FPA Queens Road Small Cap Value Fund noted in its Q2 2026 investor letter that TD SYNNEX's (NYSE:SNX) data center business, Hyve, is growing at an annualized rate of nearly 100% and is expected to contribute approximately $700 million in operating income this year. The fund believes these figures exceed investor expectations, and SNX stock has performed well since the announcement. Although the fund has slightly reduced its position, SNX currently trades at approximately 13 times earnings and remains one of its top five holdings. As of August 31, TD SYNNEX's stock closed at approximately $253.97, with a market capitalization of $20.22 billion.