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    Wamsi Mohan • Bank of America Merrill Lynch

    Wamsi Mohan's questions to SanDisk Corp (SNDK) leadership

    Wamsi Mohan's questions to SanDisk Corp (SNDK) leadership • Q4 2025

    Question

    Wamsi Mohan from Bank of America Merrill Lynch asked about the client segment growth outlook for the second half of the year and the company's strategy for navigating potential semiconductor tariffs, given its Japan-based manufacturing.

    Answer

    Chairman & CEO David Goeckeler reported seeing consistent demand signals from client customers with normalized inventory levels. Regarding tariffs, he stated that SanDisk is monitoring the dynamic situation closely and is confident in its ability to navigate potential changes with its global footprint.

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    Wamsi Mohan's questions to Teradata Corp (TDC) leadership

    Wamsi Mohan's questions to Teradata Corp (TDC) leadership • Q2 2025

    Question

    Wamsi Mohan asked about the revenue evolution and potential uplift from the Teradata AI Factory, seeking color on its pipeline and customer profile. He also requested a quantification of the deals pulled forward from Q3 into Q2 and whether this trend might persist.

    Answer

    President and CEO Steve McMillan described the AI Factory as a new capability for deploying AI solutions in hybrid environments, noting strong early interest and its potential to drive platform usage, but stated it's early days for revenue. CFO John Ederer did not quantify the deal pull-ins but explained they altered the growth curve for the year, causing a larger step-up in Q2, a flatter Q3, and another step-up in Q4, while reaffirming the full-year targets.

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    Wamsi Mohan's questions to Teradata Corp (TDC) leadership • Q1 2025

    Question

    Wamsi Mohan of Bank of America questioned why potential tariff impacts on retail customers wouldn't slow Teradata down and asked for an update on 'boomerang' customers.

    Answer

    CEO Stephen McMillan emphasized the 'sticky' nature of Teradata, as it runs mission-critical processes and its revenue is based on fixed-capacity ARR contracts, providing clear line of sight. He added that customer interest in Teradata's new capabilities for on-prem consolidation and cloud cost optimization is strong, highlighting the differentiated hybrid platform.

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    Wamsi Mohan's questions to Teradata Corp (TDC) leadership • Q3 2024

    Question

    Wamsi Mohan inquired about broader macro trends, customer spending expectations for 2025, and the cadence of large deals. He also asked about the pace of the AI business, noting that 20% of the pipeline has an active AI sales engagement.

    Answer

    CEO Stephen McMillan stated that business fundamentals remain strong, giving Teradata confidence in returning to total ARR growth in 2025. He noted that the company is expanding its addressable market with new AI capabilities. Regarding the AI pipeline, he emphasized that Teradata's ability to help customers operationalize AI at scale, beyond the proof-of-concept stage, is a key differentiator that will serve as a future tailwind.

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    Wamsi Mohan's questions to DigitalOcean Holdings Inc (DOCN) leadership

    Wamsi Mohan's questions to DigitalOcean Holdings Inc (DOCN) leadership • Q2 2025

    Question

    Wamsi Mohan of Bank of America Merrill Lynch asked about the volatility and journey of AI customers and inquired about any changes to the company's growth CapEx profile.

    Answer

    CEO Paddy Srinivasan explained that as the AI business shifts more towards inferencing, customers are more stable and expanding, having already found product-market fit, unlike the more transient training/fine-tuning customers seen previously. CFO Matt Steinfort reiterated that the top priority is investing in organic growth and pointed to the raised free cash flow margin guidance as proof of their ability to grow revenue while maintaining attractive margins and capital efficiency.

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    Wamsi Mohan's questions to Apple Inc (AAPL) leadership

    Wamsi Mohan's questions to Apple Inc (AAPL) leadership • Q3 2025

    Question

    Wamsi Mohan asked about Apple's contingency plans for its Services business if the Google revenue sharing agreement were disallowed by courts. He also inquired about the potential for new AI-driven form factors to reduce dependency on screen-based devices like the iPhone.

    Answer

    CEO Tim Cook declined to speculate on potential court rulings or Apple's resulting actions. Regarding future form factors, Cook expressed that while Apple is exploring other things, he sees new devices as likely being complementary to the iPhone rather than substitutes, given the iPhone's vast and integrated capabilities.

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    Wamsi Mohan's questions to Apple Inc (AAPL) leadership • Q2 2025

    Question

    Wamsi Mohan asked how investors should think about the gross margin trajectory given increased sourcing from the U.S. and other supply chain shifts. He also inquired about observed developer behavior in Europe since the implementation of the Digital Markets Act (DMA) and alternate app stores.

