are being prudent with the EV outlook but characterized it as having puts and takes, with offsets from Chinese OEMs and power components, rather than being a 'melting ice cube'.

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CEO Mike Dastoor explained that higher yields are a result of Jabil's deep engagement in design, architecture, and engineering with its hyperscaler customers. He added that a recent liquid cooling acquisition is creating significant new opportunities. Regarding the automotive segment, Dastoor stated that while they are being prudent on the EV outlook, weakness is being offset by strength with Chinese OEMs and in power-related products, characterizing the situation as balanced rather than a 'melting ice cube.'

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CEO Mike Dastoor noted that recent U.S. ramps were primarily in battery management and data cloud infrastructure. He affirmed that Jabil, with 30 U.S. sites, is well-positioned for any production shifts and can expand capacity quickly if needed. Regarding the custom silicon transition, Dastoor stated that while it's early, he expects it to be a driver of future growth and new business for Jabil, particularly in FY26 and beyond, further strengthening the customer relationship.

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CEO George Kurian defended the guidance as prudent, noting a one-point headwind from the Spot divestiture, resulting in 4% underlying growth. He highlighted concerns in the US public sector (low-teens % of business) and EMEA. CFO Wissam Jabre confirmed the guidance reflects a 40-60 basis point gross margin impact from input costs/tariffs, which the company will work to mitigate with its agile supply chain.

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CEO George Kurian asserted that NetApp's primary competitive differentiator is its software and hybrid cloud strategy, not component costs. He stated that the company is closely aligned with all major NAND suppliers and feels confident in its ability to navigate the dynamic market, implying their pricing outlook is well-informed by these deep relationships.

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CEO George Kurian explained that the partnership expanded from public cloud to Google Distributed Cloud, allowing customers to use the Google stack in their own data centers. He described this as entirely wallet-expanding for NetApp, providing a consistent data experience across on-premise and cloud environments, with good early momentum in regulated industries.

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CEO George Kurian highlighted continued momentum from improved focus and execution. He pointed to share gains in the cloud storage portfolio due to broader workload support and deeper hyperscaler integration. In the flash portfolio, he emphasized strong results in block storage, where NetApp is demonstrating price-performance leadership and winning against competitors' high-end and midrange products.

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Interim CFO Don Bennett highlighted that strong free cash flow is key to executing on capital allocation priorities, including deleveraging and shareholder returns. CEO Irving Tan assured that non-cloud markets are not being deemphasized, noting their supply chains are managed separately and that the company continues to seek growth opportunities in those areas.

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CFO Wissam Jabre explained that the company has numerous ongoing cost reduction programs, including yield improvements throughout the manufacturing process. He stated that a fair assumption for annual cost improvements would be in the mid-to-high single-digit percentage range, though this can vary with capacity point changes.

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President and CEO Rob Mionis confirmed the revenue figures: Monterrey is at an $800 million run rate, and Richardson will have a year-end exit rate of about $800 million. Both he and CFO Mandeep Chawla clarified that 'capabilities' refer to specialized engineering talent and complex processes like liquid cooling automation developed over many years in facilities like Thailand. On the semi-cap market, Rob Mionis noted it will have a very good year, but growth is first-half loaded.

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President and CEO Rob Mionis described the company's evolution as moving beyond ODM and being 'well on our way to be a product company in the OEM section.' He and CFO Mandeep Chawla explained that the liquid cooling solutions leverage Celestica's IP at both the chip and RAC levels, with a key differentiator being the proven ability to produce these complex systems at scale.

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Todd Cooper, President of ATS, explained that the Industrial segment's recovery from customer inventory burn-down is key to returning to 10% growth, with stabilization underway. He also noted strong prospects in Capital Equipment and a doubling of the HealthTech business expected over 3-4 years based on new program ramps. Jason Phillips, President of CCS, detailed the strategy for rack-level solutions, emphasizing Celestica's progression from storage to a leading position in high-end networking and now AI/ML compute, with a focus on system-level innovation and rack-level orchestration to enable customers.

