Equity Research 23 September 2025 IT Hardware and Communications Equipment Updated Storage Model and Thoughts on NAND Pricing We update our detailed storage model that includes splits for Hardware, Software, and Maintenance/Services, as well as AFA breakouts, and also look at recent NAND price movements. We still see an enterprise recovery driving a return to MSD growth into CY26 with LSD growth into CY27. Following recent results and industry conversations, we adjust up our total storage estimates for CY25 ...