First Quarter 2025 Earnings Presentation May 1, 2025 Antero Midstream (NYSE: AM) Legal Disclaimer Forward-Looking Statements: This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AM's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AM expects, believes or anticipates will or may occur in the future, such ...

Financial Data and Key Metrics Changes - For the third fiscal quarter, the company reported revenue of $2.3 billion, down 5% sequentially but up 31% year over year [12] - Non-GAAP gross margin was 40.1%, an improvement of 1.7 percentage points sequentially [14] - Non-GAAP earnings per share (EPS) was $1.36, driven by disciplined cost management and tax benefits [12][14] - Free cash flow for the quarter was $436 million [17] Business Line Data and Key Metrics Changes - Cloud business represented 87% of total revenue at $2 billion, down 4% sequentially but up 38% year over year [13] - Client business accounted for 6% of total revenue at $137 million, down 2% sequentially and year over year [13] - Consumer segment represented 7% of revenue at $150 million, down 13% sequentially and 4% year over year [14] Market Data and Key Metrics Changes - Nearline bit shipments decreased by 6% sequentially to 145 exabytes, while average price per unit increased by 4% to $179 [12][13] - Demand from hyperscale customers remains robust despite broader market uncertainties [10] Company Strategy and Development Direction - The company is focused on three pillars for capital allocation: reinvestment in the business, debt reduction, and returning cash to shareholders [8] - The introduction of a quarterly dividend of $0.10 per share reflects confidence in long-term cash generation [18] - The company is committed to innovation in HDD technology, with a focus on high-capacity drives and energy efficiency [6] Management's Comments on Operating Environment and Future Outlook - The current environment is characterized by uncertainty due to tariffs and global trade tensions, but demand from hyperscale customers remains strong [9][10] - The company expects sequential revenue growth in the fiscal fourth quarter, driven by data center demand [10][11] - Management expressed confidence in navigating the dynamic environment and maintaining a healthy supply-demand balance [20] Other Important Information - The company successfully redeemed $1.8 billion of its 2026 senior notes, strengthening its balance sheet [8][17] - The effective tax rate for the fiscal third quarter was 2%, lower than expected due to one-time deferred tax benefits [16] Q&A Session Summary Question: Inquiry about capital allocation and dividend growth - Management indicated that once the net leverage is reduced to the target range of 1.0 to 1.5x, they plan to return 100% of excess cash to shareholders through dividends and share buybacks [25][26] Question: Visibility into revenue margins and EPS growth - Management noted that long-term agreements with hyperscale customers provide greater visibility, suggesting strong demand through 2025 and into 2026 [28][30] Question: Clarification on tariff impacts - Management stated that while there are no direct tariff impacts anticipated, there is demand uncertainty in certain segments due to market volatility [34][36] Question: Discussion on gross margins and pricing dynamics - Management confirmed that gross margins are driven by technology value and operational discipline, with expectations for continued strength [38][40] Question: Insights on manufacturing capacity and exabyte growth - Management highlighted that exabyte growth is primarily driven by technology improvements rather than additional manufacturing capacity [44][53] Question: Update on HAMR technology and customer engagement - Management expects to start qualification for HAMR technology in the second half of 2026, with production ramp-up planned for early 2027 [78][80] Question: Concerns about hyperscaler demand and potential double ordering - Management reassured that there are no signs of double ordering and that demand patterns align with long-term agreements [67][69]

点击 上方 硬AI 关注我们 硬·AI 作者 | 张雅琦 市场需求并非撤退，而是"暂时的暂停"。根据麦肯锡公司最新的模型预测(不包括关税影响)， 未来五到七 年数据中心市场预计将保持20%至25%的增长范围，但逐年之间增长率会有波动。 "增长不会是线性的，"麦肯锡高级合伙人Pankaj Sachdeva表示，他研究数据中心发展并预计会有起伏。 分析指出，AI整体资本支出依然强劲，市场需求并非撤退，而是"暂时的暂停"。根据麦肯锡的预测，未来五到七年数据中 心市场预计将保持20%至25%的增长范围，但逐年之间增长率会有波动。 编辑 | 硬 AI 当微软上个月取消了在俄亥俄州的数据中心计划，加之报道称亚马逊云服务正在撤销部分人工智能数据中 心项目，市场迅速陷入了对数据中心热潮是否已经结束的焦虑。 然而，担忧或许过头了，有迹象显示，AI整体资本支出依然强劲。 "我们继续看到AI部署在数据中心市场加速扩展，强劲的需求信号强化了我们对近期和长期增长的信 心，"总部位于俄亥俄州的数据中心供应商Vertiv的CEO Giordano Albertazzi在上周的财报电话会议上表 示。该公司股价上周上涨了22%。 01 科技巨 ...

