TD Synnex shares jump over 50% on cloud growth and AI demand

TD Synnex just delivered the kind of quarter that makes Wall Street forget it ever doubted the IT distribution business. The company’s fiscal Q2 2026 results, reported on June 25, showed $19.6 billion in revenue, a 31% jump year-over-year, while non-GAAP gross billings hit $28.9 billion, up 33%. Shares have surged more than 50% as investors scrambled to price in what looks like a structural shift in the company’s growth profile. The real story isn’t the top line. It’s the bottom line. Non-GAAP earnings per share came in at $4.85, a 62% increase over the same period last year. Non-GAAP operating income reached $615 million, up 49%. Hyve Solutions is the engine Buried inside TD Synnex’s sprawling distribution empire is a subsidiary called Hyve Solutions, which builds infrastructure for hyperscale data centers. Hyve posted $5.5 billion in gross billings for the quarter, a 117% increase year-over-year. TD Synnex also locked in a strategic win during the quarter: it was named one of only two global distributors for HPE’s full networking, cloud, and AI portfolio. That designation came after HPE completed its acquisition of Juniper Networks’ assets, consolidating a broader product lineup ...