    Answer

    CEO Tim Cook expressed excitement about increasing U.S. production, noting costs are already factored into current margins but declined to forecast beyond the current quarter. CFO Kevan Parekh added that Apple has a good track record of managing costs over a product's life. Regarding the DMA, Cook stated that its effects are already embedded in the reported results and guidance, as the act has been in effect for over a year, but he would not predict future impacts.

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    Wamsi Mohan's questions to Apple Inc (AAPL) leadership • Q1 2025

    Question

    Wamsi Mohan asked about channel inventory levels across products and regions, particularly in China, and inquired about potential headwinds to the Services business from regulatory issues.

    Answer

    CEO Tim Cook stated Apple is comfortable with its worldwide channel inventory and clarified that inventory in China was reduced during the quarter. CFO Kevan Parekh responded to the services question by reiterating the segment's strength, noting its all-time record revenue and over 1 billion paid subscriptions.

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    Wamsi Mohan's questions to Apple Inc (AAPL) leadership • Q4 2024

    Question

    Wamsi Mohan asked about the timeline for the global rollout of Apple Intelligence, inquiring how much of the installed base would have access in their native language within two years and what the gating factors are. He also asked about Apple's preparedness for potential future tariffs.

    Answer

    CEO Tim Cook detailed the rollout schedule, starting with U.S. English, expanding to other English-speaking countries in December, and adding more languages in April and throughout the year. He stated the primary gating factor is ensuring high quality while moving as quickly as possible. He declined to speculate on the question about potential tariffs.

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    Wamsi Mohan's questions to Western Digital Corp (WDC) leadership

    Wamsi Mohan's questions to Western Digital Corp (WDC) leadership • Q4 2025

    Question

    Wamsi Mohan asked how the high concentration of cloud revenue (90%) might alter business seasonality and whether the company could grow through traditionally weak quarters. He also asked for the primary driver of recent incremental margin improvements.

    Answer

    CEO Irving Tan explained that traditional seasonality is less applicable now, as demand is driven by long-term hyperscaler CapEx and supported by 12-18 month LTAs. CFO Kris Sennesael and CEO Irving Tan both identified product mix as the most important margin driver, with Tan highlighting that shipments of the latest 26TB and 32TB drives more than doubled quarter-over-quarter.

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    Wamsi Mohan's questions to Western Digital Corp (WDC) leadership • Q3 2025

    Question

    Wamsi Mohan from Bank of America questioned whether the concern about an enterprise slowdown was based on actual order patterns or was merely anticipatory. He also asked for financial parameters for the upcoming 14-week September quarter.

    Answer

    CEO Irving Tan clarified that the concern is anticipatory, reflecting general market caution and commentary from other companies, rather than a slowdown in Western Digital's own order patterns. For the 14-week quarter, Interim CFO Don Bennett explained that while expenses will reflect the extra week, revenue is expected to follow typical seasonal patterns, and he declined to provide specific guidance.

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    Wamsi Mohan's questions to Western Digital Corp (WDC) leadership • Q2 2025

    Question

    Wamsi Mohan asked for a high-level view of the HDD cycle, questioning why guidance is for a sequential decline when demand exceeds supply, and sought an outlook for pricing and exabyte shipments in 2025. He also asked about the demand recovery assumptions behind the 'temporary weakness' in NAND.

    Answer

    Incoming Western Digital CEO Tiang Yew Tan and outgoing CEO David Goeckeler described the 2025 HDD outlook as robust despite minor quarterly variations, with pricing expected to be stable to slightly up. On the NAND side, Goeckeler expressed confidence in a 2025 recovery driven by PC and smartphone unit growth in the second half, stating the company will manage supply to support pricing until then.

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    Wamsi Mohan's questions to Western Digital Corp (WDC) leadership • Q1 2025

    Question

    Wamsi Mohan asked for the drivers behind the slight sequential decrease in guided gross margin at the midpoint and how the new 11-platter mass capacity drive is expected to impact margins through fiscal 2025.

    Answer

    CEO David Goeckeler explained that while new products like the 11-platter drive will eventually drive margin higher, they won't be deployed for a couple of quarters. He attributed the near-term margin outlook to flat HDD margins quarter-over-quarter and a slight dip in Flash margins due to a temporary cost increase, deviating from the typical cost-down trajectory.

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    Wamsi Mohan's questions to Seagate Technology Holdings PLC (STX) leadership

    Wamsi Mohan's questions to Seagate Technology Holdings PLC (STX) leadership • Q4 2025

    Question

    Wamsi Mohan from Bank of America Merrill Lynch asked about potential linearity issues, given the revenue guide and a jump in DSO, and questioned how well the HAMR capacity ramp is aligned with customer qualifications and demand.

