Supporting evidence

• LedgerRevenue near low end of guidance (~$11.0B) and down ~53% YoY is a significant headwind to near-term sentiment
• LedgerMixed quarter based on: Gross margin 15%–17% vs. 8.2%–8.4% guided — a dramatic and potentially structural improvement driven by customer and product mix · Record backlog with $60B+ in new Q4 orders pr…
• LedgerRevenue +123% YoY (Q2 FY2026)

• EventGross Margin Dramatically Above Guidance
• EventRecord Backlog — $60B+ New Orders in Q4
• EventRevenue Near Low End of Guidance Range
• EventPositive impact on revenue and market share due to strong demand.
• EventExpected to drive future revenue and strengthen market position in AI infrastructure.
• EventImpacts board composition and potentially corporate governance, especially given the subsequent indictment.
• EventRevenue near low end of guidance range signals potential demand timing or execution challenges
• EventYear-over-year revenue decline of approximately 53% raises questions about market share and competitive positioning