Key Themes Summary
AI infrastructure and platform spend is the core through-line, with GPU/optics/storage tightness rippling into semis, tooling, and networking. Software vendors are shifting from “AI features” to platform monetization and security adjacencies. Despite pockets of macro and policy friction (export controls, tariffs), most management teams emphasized disciplined execution, cost leverage, and improving visibility into 2H25–2026.
- AI Infra Flywheel Accelerates: Scaling is visible across GPUs, custom silicon, optics, storage, and packaging. AMD ramps MI300/350 (MI400 on deck), diversifying across hyperscale and sovereign AI, while managing China export constraints. MRVL is tracking ahead of its $1B+ custom AI revenue target this year and has secured 18+ ASIC sockets. STX sees +25% exabyte CAGR via HAMR with LTAs providing visibility. HPE’s AI backlog remains robust (enterprise/sovereign), ONTO leans into GAA and advanced packaging, and ADSK is shifting toward a consumption-based business model with AI delivered as a service.
- AI Monetization Taking Hold: DDOG adds that AI-native customers are driving above-average NRR, which now account for 10–11% of revenue, with security and analytics adjacencies expanding. ZS surpassed $3B ARR with +22–23% FY26 guidance (incl. Red Canary). ADSK’s AI automation is driving usage and monetization. MDB posted +29% Atlas growth, led by upmarket enterprise adoption.
- Recovery in Demand and Efficiency Gains: Hardware vendors point to normalization in demand cycles and supply/demand balance. MCHP guides to above-seasonal sequential growth into Dec/Mar as inventory correction progresses, while TXN notes a broad-based cyclical recovery (ex-auto). On profitability, HPE targets $600M in cost synergies from the Juniper integration, BKNG leverages $9B TTM FCF for buybacks/dividends, and STX prioritizes free cash flow for shareholder returns as HAMR scales. PTON emphasizes deleveraging and disciplined spend to stabilize its turnaround.
- China Divergence in Focus: Regional dynamics remain key. AMD is constrained in China by U.S. export controls, limiting near-term GPU upside despite LT demand. In contrast, TXN called China its strongest-performing region YTD, underscoring divergent regional trajectories even within AI-exposed semis.
Schedule
| Day 1 (Sept 3) |
Day 2 (Sept 4) |
| Advanced Micro Devices, Inc. (AMD) |
Autodesk, Inc. (ADSK) |
| Booking Holdings, Inc. (BKNG) |
Comcast Corp. (CMCSA) |
| CDW Corp. (CDW) |
Microchip Technology, Inc. (MCHP) |
| Datadog, Inc. (DDOG) |
Zscaler, Inc. (ZS) |
| Marvell Technology, Inc. (MRVL) |
Hewlett Packard Enterprise Co. (HPE) |
| MongoDB, Inc. (MDB) |
Texas Instruments Incorporated (TXN) |
| Okta, Inc. (OKTA) |
Onto Innovation, Inc. (ONTO) |
| Peloton Interactive, Inc. (PTON) |
|
| Seagate Technology Holdings Plc (STX) |
|
Day 1 (Sept 3, 2025)
Advanced Micro Devices, Inc. (AMD)
AMD sees accelerating AI DC growth, driven by strong MI300/350 ramp and upcoming MI400, with diversification across hyperscale, “sovereign AI,” and new logos (incl. TSLA, META, X). Supply constraints persist but are being managed. GP on DC GPUs is currently below corp. avg. due to share focus, but mgmt. expects improvement as scale builds. Near-term China sales are limited by U.S. export controls (w/ $800mn MI308 inv. write-off now behind), but LT China demand remains key. AI TAM keeps expanding; mgmt. focused on maximizing GP dollars and LT positioning in both inference & training
Booking Holdings, Inc. (BKNG)
Booking Holdings shows strong execution on platform initiatives: Connected Trip, alt-accom, APAC growth, and direct traffic. CFO Ewout Steenbergen highlighted measurable GenAI benefits—CS cost efficiency, lower cancels. Mktg mix shifting from Google to diversified, high-ROI social (esp. Meta). Payments/fintech are key differentiators and growth levers. Mgmt remains disciplined on cost leverage and cap alloc.; $9B FCF (TTM) supports ongoing investment and steady buybacks/dividends. US travel mixed, but booking share rising
CDW Corp. (CDW)