    Answer

    CEO Dave Mosley noted that long-term planning dictates supply and the company is prioritizing product transitions. CFO Gianluca Romano added that demand exceeds supply, and some production capacity is being dedicated to customer qualifications for HAMR. He also highlighted that the EPS guidance reflects impacts from a higher tax rate and share count.

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    Wamsi Mohan's questions to Seagate Technology Holdings PLC (STX) leadership • Q3 2025

    Question

    Wamsi Mohan questioned why the guided gross margin expansion for the June quarter wasn't more significant, given that nearline demand is expected to be up, unlike in the March quarter.

    Answer

    CFO Gianluca Romano emphasized that the continuous upward trend in profitability is the key takeaway and that price increases within contracts can vary by quarter based on negotiation timing. CEO Dave Mosley added that in Q3, the company had to prioritize certain segments due to supply constraints, a situation that is now easing, allowing for broader customer fulfillment.

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    Wamsi Mohan's questions to Seagate Technology Holdings PLC (STX) leadership • Q2 2025

    Question

    Wamsi Mohan of Bank of America asked for clarification on the March quarter revenue baseline and questioned where Seagate stands in the current nearline demand cycle, given six quarters of strong growth versus historical patterns.

    Answer

    CEO Dave Mosley stated it's early to define the current recovery as a typical cycle due to the profound post-pandemic downturn. He highlighted that build-to-order discipline provides strong predictability. CFO Gianluca Romano added that while March revenue could have been higher absent the supply issue, the company expects overall improvement through the calendar year.

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    Wamsi Mohan's questions to Seagate Technology Holdings PLC (STX) leadership • Q1 2025

    Question

    Wamsi Mohan from Bank of America inquired about Seagate's demand visibility under its build-to-order model for fiscal 2025, potential March quarter seasonality, and its competitive product positioning on drive capacity ahead of the full HAMR volume ramp.

    Answer

    CEO Dave Mosley affirmed the build-to-order model is providing good predictability and that the company is confident in its bookings for the next year, noting cloud inventory buffers remain low. He stated Seagate is already shipping leading capacity products, with CMR drives over 30 terabytes and SMR providing even higher capacities, expressing comfort with the current technology portfolio and its ability to get all qualifications and ramps completed.

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    Wamsi Mohan's questions to Corning Inc (GLW) leadership

    Wamsi Mohan's questions to Corning Inc (GLW) leadership • Q2 2025

    Question

    Wamsi Mohan inquired about the extent of customer pull-forward activity due to tariffs in Q2 and Q3, and asked for an update on the solar business outlook following recent legislative changes.

    Answer

    EVP & CFO Ed Schlesinger confirmed tariff-related pull-forwards occurred in Gorilla Glass and Display, noting the Q3 guidance accounts for this normalization with no change to the full-year outlook. Chairman & CEO Wendell Weeks added that the core U.S. manufacturing incentives for solar remain intact, supporting their long-term strategy.

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    Wamsi Mohan's questions to Corning Inc (GLW) leadership • Q2 2025

    Question

    Wamsi Mohan asked about the extent of customer pull-forward activity related to tariffs, its impact on the Q3 guide, and for context on the solar business outlook following recent legislative changes.

    Answer

    CFO Ed Schlesinger confirmed that some customers in Gorilla Glass and Display purchased ahead of tariffs, but this has been factored into the Q3 guidance with no change to the full-year outlook. CEO Wendell Weeks added that key U.S. manufacturing incentives for solar remain in place, supporting the company's strategy and growth prospects in that market.

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    Wamsi Mohan's questions to Corning Inc (GLW) leadership • Q1 2025

    Question

    Wamsi Mohan of Bank of America asked about the nature of temporary capacity ramp costs in optical and solar, why the CapEx outlook remained unchanged, and sought clarity on the visibility of Gen AI orders amid concerns of a data center spending pullback.

    Answer

    EVP and CFO Ed Schlesinger clarified that the ramp costs are primarily operational expenses, such as hiring, rather than capital expenditures. Chairman and CEO Wendell Weeks added that for optical, costs relate to lower initial efficiency on new product lines. Regarding Gen AI, Weeks stated that recent detailed discussions with hyperscale customers have reinforced Corning's growth expectations, with demand focused on securing more of Corning's new products.

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    Wamsi Mohan's questions to Corning Inc (GLW) leadership • Q4 2024

    Question

    Wamsi Mohan of Bank of America asked for Corning's view on the impact of DeepSeek's AI advancements on AI infrastructure build-outs. He also asked for clarification on the new 120 yen core rate's stability and the drivers for the incremental CapEx.

