Key Tech CapEx Spend Beneficiary = NVIDIA… 25% & Rising of Global Data Center CapEx, per NVIDIA 109 Note: NVIDIA data represents January FYE (e.g., 2024 = FY25 ending 1/25) vs calendar year for data center CapEx. Data presented by Jensen Huang at NVIDIA GTC 2025 (link). Source: Dell’Oro Research for CapEx (3/25); NVIDIA for data center revenue (3/25) 0% 10% 20% 30% $0 $200 $400 $600 2022 2023 2024 Global Data Center CapEx, $B (Blue Bar) NVIDIA Data Center Revenue as % of Global Data Center CapEx (Red Line) Tech CapEx Spend Beneficiary = NVIDIA Global Data Center CapEx ($B) vs. NVIDIA’s Data Center Revenue as Percent of Data Center CapEx (Global) – 2022-2024, per NVIDIA @ GTC