By Gerelyn Terzo
Publication Date: 2026-09-25 01:13:00
TD SYNNEX has quietly crushed Nvidia’s returns in 2026, yet its record-breaking quarter sent the stock tumbling on a cash flow number so alarming it stopped investors cold.
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Record Quarter, Record Sell-Off
TD SYNNEX (NYSE:SNX | SNX Price Prediction) posted its best quarter ever before the open on Sept. 24, 2026, and investors sold it anyway. The stock dropped 8.74% intraday despite a 20.8% earnings beat. Profit taking notwithstanding, the explanation sits in the cash flow statement. Despite Thursday’s punishing session, TD SYNNEX has still outpaced NVIDIA year to date, up 72.7% versus NVIDIA (NASDAQ:NVDA)’s 20.4%.
Both of TD’s key segments blew past expectations. Distribution grew double digits across every region, and Hyve Solutions, the hyperscaler hardware arm, put up a monster quarter. Hyve gross billings jumped 117% year over year to $7 billion, with manufacturing growing more than 130%. Networking rose 19% year over year, and AI PCs represented close to 50% of total PC revenue. There is a great deal of breadth here to appreciate. Multiple hyperscalers contributed to the quarter.
TD SYNNEX also signed on to support an NVIDIA AI factory with Mark III Systems powered by Vera Rubin NVL72 systems, one of the largest enterprise AI deployments moving through the channel.
Nearly $1 Billion Walks Out the Door
Here’s the rub….