    Answer

    Chairman and CEO Wendell Weeks asserted that innovations like DeepSeek have no negative impact on Corning's plan, as they are necessary for Gen AI's sustainability and do not reduce the need for advanced communications. EVP and CFO Ed Schlesinger confirmed the 120 yen rate is based on hedges for 2025-2026 and should be stable. He added that the ~$1.3B CapEx guide is in line with depreciation and does not imply significant new capacity additions.

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    Wamsi Mohan's questions to Corning Inc (GLW) leadership • Q3 2024

    Question

    Wamsi Mohan inquired about the drivers behind the impressive gross margin of over 39% and whether this level represents a new, higher normalized rate for the company.

    Answer

    CFO Ed Schlesinger explained that the margin strength was primarily due to operating leverage, as higher sales were delivered on an existing cost and capacity base. While cautioning that not every quarter will necessarily be up, he stated there is potential to go higher. CEO Wendell Weeks added this improvement is crucial for achieving their 20% operating margin target by the end of 2026.

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    Wamsi Mohan's questions to International Business Machines Corp (IBM) leadership

    Wamsi Mohan's questions to International Business Machines Corp (IBM) leadership • Q2 2025

    Question

    Wamsi Mohan asked for details on software trends, questioning the apparent deceleration in organic growth and seeking clarity on the factors that support the full-year guidance of approaching 10% growth.

    Answer

    SVP & CFO James Kavanaugh expressed increased confidence in the full-year software guidance. He detailed that Red Hat's growth accelerated to 14.5%, Automation is performing above model at 15% with strong HashiCorp synergies, and Data & AI has solid momentum. He explained that while Transaction Processing was down 2% as clients prioritized Z17 hardware, this strong hardware cycle creates a future software monetization opportunity, with a return to growth expected in the second half.

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    Wamsi Mohan's questions to International Business Machines Corp (IBM) leadership • Q1 2025

    Question

    Wamsi Mohan requested a detailed breakdown of how IBM will achieve its 5%-plus full-year revenue growth guidance, specifically asking about the path to double-digit Software growth given tough comps for Red Hat and a slow start for Transaction Processing. He also asked if better Infrastructure performance would offset caution in Consulting.

    Answer

    CFO Jim Kavanaugh provided a bridge from Q1's 2% growth to the full-year 5%-plus target. He detailed a 2-point lift from the new mainframe cycle turning Infrastructure from a headwind to a tailwind, a 1-point contribution from M&A like HashiCorp, and another 0.5-point lift from Red Hat's expected reacceleration to mid-teens growth. He confirmed that the guidance prudently assumes no upside contribution from the Consulting segment.

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    Wamsi Mohan's questions to International Business Machines Corp (IBM) leadership • Q4 2024

    Question

    Wamsi Mohan inquired about IBM's M&A strategy in a potentially more favorable regulatory environment, given its record cash flows, and also asked for thoughts on the implications of DeepSeek for IBM and the broader industry.

    Answer

    CEO Arvind Krishna stated that he anticipates a more rational regulatory environment, which would allow IBM to 'lean in' on M&A, utilizing its financial flexibility from strong cash flow. He noted the pending HashiCorp deal as a priority. Regarding DeepSeek, Krishna viewed it as a validation of IBM's long-held strategy that smaller, more efficient AI models are essential for enterprise deployment, citing their significant cost advantages.

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    Wamsi Mohan's questions to International Business Machines Corp (IBM) leadership • Q3 2024

    Question

    Wamsi Mohan asked for clarification on two points: the apparent deterioration in the core consulting business given the growth in the AI book of business, and the conservative Q4 profit margin guidance despite strong year-to-date performance.

    Answer

    CFO Jim Kavanaugh explained that in Consulting, clients are pausing short-term, high-yield projects to fund long-term, lower-yield Gen AI transformations, impacting near-term revenue. Regarding profit, he noted the strong year-to-date performance is driven by portfolio mix and productivity, and described the Q4 guidance as prudent while expressing confidence in the full-year free cash flow outlook.

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    Wamsi Mohan's questions to Amphenol Corp (APH) leadership

    Wamsi Mohan's questions to Amphenol Corp (APH) leadership • Q2 2025

    Question

    Wamsi Mohan from Bank of America Merrill Lynch asked if the 'shipping ahead' in AI was unique to Q2 or also occurred in Q1, and inquired about the level of visibility and volatility in the IT Datacom order book.

