Apple sees iPhone trends improving, but analysts note its stock is more expensive than other hardware and smartphone plays like Qualcomm and Alphabet. ...

Oct 28, 2025 2:15 PM Eastern Daylight Time Belden Advances Physical AI Safety Systems in Manufacturing With Accenture, NVIDIA Omniverse and Metropolis Libraries Share New virtual safety fence and real-time quality inspection systems use industrial-grade network infrastructure Together, Accenture, NVIDIA, and Belden are creating safer, smarter, and more connected industrial operations where the physical and digital worlds converge. ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a leading global provide ...

Zebra Technologies (NasdaqGS:ZBRA) Q3 2025 Earnings Call October 28, 2025 08:30 AM ET Speaker2Welcome to the third quarter 2025 Zebra Technologies earnings Conference Call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mike Steele, Vice Pr ...

Oct 28, 2025 6:30 AM Eastern Daylight Time Zebra Technologies Announces Third-Quarter 2025 Results Share Third-Quarter Financial Highlights LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in digitizing and automating workflows to deliver intelligent operations, today announced results for the third quarter ended September 27, 2025. "Our strong third quarter results were driven by solid demand, lower-than-expected tariffs, operating expense leverage and con ...

Core Insights - Dell Technologies Inc (NYSE: DELL) is identified as a promising AI stock amid Federal Reserve rate cuts, with analysts highlighting its affordability [1][2] - The company is positioned well as enterprises increasingly adopt AI and require on-premises data solutions, contributing to its attractiveness as an investment [2] - There is a potential for Dell's stock multiple to improve, as it currently trades at a 15 multiple compared to historical highs of 30, indicating room for growth in valuation [2] Group 1 - Dell is considered a cheap stock, with buyback initiatives in place, which may enhance shareholder value [2] - The hardware sector, including Dell, may experience a shift in market multiples, potentially outperforming Software as a Service (SaaS) companies, which could see their multiples decline [2] - There is a belief that while Dell is a viable investment, other AI stocks may offer higher returns with limited downside risk [3]

Summary of Key Points from Conference Call Industry and Company Overview - **Industry**: North America Hardware & Storage - **Companies Covered**: Intel Corp (INTC.O), Dell Technologies (DELL.N), HP Inc (HPQ.N) Intel Corp (INTC.O) - **Revenue Performance**: Reported a revenue increase of 3% year-over-year (yy) and 6% quarter-over-quarter (qq), beating consensus expectations of a 1% decline yy and 2% increase qq [1] - **Earnings Per Share (EPS)**: Achieved $0.23 EPS, exceeding the Street estimate by $0.02 [1] - **Segment Performance**: - **Client Computing Group (CCG)**: Contributed $8.5 billion in sales, up 8% qq and 5% yy, driven by the transition to Windows 11, AI-PC demand, and a stronger pricing mix [1] - **Data Center and AI (DCAI)**: Generated $4.1 billion, a 5% increase qq but a 1% decline yy, surpassing the $3.9 billion consensus due to a favorable mix and higher enterprise demand [1] - **Guidance**: Provided a revenue guidance of $13.3 billion at the midpoint, flat qq, slightly below the $13.4 billion consensus, with management highlighting tight supply conditions [1] - **Market Outlook**: Positive demand comments suggest favorable conditions for storage/memory and connector components related to infrastructure spending [1] Dell Technologies (DELL.N) - **Valuation**: Target price set at $175 based on a 14.5x P/E multiple applied to the next 24 months EPS estimate, reflecting a premium due to better-than-expected earnings growth and AI portfolio momentum [4] - **Risks**: - **Competitive Intensity**: Facing competition from hyperscalers and cloud computing, impacting demand for traditional enterprise server and storage hardware [5] - **PC & Data Center Demand**: Potential slower recovery in hardware demand and delays in the PC refresh cycle could negatively affect business [6] - **Ownership Structure**: Complicated ownership and governance structure may pose additional risks [6] HP Inc (HPQ.N) - **Valuation**: Target price of $29 based on an 8x P/E on FY27 estimates, aligned with the stock's 5-year average [7] - **Market Conditions**: Anticipated pressures from a prolonged PC refresh cycle, delayed AI impact, and competition in the printing sector, particularly in Japan and China [7] - **Risks**: - **Demand Dynamics**: Post-pandemic spending shifts could impact PC and print demand [9] - **Supply Chain Issues**: Potential supply chain shocks may limit the ability to meet demand [9] - **Pricing Pressure**: Increased pricing intensity in PCs and print due to weakening demand [9] Intel Corp Risks - **Market Dependency**: Approximately 90% of Intel's sales come from PC and server segments, making it highly sensitive to IT spending fluctuations [12] - **M&A Opportunities**: Potential upside if Intel engages in significant accretive acquisitions [12] - **Competition**: Direct competition with AMD in the microprocessor market poses risks to market share and estimates [13] - **Customer Concentration**: The top three PC OEM customers account for about 46% of Intel's revenue, making it vulnerable to order declines [13] - **Macroeconomic Exposure**: Geographic exposure across multiple regions means prolonged economic downturns could adversely affect performance [14] Conclusion The conference call highlighted positive revenue growth and demand outlook for Intel, while Dell and HP face competitive and market challenges. The insights provided are crucial for assessing investment opportunities and risks in the hardware and storage sector.

