29 September 2026 Initiation US Networking & Communications Equipment US Networking: Scaling the bandwidth wall. Initiating with a positive view daniel.zhu@bernsteinsg.com We continue to be positive on Al in both the short- and long-term. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption thus far. Both point to a higher-for-longer cycle. We also see model capability ...