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12:30
Aug 05 ◎

CDW FY2026 Q2 Watch

CDW Corporation (CDW) FY2026 Q2 Earnings Call

ANTHROPIC MU ▾

Chris Leahy

CDW is partnering with Anthropic's Claude Mythos to offer AI-driven security services, indicating Anthropic's models are being integrated into enterprise security offerings.

"Through our Claude Mythos AI Security Vulnerability Program, the team brought in CW expertise across security, observability, cloud DevOps..."

ANTHROPIC WATCH

Chris Leahy

Memory price inflation is driving some customers to shift from on-prem hardware to cloud adoption to avoid high costs. — This is creating a substitution effect away from hardware (which benefits memory makers like Micron) towards cloud services, a key dynamic for the value chain.

"Memory price inflation also contributed to cloud adoptions as some customers thought helped finding alternatives to hardware expenditures."

MU WATCH

HIGH

12:30
May 06 ◎

CDW FY2026 Q1 Watch

CDW Corporation (CDW) FY2026 Q1 Earnings Call

CDW MU HPQ DELL ▾

Al Morales

Management raised the gross profit outlook for the full year, citing strong Q1 demand, backlog strength into Q2, and a prudent view of H2. The tone is cautiously optimistic, with an expectation of continued market outperformance.

"we now expect gross profit to grow in the range of low to mid single digits for the full year 2026"

CDW WATCH

Al Morales

Customer demand is heavily prioritizing hardware purchases, driven by memory price hikes and supply fears, causing a mix shift away from higher-margin software/services. This is altering gross margin dynamics and creating a build-up of backlog. — The channel is being used as a buffer to secure inventory and lock in prices, potentially amplifying short-term demand and masking underlying end-market softness that could hit component and PC makers later in the year.

"the decline was primarily driven by the impact of a lower mix of netted down revenues as customers focus more of their spend on acquiring solutions hardware in this volatile pricing environment"

MU WATCH HPQ WATCH DELL WATCH

HIGH

13:30
Feb 04 ◎

CDW FY2025 Q4 Watch

CDW Corporation (CDW) FY2025 Q4 Earnings Call

CDW MU DELL HPQ MSFT ▾

Al Morales

Management's tone is cautiously optimistic, guiding to mid-single-digit EPS growth on low-single-digit market growth and 200-300 bps outperformance, with a focus on cost leverage and capital returns.

"we expect our full year non-GAAP net income per diluted share to grow mid single digits year over year as we focus on operating leverage and effective execution of our capital allocation priorities."

CDW WATCH

Al Morales

Memory-related price increases and supply chain concerns drove a $50M pull-forward of net sales into Q4 2025, with a similar or slightly larger pull-forward expected in Q1 2026. — Indicates a near-term demand spike due to memory price hikes by suppliers like Micron, potentially creating a demand vacuum in later quarters and impacting OEM inventory and pricing strategies.

"While we saw some moderate levels of pull forward in the range of $50 million in net sales driven by memory-related price increases and supply chain concerns"

MU WATCH DELL WATCH HPQ WATCH

Al Morales

CDW expects first half gross profit to be lighter, weighed down by memory-driven hardware mix, with margins improving in the second half as mix shifts to higher-margin netted-down software, cloud, and services revenue. — Suggests that the profit mix for CDW is increasingly tied to the growth of cloud and software-as-a-service platforms, reinforcing the durable revenue stream for major cloud providers.

"We will likely see stronger hardware growth in the first half, and we will likely then see that fade a bit in lieu of more netted down revenues, software, cloud, et cetera."

MSFT WATCH AMZN WATCH GOOGL WATCH

Chris Leahy

A major enterprise deployment of next-generation accelerated compute with a 90-day payback highlights the shift to on-premise AI data center infrastructure for cost and governance reasons. — Real-world evidence that enterprise AI workload economics increasingly favor on-premise accelerated compute over public cloud, driving demand for AI-optimized chips from NVIDIA and AMD.

"One of the largest enterprise deployments of next generation accelerated compute, the solution improves total cost of ownership with a potential 90-day payback, dramatically increases developer agility, and reduces long-term regulatory and"

NVDA WATCH AMD WATCH

MED

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