AI Tailwinds: NVIDIA is on a strong LT growth path, supported by architectural upgrades (Hopper to Blackwell) and expanding AI application scope. Flex sees AI infrastructure build-out as the key growth driver, guiding to +20% LT growth after delivering +50% last year and +35% this year. Applied Materials flagged accelerating AI-driven demand across GPUs, CPUs, and accelerators, boosting investment in HBM and advanced packaging. Marvell sees custom compute TAM exceeding $40B, with revenue already past $500M. Datadog sees security as a future $1B ARR business, supported by growing enterprise adoption.
Tariff Exposure: Cisco reported no order pull-forward or delays despite tariff announcements, noting flexible supply chain buffers GP margin pressure. Palo Alto, Intel, and Salesforce noted resilience and early buying behavior ahead of tariffs. Microchip—with ~14% of rev. exposed to U.S.–China tariffs—emphasized manufacturing flexibility (e.g., shifting from Taiwan) to offset risks. Rambus sees minimal tariff impact, with ~$210M patent licensing at 100% margins and limited China supply chain exposure. Dell saw a temporary dip post-April tariff headlines, but pipeline strength persists. Logitech flagged up to 30% tariffs, estimating a 200 bps GP margin drag (300 bps if unmitigated). A 10% U.S. price hike offsets ~50%.
Margin Expansion: Salesforce targets +100bps OP margin, optimizing COGS, cloud usage, and go-to-market efficiency. Datadog targets 25%+ OP margin with strong cash flow margins, balancing reinvestment vs. letting scale fall to the bottom line. Booking achieved $150M in productivity savings and is scaling EBITDA margins through operational leverage, noting “the incremental margin should always be better on the next one.”
NT setups: Intel flagged upside from the Windows 11 refresh and edge AI adoption. Microchip reported May bookings at multi-year highs as customers restock, prompting a guidance raise by removing the low end of prior ranges. Asana expects Q3 AI teammate rollout and self-service features to drive adoption and monetization beyond platform fees. Fortinet expects multi-year tailwinds as 2016–19 product cycles hit end-of-life in 2026–27. Marvell remains on track with a key custom silicon program targeting late ’26 rev. and a larger ’27 ramp. Palo Alto noted inflection in SIEM, with migration projects ramping over the next 12–24 months.
| Day 1 (June 3) | Day 2 (June 4) | Day 3 (June 5) |
|---|---|---|
| AMD (Link) | AMAT (Link) | FROG (Link) |
| CRM (Link) | ASAN (Link) | GTM (Link) |
| CYBR (Link) | BKNG (Link) | JAMF (Link) |
| DELL (Link) | BILL (Link) | LOGN (Link) |
| DDOG (Link) | CSCO (Link) | NCNO (Link) |
| FTNT (Link) | ESTC (Link) | RMBS (Link) |
| GFS (Link) | FLEX (Link) | ZETA (Link) |
| INTC (Link) | FRSH (Link) | ZS (Link) |
| KLAC (Link) | INTA (Link) | |
| MRVL (Link) | MCHP (Link) | |
| PANW(Link) | NOW (Link) | |
| PSTG (Link) | NVDA (Link) | |
| LRCX (Link) | SNPS (Link) | |
| TXN (Link) |
AMD detailed its 2024 transformation and a robust 2025 outlook, emphasizing its accelerated AI product roadmap—from MI300’s successful first-year ramp to the upcoming MI350 launch—despite a $700M Q2 rev. setback due to export restrictions. The discussion spotlighted strength in inferencing workloads, steady client growth driven by a richer product mix, and continued investments in system-level software and networking solutions to boost long-term GP margins.
Salesforce CFO Robin Washington outlined a clear vision for leveraging AI (Agentforce) to drive growth, operational excellence, and customer success, while emphasizing measured capital allocation—including a strategic Informatica acquisition—to bolster its integrated platform and core biz segments.
CyberArk is capitalizing on robust macro tailwinds in Identity Security by expanding from traditional PAM into modern privileged controls, machine identity, AI security, and IGA—positioning itself as a trusted, unified identity platform with significant LT growth potential.