Management of several companies has reiterated their confidence in long-term financial targets, supported by long-term agreements, share repurchases, and efficient manufacturing at low capital intensity. The demand for NAND is structurally improving as AI inference lifts storage requirements, with data centers now representing roughly half of the market. Around one-third of volumes are pre-booked at attractive gross margins, while HBF is positioned as a future AI inference enabler.

The presentation added little new information but reinforced confidence in sustained demand growth, pricing resilience, and strategic positioning. The broadening of AI infrastructure demand into storage, edge compute, networking, and physical AI supports a more durable hardware cycle beyond accelerators alone.

Adyen has reiterated its Q2 guide and current strategy, with interim CFO Hwa Tsao emphasizing that growth momentum remains strong. H1 revenue grew 21% in constant currency, largely driven by existing-customer expansion, reinforcing the land-and-expand model. Product-led growth is becoming more important through cross-sell, financial services, and geographic expansion, while Talon.One and Orb broaden the opportunity in loyalty and billing. Platforms remain the fastest-growing segment and a key route to SMEs at scale, while financial products such as issuing, lending, FX, and treasury tools should become more meaningful over time. Competitive positioning sounded strong, with continued share gains from incumbents, particularly in North America, and OpenAI cited as a new customer. The key now is stringing together further consistent quarters.

Toast has sounded positive, with vertical depth in complex restaurant subsegments continuing to drive share gains while expansion TAMs scale quickly. Since IPO, Toast has tripled locations to more than 150,000 and grown share from around 4-5% to over 20%, helped by a localized sales flywheel and focus on segments such as quick-service restaurants and food trucks. The company’s emphasis on customer success and retention has contributed to its growth, and its investments in technology and innovation are expected to drive further expansion.