Look, management said on the earnings call that AI datacenter revenue was about $250 million in FY2025 and that it now expects to roughly double that in FY2026, with first‑quarter AI datacenter revenue up more than 30% sequentially—nearly double the growth rate expected entering the quarter—across multiple XPU vendors and, in the generic phrasing used, all the leading hyperscalers. The critical caveat is that the $250 million figure and the doubling framing come only from the call; the AI datacenter line isn’t disaggregated in our SEC filings and no hyperscaler is named.

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ON / AI datacenter: the growth driver, and the hedge on the number

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/p/p-day-20260725-on-src-on-ai-datacenter-hedge-rotation ↗

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2026-07-25T01:15:45.507Z