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CEO Todd Kelsey described the healthcare win as involving a single-use component for capital equipment that will ramp over 2-3 quarters with potential for future growth. Regarding margins, he credited faster-than-anticipated benefits from operational efficiencies and a strong services mix for the possibility of reaching a 6% operating margin as soon as Q3.

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EVP and COO Oliver Mihm explained that Europe's revenue decline reflects broader market trends, with macroeconomic industrial softness hitting the region particularly hard. EVP and CFO Patrick Jermain added that regional profitability is improving due to restructuring and better utilization. President and CEO Todd Kelsey acknowledged that policy changes could impact end markets and noted that the company is evaluating its market focus as part of its strategic planning, considering potential shifts in favored industries.

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President and CEO Todd Kelsey stated that double-digit growth for fiscal 2025 now looks difficult, with the company projecting mid-single-digit growth instead. EVP and COO Oliver Mihm identified strength in the space and SemiCap subsectors as macro themes from the pull-ins. Regarding program volatility, he described the issues as one-off situations where the end demand is 'not perishable.'

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President and CEO Chuck Treadway attributed data center growth to strong demand for products like MPO connectors and raceways, noting the business grew nearly 100% YoY in Q4. CFO Kyle Lorentzen explained that the copper structured cabling business experienced an inventory normalization cycle in 2024 and is positioned for growth as a technology leader. Treadway clarified that 'structured cabling' now encompasses both fiber and copper solutions for buildings.

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CFO Kyle Lorentzen projected more modest margin improvements for CCS, but expects strong margin recovery in NICS and ANS as revenues rebound, potentially returning to 2021-2022 levels. He explained the current backlog is considered normal because the business historically operates on short lead times of a few weeks; the higher backlogs of 2021-2022 were an anomaly caused by supply chain constraints.

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CEO Giel Rutten explained the belief that the progression of AI to edge devices will drive a hardware upgrade cycle, positioning Amkor to capture future opportunities. CFO Megan Faust stated that CHIPS Act grants are tied to project milestones through 2026 and material funds are not expected in 2025. The total project could be a $2 billion investment, with up to $800 million in potential offsets from grants and tax credits over time.

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Howard Wenger, President, identified Latin America, Europe, and Australia as the standout international regions for the quarter. He attributed the company's sustained success and visibility to a 'flight to quality,' where customers are choosing Nextracker as a trusted, differentiated brand with proven technology, a strong balance sheet, and a deep commitment to customer service and innovation.

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Executive Jeffrey Clarke explained that growth was driven by demand for PowerStore and PowerFlex, alongside the new PowerScale F710 and F910. He highlighted a strategic focus on Dell's own IP portfolio (PowerMax, PowerStore, PowerScale, etc.) and its channel program to drive profitability. Yvonne McGill added that Q4 is seasonally the strongest for storage.

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COO Jeffrey Clarke acknowledged the industry is always competitive but outlined Dell's key advantages. These include its broad market coverage via direct and channel sales, an unmatched supply chain, significant R&D investment leading to numerous market-leading positions, and a comprehensive services organization that can manage complex deployments like AI, which differentiates Dell from competitors.

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Interim CFO Gagan Dhingra deferred specific 2025 working capital guidance to the Q4 call but reiterated that current funding provides a runway well into 2026. CEO & CTO Peter Rawlinson clarified that the Midsize program is not contingent on future milestones, stating that a large engineering team is already dedicated to the project and its 'Atlas' powertrain. He confirmed the factory in Saudi Arabia is already under construction for a late 2026 start of production, positioning it as a critical part of the company's scaling strategy.

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Executives Martha Sullivan and Brian Roberts noted the HVOR slowdown began in H2 2024 and has accelerated, with third-party forecasts from KGP now showing a 20% year-over-year decline for on-road trucks in North America and Europe. They expressed hope that the market is nearing a bottom but stated the timing of a recovery is uncertain.

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CEO Enrique Lores stated that the majority of the commercial PC refresh is still ahead and is gaining momentum, as reflected in a growing sales funnel. He explicitly said they are not seeing customers wait for new Intel processors; on the contrary, commercial momentum was strong in Q3 and is expected to continue, indicating the refresh is actively underway.

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