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20:30
May 28 ◎

DELL FY2027 Q1 Watch

Dell Technologies Inc. (DELL) FY2027 Q1 Earnings Call

GOOGL OPENAI PLTR NOW CRWD ▾

Jeff Clark

Partnership to bring Google's Gemini models on-premises with confidential compute; strengthens Dell's enterprise AI value proposition while extending Google's reach into on-prem data centers.

"We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI"

GOOGL WATCH

Jeff Clark

No specifics on the nature of the OpenAI partnership, but membership in the AI factory ecosystem implies Dell is pursuing OpenAI's infrastructure and deployment needs.

"We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI"

OPENAI WATCH

Jeff Clark

Palantir's software is being positioned on Dell's AI factory, indicating a go-to-market relationship targeting enterprise AI adoption.

"We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI, SpaceX AI, ServiceNow, Palantir"

PLTR WATCH

Jeff Clark

ServiceNow integration on Dell AI factory likely targets enterprise workflow automation and agentic AI use cases, aligning with Dell's push into desk-side AI.

"We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI, SpaceX AI, ServiceNow, Palantir"

NOW WATCH

Jeff Clark

CrowdStrike's security offerings are being integrated into Dell's AI factory, likely to address enterprise security and compliance requirements for on-prem AI.

"We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI, SpaceX AI, ServiceNow, Palantir, Nostral, and CrowdStrike."

CRWD WATCH

David Kennedy

Management decisively raised full-year guidance for revenue and EPS, citing persistent supply constraints and demand that continues to outpace supply, signaling strong confidence in sustained growth through the fiscal year.

"For the full year, we expect revenue of $165 billion to $169 billion, up nearly 50% at the midpoint of $167 billion."

DELL WATCH

Jeff Clark

Dell says memory is the primary constraint limiting supply, with demand outpacing supply, and expects to 'exit the year with meaningful backlog'. — Indicates pricing power for memory suppliers (MU) persists and that GPU supply (NVDA) remains constrained, supporting continued price increases passed on to customers.

"At GTC, we marked the two-year anniversary of the Dell AI factory with NVIDIA"

NVDA WATCH

Jeff Clark

Dell explicitly cites 'memory uncertainty' driving customers to 'proactively secure access to infrastructure across both traditional and AI workloads over longer periods of time.' — This lock-in behavior extends order visibility for Dell and provides durable demand, while also amplifying memory (MU) procurement competition.

"Demand continues to exceed supply, with memory as the primary constraint, and we expect to exit the year with meaningful backlog."

MU WATCH

HIGH

21:30
Feb 26 ◎

DELL FY2026 Q4 Watch

Dell Technologies Inc. (DELL) FY2026 Q4 Earnings Call

SKHNF NVDA MU HPE AMD ▾

Jeff Clark

Dell's long-term agreements with memory partners suggest a tight supply environment, benefiting key suppliers as they navigate unprecedented demand.

"We haven't changed anything. We continue to work with our long-term partners. We've had LTAs in place. We've had capacity agreements in place."

SKHNF WATCH

Jeff Clark

Dell's AI server backlog of $43 billion and pipeline growth suggest NVIDIA's GPU supply is being consumed at an unprecedented rate, extending lead times for non-AI servers that rely on x86 CPUs and standard memory. — This indicates that the AI buildout is not just a temporary spike but a sustained, multi-year infrastructure cycle that is tightening supply across the entire computing stack, benefiting memory and advanced logic suppliers.

"We exited Q4 with a record $43 billion in AI backlog, and our pipeline continued to grow sequentially even after converting $34.1 billion of orders, a clear sign of sustained momentum."

NVDA WATCH MU WATCH

Jeff Clark

Dell is prioritizing securing supply over immediate profit, accepting lower margins from high-value AI deals to secure GPU allocations, while aggressively raising prices on traditional servers and PCs to offset memory cost inflation. This signals a shift in margin structure across the industry, where those with supply access gain market share. — This dynamic could lead to significant share gains for Dell over competitors like HPE, who may not have the same supply chain scale, altering the competitive landscape in the server market.

"In infrastructure, after the sticker shock, and our customers began to understand the gravity of the situation, the conversations quickly turned to access the supply."

HPE WATCH

Jeff Clark

Dell's commentary on 'traditional x86 is benefiting from AI infrastructure buildouts' and customers modernizing their 'broader AI estates' indicates that AI is driving a refresh cycle for general-purpose servers, not just specialized AI systems. — This is a positive signal for CPU makers like AMD and Intel, suggesting a demand floor for their products, and it underpins Dell's guidance for growth in its traditional server business.

"Traditional x86 is benefiting from AI infrastructure buildouts. While many AI workloads rely on specialized GPUs, Traditional compute remains essential for orchestration, data processing, and inference support."

AMD WATCH INTC WATCH

Jeff Clark

Dell is winning new enterprise storage customers ('nearly 30 percent are new to dell buying storage'), indicating that the AI buildout is opening up new greenfield opportunities for storage, directly challenging established players like NetApp. — Dell's momentum in storage, particularly in high-growth areas like unstructured data for AI, signals a competitive threat and potential market share erosion for its rivals.

"PowerStore, our primary mid-range platform, posted its seventh consecutive quarter of double-digit growth. Profitability improved, supported by our higher Dell IP mix."

PSTG WATCH NTAP WATCH

David Kennedy

Dell's guidance strongly signals accelerating growth and resilience against a backdrop of surging AI demand, component shortages, and pricing power, indicating a high level of confidence in its execution and market position.

"Looking ahead to FY27, we expect to build on a record FY26 and deliver another exceptional year. AI demand continues to accelerate, and our value proposition is resonating with customers"

DELL WATCH

HIGH

21:30
Nov 25 ◎

DELL FY2026 Q3 Watch

Dell Technologies Inc. (DELL) FY2026 Q3 Earnings Call

ANET VRT NVDA DELL ▾

Jeff Clark

AI server demand is expanding beyond the largest CSPs. Dell's five-quarter pipeline is growing across NeoClouds, Sovereigns, and Enterprises, suggesting a broadening customer base for AI infrastructure. — The broadening deployment of AI factories across diverse buyers validates the scale of the AI infrastructure build-out, potentially benefiting networking and power/thermal suppliers who serve these markets.

"Our five-quarter pipeline continued to grow sequentially across NeoCloud, Sovereigns, and Enterprises, and remains multiples of our backlog, even when accounting for the robust demand we've seen."

ANET WATCH VRT WATCH

Jeff Clark

The backlog for AI servers is shifting significantly toward the GB300 platform, indicating a rapid next-generation platform transition. — Confirms the expected product lifecycle of NVIDIA's AI accelerators, with demand already moving to the next platform, which is a positive signal for NVIDIA's roadmap execution and pricing power.

"So in our backlog of $18.4 billion, there's been a significant shift towards GB300 as expected."

NVDA WATCH

David Kennedy

Management's tone is strongly positive, driven by record AI server orders and backlog, with Q4 guidance significantly above the long-term framework. Despite commodity cost headwinds, they express high confidence in continued EPS growth.

"Our Q4 guidance implies a strong FY26 with revenue of $111.7 billion, up 17%, and non-GAAP EPS of $9.92, up 22% at the midpoint, both well above our long-term framework."

DELL WATCH

HIGH

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