US Enterprise Hardware and Networking "Strong demand for AI & traditiona..."

研报英文原文证据摘录

US Enterprise Hardware and Networking "Strong demand for AI & traditiona..."

Global Research

8 June 2026ab

US Enterprise Hardware and Networking Equities

AmericasStrong demand for AI & traditional tech should

drive upside but focus is shifting to FY27 Technology

David Vogt

Analyst

david.vogt@ubs.com

Solid AI positioning at key hyperscalers should drive a beat and raise at both +1-212-713 4296

TD SYNNEX and Jabil

Andrew Spinola

Strong capex trends at hyperscalers like Meta and Amazon should drive revenue upside Analyst

at TD SYNNEX's 'Hyve' subsidiary and Jabil's 'Intelligent Infrastructure' segment in the andrew.spinola@ubs.com

May quarter. In addition, more durable strength in traditional tech end-markets like PCs, +1-212-713 3766

traditional servers, and networking should be a source of incremental upside in the May Brian Luke

quarters while also providing a tailwind for the initial August guides at both companies. Associate Analyst

While a positive for sentiment, we expect investors to focus on preliminary FY27 brian.luke@ubs.com

demand and margin comments given recent share price volatility. For both companies, +1-212-713 3819

we also expect AI/cloud strength to continue in FY27 driving not just solid revenue

growth but also a margin tailwind, particularly given the significant margin differential at

'Hyve' vs core TD SYNNEX distribution.

TD SYNNEX: Channel checks covering PCs, server/storage and networking along

with positive commentary from OEMs indicate upside to our 'Endpoint' billings

forecast of $9.3B (+5.8%) and 'Advanced' billings (ex-Hyve) of $12.0B (+17.0%)

for the May quarter is likely. In addition, accelerating demand for traditional and

accelerated compute as evidenced by HPE posting triple digit traditional server