    Answer

    President & CEO R. Adam Norwitt clarified that the out-execution was 'more clear' in Q2. He explained that while AI orders have been strong for nearly a year, sometimes with longer visibility due to capital commitments, this can lead to lumpiness. He noted that the underlying book-to-bill for the quarter was close to 1:1 after accounting for the accelerated shipments.

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    Wamsi Mohan's questions to Amphenol Corp (APH) leadership • Q1 2025

    Question

    Wamsi Mohan from Bank of America inquired about order linearity in IT Datacom, the risk of a disconnect between component shipments and end-product demand, and the mix of business between GPU and ASIC-based platforms.

    Answer

    CEO Adam Norwitt clarified that the company exceeded expectations for shipments but customers still wanted more, indicating robust demand, not a supply chain disconnect. Regarding platform mix, he stated that the AI-related growth (about two-thirds of the total) is predominantly tied to GPU or equivalent architectures for training and inference, while the non-AI business is spread across servers, networking, and storage.

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    Wamsi Mohan's questions to Amphenol Corp (APH) leadership • Q4 2024

    Question

    Wamsi Mohan asked about AI supply chain dynamics, questioning if second-half AI revenues might moderate given record orders but lumpy CapEx, and requested visibility into H2 vs. H1 growth.

    Answer

    CEO R. Norwitt declined to provide a forecast beyond Q1 but expressed strong long-term confidence in Amphenol's AI position. He noted that while quarterly CapEx can be lumpy, the company is making significant investments. He pointed to the unseasonably strong Q1 guidance for the IT Datacom market (up mid-single-digits vs. a typical seasonal decline) as evidence of a very positive outlook entering 2025.

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    Wamsi Mohan's questions to Amphenol Corp (APH) leadership • Q3 2024

    Question

    Wamsi Mohan asked about the nature of the strong orders, specifically regarding visibility and how far out the order book extends, questioning how much is for near-term versus longer-term fulfillment.

    Answer

    CEO R. Norwitt confirmed that the 'order aperture' has widened, especially in IT Datacom, defense, and commercial air. He linked this to securing longer-term orders to support increased capital investments. However, he assured that the vast majority of orders are for fulfillment within a couple of quarters and nothing is booked more than a year out.

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    Wamsi Mohan's questions to TE Connectivity PLC (TEL) leadership

    Wamsi Mohan's questions to TE Connectivity PLC (TEL) leadership • Q3 2025

    Question

    Wamsi Mohan of Bank of America asked for early thoughts on fiscal 2026, questioning if the current momentum and high-teens EPS growth could be sustained, particularly in the context of rising material costs.

    Answer

    CEO Terrence Curtin pointed to the upcoming Investor Day for a detailed outlook but highlighted that future earnings growth will be driven by volume fall-through on top of the company's proven operational structure. He emphasized that strong cash flow conversion, which will again be over 100% this year, provides optionality for shareholder returns and strategic acquisitions, creating levers to continue strong performance.

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    Wamsi Mohan's questions to TE Connectivity PLC (TEL) leadership • Q2 2025

    Question

    Wamsi Mohan questioned the outlook for automotive content growth for the year amid worsening production trends and asked for clarification on whether the 3% tariff cost impact includes indirect operational costs.

    Answer

    CEO Terrence Curtin explained that full-year auto content growth is expected to be at the low end of the 4-6% range, pressured by weakness in Europe, which is historically TE's highest content region. He clarified that the 3% cost impact is a direct tariff surcharge on specific imported products and does not include other operational or logistical costs.

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    Wamsi Mohan's questions to TE Connectivity PLC (TEL) leadership • Q1 2025

    Question

    Wamsi Mohan asked about TE Connectivity's strategy for potential tariffs and its posture on M&A, specifically inquiring if the company would consider larger deals beyond its typical 'bolt-on' acquisitions.

    Answer

    CEO Terrence Curtin addressed tariffs, explaining that TE would deploy its 2017 playbook, which includes adjusting logistics, moving manufacturing, and passing on costs to customers. CFO Heath Mitts handled the M&A question, clarifying that 'bolt-on' refers to strategic fit rather than size. He added that the M&A pipeline has increased and the company is actively pursuing opportunities.

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    Wamsi Mohan's questions to TE Connectivity PLC (TEL) leadership • Q4 2024

    Question

    Wamsi Mohan from Bank of America requested details on the nearly 10-point content outgrowth in Asia, asking for a breakdown between EV mix versus general electronification and whether these trends will sustain in fiscal 2025.

