India Technology - Pain Evident For U.S. Hyperscalers: ICICI Securities

India Technology - Pain Evident For U.S. Hyperscalers: ICICI Securities

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A person working on a laptop. (Source:

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ICICI Securities Report

Seagate downgraded its Q1 FY23 revenue forecast just 40 days after providing lower than-expected guidance for the same on continuous weakness in China market and legacy consumer segments, and incremental weakness on enterprise side due to cautious buying behaviour among global enterprises / original equipment manufacturers and certain U.S. cloud customers i.e. U.S. hyperscalers.

Seagate management's comments that certain U.S. CSPs are exhibiting more cautious purchasing behaviour is a clear signal of normalisation of hyperscalers growth trend ahead.

Similarly, Micron Technology is also seeing some enterprise OEM customers paring back their memory and storage inventory due to non-memory component shortages and macroeconomic concerns. HPE order book declined 9% YoY due to difficult compare last year.

Click on the attachment to read the full report:

ICICI Securities Techology Update Cloud Capex Incremental Sep22.pdf


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