Ingram Micro J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Ingram Micro J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

Ingram Micro Underweight

INGM, INGM US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$25.57

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Joseph Cardoso

(1-212) 622-9036

We hosted a fireside chat with Mike Zilis, Chief Financial Officer, at our 54th joseph.cardoso@jpmchase.com

annual J.P. Morgan Global TMC Conference. Our key takeaways include: Manmohanpreet Singh

• Expect material investments to further Xvantage to last for another 4-6 (1-212)manmohanpreet.singh@jpmchase.com622-4527

quarters. Xvantage is Ingram’s single-instance user experience platform that

Marc Vitenzon

brings a B2C-like experience into a B2B environment, enabling touchless (1-212) 622-3342

procurement of complex multi-vendor advanced solutions including marc.vitenzon@jpmchase.com

networking, server/storage, cybersecurity, IaaS, along with recent Akanksh Chauhan

enhancement with AIDA (Intelligent Digital Assistant), that helps Sales focus (1-212) 622-0045

on value-add drivers. The platform is already deployed in 21 of 57 countries, akanksh.chauhan@jpmorgan.com

representing a “decent majority” of total revenue, but material investments are J.P. Morgan Securities LLC

still expected to continue for another ~4–6 quarters as agentic features and

remaining-country rollout are completed.

• Leverage to AI related tailwinds via GPU business, IaaS as well as Enable

AI initiative. GPU business has become material for the company, with

individual deals ranging from tens to hundreds of millions of dollars,

concentrated in Asia-Pacific and North America, and is associated with low

working capital requirements .