    Answer

    CEO Terrence Curtin explained that the significant outperformance in Asia, TE's largest region, is driven by both the strong momentum in EV production and increased data connectivity content across all vehicle powertrains. He noted that over 70% of EV/HEV production occurs in Asia, where TE is well-positioned. Curtin expects similar EV production unit growth in FY25, primarily driven by Asia, which should sustain the company's content growth.

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    Wamsi Mohan's questions to Dell Technologies Inc (DELL) leadership

    Wamsi Mohan's questions to Dell Technologies Inc (DELL) leadership • Q1 2026

    Question

    Wamsi Mohan of Bank of America Merrill Lynch asked for clarification on whether tariff impacts were included in the guidance. He also questioned the implied operating margin on incremental AI server revenue for Q2, which he calculated to be in the low single digits, and asked about the gross margin progression.

    Answer

    Jeff Clarke, Vice Chairman and COO, confirmed that the guidance includes all known tariff impacts and that the input cost environment is viewed as deflationary for Q2. He emphasized that incremental AI revenue drives significant gross margin and operating income *dollar* growth. CFO Yvonne McGill added that the Q2 guide implies a 10% quarter-over-quarter increase in gross margin dollars, with ISG expected to add approximately $5.3 billion in revenue and $500 million in operating income.

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    Wamsi Mohan's questions to Dell Technologies Inc (DELL) leadership • Q4 2025

    Question

    Wamsi Mohan asked for clarification on the fiscal '26 guidance, questioning how Dell expects to achieve 14% EPS growth while ISG and CSG margins are guided flat to down in a competitive environment, and inquired about the role of buybacks and any tariff assumptions.

    Answer

    CFO Yvonne McGill responded that the $103 billion revenue midpoint (up 8%) is driven by high-teens growth in ISG, fueled by $15 billion in AI server shipments and low-single-digit storage growth, plus mid-single-digit growth in CSG. McGill noted that OpEx will be down low-single digits due to ongoing efficiencies, and the company will continue to balance growth and profitability while managing the competitive landscape.

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    Wamsi Mohan's questions to Dell Technologies Inc (DELL) leadership • Q3 2025

    Question

    Wamsi Mohan from Bank of America requested clarification on the Q4 AI revenue outlook and asked about expectations for CSG margins in fiscal '26, including any potential tariff impacts.

    Answer

    Executive Yvonne McGill indicated that Q4 guidance accounts for the AI product mix, with margins expected to be consistent. For fiscal '26, she expressed optimism for CSG growth from the enterprise refresh but said it was too early for a specific margin guide. Jeffrey Clarke added that Q4 AI shipments would be 'slightly down' sequentially due to the Blackwell transition.

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    Wamsi Mohan's questions to Dell Technologies Inc (DELL) leadership • Q2 2025

    Question

    Wamsi Mohan questioned if the guided sequential decline in AI server revenue and flat backlog were due to Blackwell delays, and also asked about the margin profile for sovereign AI deals.

    Answer

    COO Jeffrey Clarke clarified that the backlog includes future technologies like Blackwell and that the guidance reflects customer deployment schedules and readiness, not just component supply. He noted the AI pipeline is multiples of the backlog. He also stated that the current pipeline does not yet include any sovereign AI opportunities of significant size, thus not addressing the margin question directly.

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    Wamsi Mohan's questions to NetApp Inc (NTAP) leadership

    Wamsi Mohan's questions to NetApp Inc (NTAP) leadership • Q4 2025

    Question

    Wamsi Mohan from Bank of America Merrill Lynch requested more details on the large AI infrastructure deals mentioned, including customer types and potential growth contribution. He also asked if the full-year guidance was being de-rated for macro reasons beyond Q1 and questioned the direct financial impact of tariffs.

    Answer

    CEO George Kurian confirmed that NetApp is working with very large cloud and enterprise providers on data modernization and AI infrastructure deals, which are factored into the guided sequential ramp for fiscal 2026. Regarding tariffs, he stated the direct impact is minimal, estimated at 40-60 basis points on gross margin for FY26, due to a diverse supply chain with no final assembly in China. The primary concern is the uncertainty tariffs create for customer demand, particularly in Europe's manufacturing sector.

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    Wamsi Mohan's questions to NetApp Inc (NTAP) leadership • Q3 2025

    Question

    Ruplu Bhattacharya, on behalf of Wamsi Mohan, asked about any incremental cost actions, the outlook for operating expenses, the expected trend for free cash flow in Q4, and the criteria for making future strategic SSD purchases.

    Answer

    CFO Michael Berry confirmed ongoing scrutiny of operating expenses, which are roughly flat year-over-year. He expects Q4 free cash flow to increase sequentially but remain below the prior year due to working capital headwinds from strategic buys and incentive payments. He stated that future strategic component pre-buys would only occur in the event of a 'material dislocation' in the NAND market, which is not currently anticipated.

