Karen Moscow

I think something that investors are specifically focused on is this $73 billion backlog that the company talked about in its latest quarterly earnings release.

So in that December release, CEO Hock Tan tried to make it clear that that was a minimum that they were expecting in revenue over the coming few quarters for AI.

But investors thought that that fell a little bit short of what they were wanting.

That sent shares down after that report.

And they've really struggled to recover ground ever since.

So that's something that's going to be really important.

The other thing that I'm going to be watching is how the company talks about its software unit and the questions that analysts ask around that.

So that used to sort of be a benefit.

It would offset the cyclical nature of the semiconductor portion.

But now it's looking like a little bit more of an anchor and is also probably something that's weighed on shares in the last few months.

Yeah, so we've seen the valuation come in a little bit, you know, in this broader slump, but they still trade at 70, 27, excuse me, times forward earnings.

And this is a premium to both the S&P and Nvidia.

And so investors are maybe looking at that and saying, you know, maybe this is too expensive.

It should come down a little bit more.

It's above the five-year average for stocks.

So definitely something that people will be watching, especially after Nvidia's earnings last week were so good.

And then the investor reaction was so muted.

Yeah, I think that it definitely has a little bit of that feel in the market.

You know, it also has these partnerships with Google's TPUs.

That's something that investors will be looking for.