PresentationErik WoodringMorgan Stanley, Research Division All right. Perfect. We are going to get started here. So again, welcome to day 2 of the flagship TMT Conference. My name is Erik Woodring. I lead the hardware coverage here at Morgan Stanley. I am delighted to be joined today by Gianluca Romano, CFO of Seagate Technology. Before we get into things, let me just remind everyone to please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any q ...

2 March 2026 | 2:56PM EST Equity Research Americas Technology: Hardware: AI Project Pulse: February 2026 We summarize recent announcements and developments in the AI project space across neoclouds, sovereigns, and enterprise made in February 2026. This represents select project announcements and is not indicative of the total AI infrastructure opportunity. Key highlights in February 2026 include: 1 AMZN, GOOGL, META, AAPL, MSFT, ORCL, and CRWV Goldman Sachs does and seeks to do business with companies cover ...

PresentationErik WoodringMorgan Stanley, Research Division Good morning, everyone. Thank you for joining us day 1 here of the 2026 Morgan Stanley TMT Conference. My name is Erik Woodring. I lead the hardware research coverage based out in New York. Quickly, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, reach out to your Morgan Stanley sales rep. And then from the HPQ side, today's discussion incl ...

U.S. equity markets are facing a wave of selling pressure this Friday, February 27th, 2026, as a combination of hotter-than-expected inflation data and growing skepticism regarding the "AI revolution" weigh heavily on investor sentiment. After a month of relatively resilient trading, the final session of February has turned into a broad-based retreat, with major indexes tracking toward significant weekly losses.Market Performance RecapAs of midday trading, the major market indexes are firmly in the red. The ...

分组1: Dell Technologies - Dell's stock is up over 10% despite a volatile market, marking a significant performance in the tech sector [1] - The company reported an EPS of $3.89, a 45% increase from $2.68 last year, and beat estimates of $3.52 [2][3] - Sales increased by 39% year-over-year to $33.3 billion, surpassing the expected $31.9 billion, compared to nearly $24 billion last year [3] - Infrastructure services grew by 73%, and the server business saw a remarkable 123% increase [3] - Dell has raised its guidance for the server business for AI computing to 103% for the full fiscal year 2027, with EPS guidance increased to $2.90 from $2.39 [4] 分组2: CoreWeave - CoreWeave reported a negative EPS of $0.56, missing the estimate of $0.50, but achieved a sales growth of 110% to $1.57 billion [5] - Total revenues for the year reached $5.1 billion, up 168% year-over-year, with guidance for sales between $12 billion and $13 billion [6] - The current contract backlog is reaffirmed at $67 billion, but the market is punishing stocks that are not profitable [7] 分组3: Zscaler - Zscaler's stock has decreased by about 37% over the last six months, despite a strong earnings report [8] - The company reported an EPS of $1.00, up 29% from $0.78 last year, beating the estimate of $0.89, with sales of $815 million, a 26% increase [9] - Free cash flow guidance increased by 18%, and average recurring revenue guidance rose to $3.74 billion [10] - Despite a good report, Zscaler faces challenges due to competitive threats from AI and is trading at high earnings multiples of 35 to 40 times forward earnings [11]

Remember Daft Punk's "Harder, Better, Faster, Stronger"? The market has focused on the "faster" factor (Nvidia's GPUs, for example), but it also needs "harder" factors: data, storage, and physical capacity. Without those, nothing works. Without Seagate, todayI’m a Portfolio manager (flexible equity funds and private clients), fundamental equity research, macro and geopolitical strategy.Over 10 years across global markets, managing multi-asset strategies and equity portfolios at a European asset manager.I co ...

Key TakeawaysFederal Reserve officials signaled a "wait and see" approach, maintaining interest rates in the 3.5% to 3.75% range as they evaluate the impact of AI-driven productivity and persistent inflation.Nvidia (NVDA) has yet to ship any H200 AI chips to China, according to U.S. Commerce Department officials, despite a policy shift in December allowing for case-by-case export reviews.HP Inc (HPQ) warned of prolonged memory chip volatility, with rising DRAM and NAND prices expected to impact margins thro ...

Novanta Announces Financial Results for the Fourth Quarter and Full Year 2025-# Novanta Announces Financial Results for the Fourth Quarter and Full Year 2025Share---- Full Year 2025 Adjusted Diluted EPS was $3.29, and Adjusted EBITDA was $221 million- Full Year 2025 GAAP Revenue increased 3% to $981 million, and GAAP Diluted EPS was $1.47- Fourth Quarter 2025 Adjusted Diluted EPS was $0.91, increased 20%, and Adjusted EBITDA was $61 million, increased 17%- Fourth Quarter 2025 GAAP Revenue increased 9% to $2 ...

Company Overview - Dell Technologies Inc. was founded in 1984 and is headquartered in Round Rock, Texas, focusing on developing and marketing personal computers, servers, storage solutions, networking equipment, and related services for both enterprise and consumer customers globally [4] Financial Performance and Guidance - For the fourth quarter of fiscal 2026, Dell projects revenue between $31 billion and $32 billion, with revenue from the Infrastructure Solutions Group and Client Solutions Group expected to grow approximately 34% at the midpoint [3] - The company anticipates robust demand for AI servers, forecasting $9.4 billion in fourth-quarter AI server shipments and approximately $25 billion for the full fiscal year, representing a 150% year-over-year growth [3] - Operating income is expected to increase by 21% sequentially, driven by momentum in AI and strength in storage [3] - Full fiscal 2026 guidance includes revenue of $111.7 billion, up 17%, and non-GAAP EPS of $9.92, up 22% at the midpoint [3] - Management expressed strong confidence in fiscal 2027, supported by a growing AI backlog and an expanding customer base, indicating sustained AI-driven growth and operating leverage [3] Market Sentiment - On February 17, Citi lowered its price target on Dell Technologies to $160 from $165 while maintaining a Buy rating, reflecting broader adjustments in the hardware sector amid mixed end-demand commentary ahead of fourth-quarter earnings [2]

Core Insights - Keysight Technologies has launched the Infiniium XR8 Real-Time Oscilloscope, designed to enhance high-speed digital validation and compliance testing, significantly reducing testing time from days to hours [1] Product Features - The Infiniium XR8 features a new hardware and software architecture optimized for high-speed digital applications, addressing challenges posed by evolving interface standards like USB, DisplayPort, and DDR [1] - It integrates advanced front-end ASIC technology and an ADC and DSP digital engine, ensuring signal integrity and improved timing accuracy for high-speed serial, memory, and mixed-signal designs [1] - The oscilloscope offers intrinsic jitter as low as 13 fs rms and noise performance below 130 µV at 8 GHz bandwidth, which is crucial for validating high-speed interfaces [1] Efficiency Improvements - The new ADC and DSP digital engine, combined with the Infiniium 2026 software, accelerates acquisition, analysis, and reporting by up to three times, enhancing overall test throughput [1] - The redesigned mechanical architecture reduces power consumption, improves thermal efficiency, and minimizes acoustic noise, allowing for flexible deployment in space-constrained labs [1] User Experience Enhancements - The Infiniium 2026 software platform provides a modern user experience with features like flexible waveform windows, enhanced visualization, and productivity tools such as drag-and-drop functionality [1] - Optimized multithread processing and memory management enable deeper insights and faster validation, enhancing the overall productivity of engineering teams [1] Market Context - The introduction of the Infiniium XR8 addresses the increasing pressure on engineers to validate complex, high-speed designs within compressed schedules, thereby improving productivity and confidence in testing [1]