Core Viewpoint - Dell Technologies has received a "Strong Buy" rating from analysts, driven by increasing demand for AI servers and data infrastructure, indicating strong fundamentals and growth potential [1][2]. Financial Performance - Dell's stock has surged 33.8% year-to-date, outperforming the S&P 500 Index, which gained 14.6% [2]. - In the second quarter of fiscal 2026, Dell reported revenue of $29.8 billion, a 19% year-over-year increase, attributed to strong demand for AI servers and enterprise adoption [5]. - The Infrastructure Solutions Group (ISG) revenue increased by 44% to a record $16.8 billion, with server and networking revenue in the ISG segment rising by 69% to $12.9 billion [5]. Product Development - Dell introduced its 17th-generation servers, designed for enhanced performance and efficiency, allowing customers to prepare for AI integration [6]. - Over 70% of the installed base is still using 14th-generation or older servers, presenting significant upgrade opportunities for the company [6]. Client Solutions Group - The Client Solutions Group (CSG), which includes PCs and notebooks, saw a revenue increase of 1% to $12.5 billion, with business PCs rising by 2% while consumer PCs fell by 7% [7]. - Despite the decline in consumer PC revenue, profitability improved due to deflationary trends and stronger product positioning [7].

Flash | Michael Hung +886-2-8726-9092 michael.hung@citi.com 20 Oct 2025 10:33:44 ET │ 13 pages Lenovo Group (0992.HK) Stable Fundamentals & Steady Execution; Maintain Buy CITI'S TAKE We had a brief catch-up with Lenovo's IR team recently. Management noted a non-cash/non-operational warrant valuation loss of about US$148mn, which may weigh on 2QFY26 GAAP earnings. Excluding this item, Lenovo's fundamentals remain solid in 2QFY26 – IDG delivered double-digits % y-o-y shipment growth (as reported by IDC) with ...

Core Insights - Supermicro is experiencing strong demand for its newly released AI liquid cooled solutions and anticipates revenue of at least $33 billion for fiscal year 2026 [2][6] - The company has secured design wins exceeding $12 billion, with deliveries expected in the second quarter of fiscal year 2026 [6] - Preliminary estimated revenue for the first quarter of fiscal year 2026 is projected at $5 billion, lower than the previous guidance of $6 billion to $7 billion due to some revenue being pushed to the second quarter [6] Financial Performance - For the fourth quarter of fiscal year 2025, Supermicro reported net sales of $5.8 billion, an increase from $4.6 billion in the previous quarter and $5.4 billion in the same quarter of the previous year [11] - The gross margin for the fourth quarter of fiscal year 2025 was 9.5%, slightly down from 9.6% in the previous quarter and 10.2% in the same quarter of the previous year [11] Business Strategy - The company is focused on capitalizing on the growing market opportunities in AI, Cloud, Storage, and 5G/Edge technologies [2][8] - Supermicro's products are designed and manufactured in-house, leveraging global operations for scale and efficiency, which supports their commitment to green computing [8]

Core Insights - Arrow Electronics will host a conference call to discuss its third-quarter 2025 financial results on October 30, 2025, at 4:30 p.m. ET [1] - The company reported global sales of $28 billion for 2024, indicating a strong market presence [2][8] - Arrow Electronics has a net income of $392 million for 2024, showcasing its profitability [3][8] Company Overview - Arrow Electronics is headquartered in Centennial, Colorado, and employs approximately 21,500 people [3][8] - The company sources and engineers technology solutions for leading manufacturers and service providers across various industries [2] - The CEO of Arrow Electronics is Sean Kerins, who has been actively communicating the company's financial performance [5][7] Financial Performance - Arrow Electronics has consistently exceeded its revenue and earnings per share guidance in recent quarters, indicating strong operational performance [5][7] - The company has reported positive momentum in the EMEA region, contributing significantly to its overall performance [7]