Dell just crushed estimates by $8 billion. AI server backlog hit $51B. Here is why the run is not over. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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Dell Technologies (DELL) reported Q1 FY2027 revenue of $43.8 billion, an 88% jump year-over-year that crushed Wall Street estimates by $8.4 billion. The catalyst: AI server revenue hit $16.1 billion, up 757% from the same period last year. The stock surged over 32% to an all-time high of $467 in the days following the print. The company booked $24.4 billion in new AI orders during the quarter and exited with a record $51.3 billion backlog. That is not slowing demand. That is a company that cannot build product fast enough. Dell raised its full-year FY2027 AI server guidance to $60 billion and total revenue guidance to $167 billion. Non-GAAP EPS of $4.86 beat estimates by 60%. The analyst consensus is Buy, with Goldman Sachs raising its target to $500 and Susquehanna going to $700. The median target across 15 firms sits at $497. The old PC company is the new AI infrastructure trade. Read the full analysis ›
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