Core Insights - Amazon and Nvidia executives assert that the construction of AI data centers is continuing unabated despite recession fears among investors [1][2] - Amazon's VP of global data centers, Kevin Miller, reports strong demand for data centers, with expectations for growth in the coming years [2][3] - Nvidia's senior director, Josh Parker, echoes that there are no signs of a slowdown in demand for compute and energy due to AI [3][5] Industry Trends - Concerns have arisen on Wall Street regarding potential pullbacks in data center buildout plans by tech companies, particularly following reports of Amazon Web Services pausing some leases [2] - The reaction to China's AI startup DeepSeek, which raised concerns about energy efficiency in data centers, is described as a "kneejerk" response by Nvidia [4][5] - Anthropic co-founder Jack Clark highlights the need for 50 gigawatts of new power capacity by 2027 to support AI, equating to approximately 50 new nuclear plants [5] Energy Needs - A consensus is forming in the tech and energy sectors that natural gas will be essential to meet the growing power demands of AI [6]

Core Viewpoint - Amazon is showing signs of slowing down its aggressive expansion in AI data centers, raising concerns among analysts about its future momentum in the data center market [1][2][10]. Group 1: Analyst Concerns - Analysts from Wells Fargo noted that Amazon Web Services (AWS) has paused discussions on certain new colocation data center deals, particularly international ones, although the scale of this pause is unclear [2][13]. - TD Cowen analysts reported a pullback in US colocation deals from Amazon, indicating that the company has walked away from select deals and expansion options [4][5]. - There is a broader moderation in the urgency and speed with which cloud companies, including AWS, are seeking to secure data center capacity, with fewer large deals in the market [12][19]. Group 2: Market Dynamics - The data center market is experiencing a cooling phase compared to the heightened activity seen in previous years, with signs of moderation in hyperscale demand [8][12]. - AWS's recent cautious moves may be part of a strategy to increase efficiency across its data center operations, as the company typically prefers building its own data centers rather than engaging in colocation deals [18][19]. - Historical patterns suggest that digestion periods, characterized by slowing new leases, can last 6 to 12 months before a rebound occurs [17]. Group 3: Company Response - In response to concerns, AWS's vice president Kevin Miller stated that the company continues to see strong demand for generative AI and foundational workloads, emphasizing routine capacity management [14][15][16]. - Miller's comments aim to frame the current pause not as a negative sign but as a normal part of data center growth dynamics [17].

本期视频全方位解析 NVIDIA Quantum InfiniBand 交换机，神州数码将介绍非管理型设备的高效 网络解决方案！接口布局、散热结构、状态指示一览呈现，高效部署，轻便维护，适用于各种高性 能计算和数据中心核心场景。 点击上方视频即可观看 如果您想了解更多产品信息， 请扫一扫下方的 二维码 ， 或点击文末 "阅读原文" 立即填写需求，获取更多专业支持！ *与 NVIDIA 产品相关的图片或视频（完整或部分）的版权均归 NVIDIA Cor por a ti on 所有。 END 半导体精品公众号推荐 ▲点击上方名片即可关注 专注半导体领域更多原创内容 ▲点击上方名片即可关注 关注全球半导体产业动向与趋势 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行 业观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 | "半导体行业观察"交流群 | | | | | | | --- | --- | --- | --- | --- | --- | | LE Pro Print L 扫码添加小助手微信,注明:加群+姓名+公司名称 | | ...