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    Wamsi Mohan's questions to NetApp Inc (NTAP) leadership • Q1 2025

    Question

    Wamsi Mohan asked for details on all-flash traction across different market segments and competitive takeaways, and also questioned the drivers for the lower tax rate and the flow-through of higher revenue to operating profit.

    Answer

    CEO George Kurian detailed that capacity flash is the fastest-growing segment due to 10K drive displacement, while performance flash is competing well against high-end frame arrays. CFO Michael Berry explained that the tax rate was lowered due to a revised geographic income forecast. He noted that some Q1 OpEx underspend was shifted to the second half, impacting the immediate flow-through of revenue to operating profit, but reiterated confidence in full-year margin targets.

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    Wamsi Mohan's questions to HP Inc (HPQ) leadership

    Wamsi Mohan's questions to HP Inc (HPQ) leadership • Q2 2025

    Question

    Wamsi Mohan requested a more detailed breakdown of HP's tariff mitigation strategy, asking to quantify the impact of pricing, cost actions, and supply chain shifts. He also questioned the long-term optimality of the new supply chain locations given the risk of reciprocal tariffs.

    Answer

    CEO Enrique Lores detailed mitigation efforts, including accelerating the manufacturing shift out of China, redesigning logistics networks, and implementing targeted price increases. CFO Karen Parkhill added that the Future Ready program will now deliver more savings sooner but declined to quantify the contribution of each mitigation lever. Mr. Lores addressed the supply chain risk by emphasizing the company's proven agility and ability to respond swiftly to any future changes.

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    Wamsi Mohan's questions to HP Inc (HPQ) leadership • Q1 2025

    Question

    Wamsi Mohan of Bank of America questioned the feasibility of the significant second-half earnings ramp given historical trends and macro uncertainty. He also sought clarification on the tariff rate included in guidance and HP's potential pricing strategy.

    Answer

    CFO Karen Parkhill attributed the confidence in the earnings ramp to improvements in both revenue (PC recovery, AI PC ramp) and costs (lower commodity costs, Future Ready savings). CEO Enrique Lores confirmed only the existing 10% China tariff is in the guide and stated that any supply chain cost advantage would be used strategically for either pricing or profit to drive profitable growth.

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    Wamsi Mohan's questions to HP Inc (HPQ) leadership • Q4 2024

    Question

    Wamsi Mohan from Bank of America questioned the Q1 FY25 EPS guidance, which is lower than the typical seasonal percentage of the full year, and asked why FY25 free cash flow guidance isn't higher given cost savings and PC market growth.

    Answer

    CFO Karen Parkhill attributed the lower Q1 EPS to seasonal volume declines and the timing of stock compensation expense, with about one-third hitting in Q1. She stated that free cash flow is expected to grow in line with earnings, with lower restructuring charges being offset by higher CapEx for growth. CEO Enrique Lores added that operating profit growth, not just buybacks, contributes to the overall EPS growth guidance.

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    Wamsi Mohan's questions to HP Inc (HPQ) leadership • Q3 2024

    Question

    Wamsi Mohan of Bank of America asked about the divergence between accelerating revenue and decelerating EPS growth, questioning if it was a structural issue. He also inquired why the free cash flow guidance remained unchanged despite a lower EPS outlook.

    Answer

    CEO Enrique Lores stated the divergence is not structural but a result of temporary competitive dynamics in the Print business. CFO Karen Parkhill explained that free cash flow guidance is maintained due to strong performance driven by sequential growth in Personal Systems, which has a negative cash conversion cycle. Interim CFO Tim Brown added that cash outlays for the 'Future Ready' program remain consistent with prior plans.

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    Wamsi Mohan's questions to Sensata Technologies Holding PLC (ST) leadership

    Wamsi Mohan's questions to Sensata Technologies Holding PLC (ST) leadership • Q1 2025

    Question

    Wamsi Mohan asked for clarification on the drivers behind the forecasted $20 million to $30 million second-half revenue impact and questioned if the growth in Sensing Solutions was due to tariff-related demand pull-forward.

    Answer

    Chief Financial Officer Brian Roberts clarified the revenue impact is entirely due to forecasted automotive production cuts in North America. He and CEO Stephan Von Schuckmann explained that Sensing Solutions growth was not from tariff pull-ins but rather from new products like A2L gas leak detectors, noting that tariff uncertainty has actually put some industrial orders on hold in Q2.

