This quarter's results significantly exceeded expectations, driven by strong demand in AI infrastructure, defense, and semiconductor sectors, leading to record highs in both orders and revenue.

Key data: Orders grew 56% year-over-year, adjusted revenue grew 35%, and adjusted EPS grew 52%.

Business progress: AI business in the first half has already surpassed the full FY25 level; wireline orders set consecutive records; demand for 1.6T and 3.2T technology testing is accelerating; collaborated with Broadcom to showcase Ultra Ethernet; semiconductor and defense businesses secured key orders, including a US Air Force contract.

Guidance and outlook: Raised full-year revenue growth guidance to high-20s%; Q3 revenue expected at $1.73-1.75 billion, up 29% year-over-year; expects significant sequential growth in the second half of the year.

Risk/highlight signals: Positive signals — management tone is extremely optimistic, emphasizing strong order pipeline, increasing customer urgency, and increasing capital expenditure to support new capacity; note that Q3 revenue may show a slight sequential decline but this is normal seasonal rhythm.