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Summary of Ruijie Networks 2024 Conference Call Company Overview - **Company**: Ruijie Networks - **Year**: 2024 - **Total Revenue**: 11.6 billion CNY, a year-on-year increase of 1.36% [3][11] - **Net Profit**: 570 million CNY, a year-on-year increase of 43% [3] Key Industry Insights - **Network Equipment Revenue**: 9.6 billion CNY, a year-on-year increase of 17%, driven by AI-driven data center construction [4][11] - **Network Security Revenue**: 450 million CNY, a year-on-year decrease of 47% [11] - **Cloud Desktop Revenue**: Decreased by 27% year-on-year [11] - **Overseas Revenue**: Increased by 52% to 1.8 billion CNY, expanding market coverage from over 90 to over 100 countries [4][11] Core Achievements and Innovations - **Data Center Innovations**: Launched PH5 cold plate switch and 51.2T multi-core processor architecture switch, along with 400G/800G optical modules [4][5] - **AI Infrastructure**: Collaborated with major clients like Alibaba, Tencent, and ByteDance to build AI infrastructure [4][8] - **New Product Launches**: Introduced WiFi 7 AP series and efficient desktop version 3.0 to meet demands in education and healthcare [4][6] Market Position and Customer Base - **Market Leadership**: Ranked first in Ethernet switch market in education, circulation, and internet sectors [4][8] - **Key Clients**: Major clients include Alibaba, Tencent, and ByteDance, contributing significantly to revenue [8][33] - **New Client Acquisition**: Engaged with new clients like Didi and Xiaohongshu, although their contribution remains smaller compared to top clients [33] Financial Performance and Projections - **Gross Margin**: Maintained at approximately 38% for the year, with Q4 gross margin benefiting from project settlement structure optimization [15][16] - **2025 Outlook**: Anticipates rapid growth in internet and SMB business, with stable overall gross margin [4][16][19] Strategic Initiatives - **Efficiency Improvements**: Implemented customer-centric processes, product quality management, and digital factories to enhance efficiency and profitability [10][16] - **R&D Investment**: Expected R&D expenditure between 1.8 to 2 billion CNY despite a reduction in R&D personnel [24] Future Market Trends - **Increased Demand for Data Centers**: Significant growth in demand for data centers from internet companies, with a focus on high-speed switches [19][36] - **Emerging Technologies**: New technologies like DeepSIC are expected to drive market changes, with major internet companies planning substantial capital expenditures [13][19] Conclusion - **Company's Vision**: Ruijie Networks aims to leverage AI trends and enhance its network infrastructure offerings to achieve steady growth and provide substantial returns to investors in 2025 [35][37]

数据中心投资序幕。 作者 I 周佳丽 报道 I 投资界PEdaily 投资界获悉，普洛斯最新推出的中国数据中心收益基金一期已完成募集，投资规模约26亿人民币，投资人包 括国内领先投资管理公司及知名国际机构投资人，普洛斯担任基金管理人及资产管理人。 这是普洛斯推出的首个数据中心主题投资策略。 普洛斯主要聚焦不动产和私募股权投资，目前资产管理规模 超80 0亿美元，已是全球基础设施江湖不可忽视的存在。此次推出的数据中心基金，是其长期管理运营物流 基础设施基金基础上，把私募基金拓展到数据中心这一新的资产品类，可谓从零到一一个新的突破。 眼 前 AI时代的浪潮滚滚而来，数据中心如同一座座数字文明的发电厂，被认为是AI革命不可或缺的基石。放眼全 球，从普洛斯到黑石、KKR，我们看到一个万亿级别的超级赛道正冉冉升起。正如一位投资人所言，数据中 心的黄金十年已经拉开序幕。 规模26亿元 投向智算新基建 AI引爆了一场别开生面的基础设施竞赛。 追本溯源来说，人工智能的发展离不开算力、算法、数据这三大要素。从广义上看，算力是数字经济时代新 生产力，是支撑数字经济发展的坚实基础。伴随人工智能浪潮来势汹汹，算力需求也呈现爆炸性增长 ...

As the digital era continues to evolve, data centers stand at the heart of technological advancement, powering everything from cloud computing to artificial intelligence (AI).In 2025, the growing demand for data centers will be fueled by advancements in AI, cloud computing and the need for more efficient infrastructure. This surge is driving key trends, such as hyperscale data centers, liquid cooling, edge computing, and a heightened focus on sustainability and energy efficiency.Per the Fortune Business Ins ...