US Enterprise Hardware and Networking "Q2:26 Preview: Supply chain and gross..."

研报英文原文证据摘录

US Enterprise Hardware and Networking "Q2:26 Preview: Supply chain and gross..."

Global Research

13 July 2026ab

US Enterprise Hardware and Networking Equities

AmericasQ2:26 Preview: Supply chain and gross profit $

vs gross margin % are key debates Technology

David Vogt

Analyst

david.vogt@ubs.com

Data center demand and orders are improving though component shortages +1-212-713 4296

may limit revenue upside

Andrew Spinola

An acceleration in data center infrastructure investments the past three months should Analyst

drive strong demand/orders and backlog. However, increasing lead times for key andrew.spinola@ubs.com

components like networking silicon, CPUs, and other key supplies like indium phosphide +1-212-713 3766

(InP) could temper revenue upside as checks indicate companies are unable to fully ship Brian Luke

to underlying demand. That said, our industry checks suggest demand for data center Associate Analyst

networking switches has strengthened the past several months supporting strong brian.luke@ubs.com

quarters and outlooks for both Arista and Celestica despite shortages of Broadcom +1-212-713 3819

networking silicon. For Extreme, momentum in wired/WiFi demand sets-up well for a

modest (1%-2%) revenue beat. Across the optical ecosystem, ramping OCS volumes

and strong demand for transceivers and components like EMLs and pump-lasers for

scale-across, should be a tail wind for Lumentum. However, our checks indicate the

optical supply chain continues to face challenges potentially capping order conversion

into revenue.

Arista: Broadening and deeper customer relationships across hyperscalers and

neoclouds particularly for scale-out and scale-across investments should drive

revenue and EPS roughly 6% above our June quarter estimates based on our

intra-quarter analysis.