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    Wamsi Mohan's questions to Sensata Technologies Holding PLC (ST) leadership • Q3 2024

    Question

    Wamsi Mohan asked about the magnitude of downside risk Sensata has incorporated into its Q4 guidance relative to third-party forecasts and the expected impact on Q1 seasonality.

    Answer

    Executive Martha Sullivan stated that Sensata's Q4 guidance assumes vehicle production will be 200,000 to 300,000 units below third-party forecasts, particularly in North America and Europe. She added that the company does not expect significant market improvement in Q1 and anticipates normal cost seasonality.

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    Wamsi Mohan's questions to Avnet Inc (AVT) leadership

    Wamsi Mohan's questions to Avnet Inc (AVT) leadership • Q3 2025

    Question

    Wamsi Mohan questioned if recent tariff news has altered customer order patterns or linearity, specifically looking for evidence of order pull-ins. He also asked for clarification on the 7-10% China tariff exposure and any potential cash flow impacts. Finally, he inquired about Avnet's visibility into components for AI-based systems.

    Answer

    CEO Philip Gallagher stated that there has not been a significant change in order patterns due to tariffs, though CFO Ken Jacobson quantified a modest pull-in benefit in Asia of around $100 million. Jacobson clarified that a significant portion of the China-originating product is not subject to U.S. tariffs and they do not foresee a major cash flow drag. Regarding AI, Gallagher noted visibility primarily in Asia, representing 3-5% of the region's business, and sees a future opportunity in 'AI on the edge'.

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    Wamsi Mohan's questions to Hewlett Packard Enterprise Co (HPE) leadership

    Wamsi Mohan's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q1 2025

    Question

    Wamsi Mohan requested a bridge for the full-year guidance, which implies revenue growth but an operating profit decline, asking for the specific headwind from tariffs and a breakdown of the free cash flow reduction.

    Answer

    CFO Marie Myers stated the full-year guidance includes a $0.07 per share negative impact from tariffs, with a concentrated $0.04 impact in Q2. Regarding the free cash flow decline to $1 billion, she identified the primary drivers as changes in working capital and cash charges related to the new cost efficiency program, with the tariff impact flowing through earnings.

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    Wamsi Mohan's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q4 2024

    Question

    Wamsi Mohan inquired about the current shape and composition of Hewlett Packard Enterprise's AI systems pipeline, particularly in light of the reported dip in the backlog during the quarter.

    Answer

    President and CEO Antonio Neri explained that the AI pipeline is a multiple of the current backlog, which now exceeds $3.5 billion. He noted that while model builders and hyperscalers remain the primary drivers, the enterprise AI pipeline is growing steadily with hundreds of customers. He highlighted that the HPE Private Cloud AI solution, co-engineered with NVIDIA, began closing its first deals in Q4 just seven weeks after becoming available.

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    Wamsi Mohan's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q3 2024

    Question

    Wamsi Mohan of Bank of America Merrill Lynch requested more detail on the composition of the AI systems backlog and asked for specific examples of enterprise AI projects being evaluated in key verticals like healthcare and financial services.

    Answer

    CEO Antonio Neri noted the AI pipeline is multiples of the current backlog, which is composed of mid-teens enterprise demand with the rest from service providers. He highlighted that enterprise use cases are maturing beyond chatbots to sophisticated applications in finance and manufacturing, which the HPE Private Cloud AI offering is designed to target.

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    Wamsi Mohan's questions to Pure Storage Inc (PSTG) leadership

    Wamsi Mohan's questions to Pure Storage Inc (PSTG) leadership • Q4 2025

    Question

    Wamsi Mohan of BofA Securities questioned why revenue growth is not projected to reaccelerate more meaningfully, given the company's aggressive push into the disk replacement market with its E family.

    Answer

    CEO Charles Giancarlo cited political uncertainty and a desire for a reasonable guide. CFO Kevan Krysler added that the guide assumes a consistent IT spending environment and that FY25 revenue benefited by ~1.5 points from Evergreen//One deals converting to traditional sales, making the FY26 guide a slight acceleration on a normalized basis.

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    Wamsi Mohan's questions to Pure Storage Inc (PSTG) leadership • Q3 2025

    Question

    Wamsi Mohan sought to clarify the hyperscaler deal's financials, asking if the 'significantly lower' revenue contribution compared to a capacity sale is solely due to the exclusion of hardware, or if software pricing per exabyte is also lower. He also asked if the double-digit exabyte forecast is from this single customer.

    Answer

    CFO Kevan Krysler confirmed the double-digit exabyte forecast for FY27 pertains to this single hyperscaler win. He clarified that the primary driver for the lower revenue contribution compared to a traditional capacity sale is the exclusion of hardware, though pricing at scale is a secondary factor.

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