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What Changed
Risk factors · Mar 25, 2025 → Mar 23, 2026
51 added · 59 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Hyperscale cloud providers are generally our indirect customers, but AI infrastructure spending is increasingly concentrated among a limited number of such providers, whose requirements may evolve rapidly with respect to data rates, architectures, and underlying technologies.
In addition, AI infrastructure spending is characterized by rapid deployment cycles, which may hinder our ability to capture a proportionate share of AI-driven infrastructure build-outs due to a number of factors, including constraints on our ability to ramp production capacity.
Additionally, disruptions in U.S. government operations may negatively impact regulatory approvals and guidance that are important to our operations and may contribute to broader economic or market uncertainty affecting our customers and end markets.
Likewise, the lead time for the components required to manufacture some our products can be lengthy, and we may be unable to meet our customers’ demand for our products if we fail to anticipate their demand and place sufficient orders for the necessary components. 21 We intend to continue to invest in research and development, including the integration and use of AI, but we may be unable to make the substantial investments that are required to remain competitive in our business.
For example, in recent years, the failure or distress of certain financial institutions due to liquidity concerns has led to significant volatility and disruption in the banking system.
On July 4, 2025, the One Big Beautiful Bill Act ("the OB3") was signed into law, which makes permanent many provisions of the Tax Act, and also introduces additional changes affecting individuals and businesses, including an increased tax rate on current foreign earnings.
AI networking requirements may evolve rapidly, including shifts to higher data rates and alternative technologies, and our data center products may not meet these requirements on a timely basis or at all.
A growing concentration of demand in AI-related semiconductors may increase our exposure to cyclical industry trends and competitive pressures, which may adversely affect our results of operations.
Further, potential overbuilding of AI infrastructure could lead to sharp demand corrections, and negatively affect our operating results.
The concentration of growth in AI-related semiconductor demand may expose us to heightened cyclical volatility and competitive risks.
The increase was primarily driven by acquisition activity, strategic hiring to support business growth and operational needs.
We continue to benchmark and enhance our total compensation and benefits packages across the countries in which our offices are located. 12 Talent, Inclusion and Opportunity Our talent strategy involves our efforts to achieve an optimal balance of internal development, supplemented by external hires.
No longer disclosed
For example, in March 2024, the SEC adopted a rule requiring registrants to include certain climate-related disclosures in registration statements and annual reports.
For example, we are currently subject to three putative securities class action complaints relating to a drop in our stock price and could become involved in additional litigation of this type in the future if our stock price is volatile for any reason.
For example, on March 10, 2023, Silicon Valley Bank ("SVB"), Signature Bank and Silvergate Capital Corp. were each swept into receivership.
For example, the California Consumer Privacy Act ("CCPA") gives California residents expanded rights to access and delete their personal information, opt out of certain personal information sharing and receive detailed information about how their personal information is used by requiring covered businesses to provide new disclosures to California residents and provide such individuals ways to opt-out of certain sales of personal information.
For example, the European Union General Data Protection Regulation ("GDPR") became effective on May 25, 2018.
While we intend to continue to invest in research and development, including the integration and use of artificial intelligence, we may be unable to make the substantial investments that are required to remain competitive in our business.
The state, federal and international regulations and listing exchange standards, including those promulgated by the SEC and The Nasdaq Stock Market LLC ("Nasdaq"), have been revised, and may in the future continue to be revised.
Currently, the ultimate impact of these laws on our business is uncertain and may result in increased costs, risk of litigation, reputational harm or other harm with customers, regulators, investors or other stakeholders.
While the SEC's climate-related disclosure rules are currently stayed pending completion of judicial review, certain international and state regulations regarding climate-related disclosure continue in force.
For example, the E.U. and China are two among a growing number of jurisdictions that have enacted restrictions on the use of lead, among other chemicals, in electronic products.
Additionally, disruptions in U.S. government operations may negatively impact regulatory approvals and guidance that are important to our operations.
Likewise, the lead time for the components required to manufacture some our products can be lengthy, and we may be unable to meet our customers’ demand for our products if we fail to anticipate their demand and place sufficient orders for the necessary components.