In short: Named with HP as a PC maker pricing AI-capable machines higher into a falling unit market, while carrying the AI-driven surge in computer-memory costs. Framed as a mix-and-price story, not a demand recovery.
Dell appears in the same item as HP, and the picture is identical: it is selling AI-capable PCs at higher prices into a shrinking unit market, while paying much more for memory chips because AI data centers have taken the supply. The article treats rising PC prices as a fact about the AI build-out, not as a recommendation on Dell shares.
In short: The print and the call, both read as bullish — and the call is used as a component-shortage datapoint for the whole complex. "Dell delivered a massive beat and raise with record revenues of 47 billion versus estimates of only 44.9 billion, a 58% year over year. EPS was $7 a share versus 4.9 expected. So massive, massive beat for Dell." And separately: "if you listen to Dell's earnings call on memory and optical shortages, it was very, very bullish. Basically, they said the constraints remain the same across DRAM, NAND, spotty CPU shortages, disk drives, power integrated circuits, microcontrollers, drivers, ABF substrate, T-glass and optical." (HPE is used as the corroborating second print: Q3 revenue $12.2B vs $11.9B, "beating like Dell and up 34% year-over-year with EPS of 1.11 versus 0.93 expected.")
Dell assembles and sells the servers that AI data centres are built from. Its quarter was, in Singh's words, "a massive, massive beat": $47 billion of revenue against the $44.9 billion expected, up 58% on a year earlier, with earnings of $7.00 a share against $4.90 forecast. Its rival HPE beat too, up 34%, which suggests the demand is real across the industry rather than one company taking share.
But he treats the earnings call as more valuable than the earnings. Because Dell buys components from everybody, its management is effectively a survey of the entire supply chain — and they described shortages across memory, flash storage, processors, hard drives, power-management chips, microcontrollers, the special substrate that chips are mounted on, the glass used in advanced packaging, and optical parts.
That list is bullish for anyone selling those components — which is why the same section of the call also supports the Micron argument — and it is a warning about how long it will take to build the capacity everyone has announced. When a shortage runs across nine different components simultaneously, the constraint is not one factory; it is the whole chain.
Full passage: premium transcript (PDF).
In short: The day's cleanest bull datapoint, and nobody on the desk owns it. Wapner: "it was surging on the back of the earnings report. They lifted their forecast, about as good as you could deliver last night. Citi and B of A both go to 600 bucks." Lebenthal uses it as the rebuttal to the entire bubble segment that follows: "what this is showing is, for all of those people to say AI is a bubble, the CapEx is going to turn off — I don't think so." (This is the follow-through on the prior session's page, where Josh Brown had Dell at $434 with 500 as resistance and $400 the closing-basis line in the sand into this very print.) He then carries the read-through to Oracle. Note his disclosure discipline: he flags that he does not own Dell and says he raised it partly "to take the heat off of Adobe."
Dell builds and sells the servers that fill AI data centres. Its results the previous night beat and it raised its forecast; Citi and Bank of America both moved their targets to $600. Nobody on the desk owns it, which is what makes it useful evidence rather than a talking point.
The argument being settled is whether AI capital spending is about to stop. A server maker is one of the earliest places that would show up, because orders are placed months before data centres open. Guiding higher is a statement about the order book, not about sentiment — which is why Lebenthal uses it as the direct answer to "AI is a bubble, the CapEx is going to turn off."
Read it against the prior session's page, where the same stock was written up at $434 with $500 as resistance and $400 as the line where a trader should walk away into this exact print. The event resolved to the upside — a reminder of why setting the level in advance is the whole point of that discipline.
In short: Brown's second best-stocks update, and reporting tonight. The record: "one of the rare names you wrote up twice, monster home run — September 29th, 2025… then we came back and wrote it up again in March of 2026. The stock is up 248% since our original write up." The chart: "it's been consolidating those huge gains for a few months. I think it's going to break out again. 500 is that overhead resistance, which is not that far from here. It's a $434 stock." The discipline into the print is the point of the segment: "tonight it reports a quarter that could change a lot overnight, but I think the fundamentals will be good and I think you want to continue to honor thy stops. I would say $400 on a closing basis is, if you're a trader, your line in the sand… the buyers need to step in there and if they don't, it tells you the sentiment has changed. If that does not happen, I think you want to be long Dell."
Dell builds the servers that AI models run on, and it reports tonight. It is up 248% since Brown first wrote it up in September 2025, and has spent the last few months going sideways — digesting the gain rather than giving it back.
His read is that the consolidation resolves upward: 500 is the overhead resistance, the stock is $434, and the fundamentals into the print should be good. But the whole segment is about what to do if he is wrong. "Honor thy stops" — a close below $400 is the trader's line in the sand, because that is the level where buyers should step in, and if they don't, it tells you sentiment has changed regardless of what the earnings said.
That is the transferable idea: decide the invalidation price before the event, so the earnings reaction becomes information rather than a decision you have to make under pressure.
In short: Reports tomorrow and Talkington owns it. The numbers: "earnings are supposed to be up 112%, revenues up 48%." The hedge: "with NVIDIA trading down, Marvell trading down, who knows what the stock will do." The thesis: "clearly with their servers they're in the epicenter, because they do have a big CPU business. I'm sure memory will come up — but the stock's just been a complete beast and has re-rated… it's still the epicenter of the AI build out."
Dell builds the servers that AI models actually run on, and it reports tomorrow with profits expected up 112% and revenue up 48%. Talkington owns it and calls the stock "a complete beast" that has re-rated — meaning investors now pay a higher multiple of its earnings than they used to, because they finally believe the AI server business is durable rather than a one-off.
Two cautions come with it. Dell also has a large traditional PC and CPU business, so it is more exposed to ordinary computing demand than a pure AI supplier; and memory chips are getting expensive, which squeezes the margin on every machine it ships. She is also honest about the very short term: with Nvidia and Marvell falling, a good print may not be enough to lift the stock tomorrow.
In short: Top of the calendar in a light week: "the most important earnings next week on a go-forward basis are Dell on the AI side, Palo Alto Networks, cybersecurity." No view attached — Dell is the read on whether Nvidia's server price increases and memory-cost inflation are being passed through or absorbed at the box level.
Full passage: premium transcript (PDF).
In short: The lead exhibit in Brown's argument that NVIDIA's guidance is a market-wide rate-setting event rather than a single-stock catalyst: "Dell is a $300 billion market cap, HPE is 74 billion. How did that happen?" — i.e. AI demand has already repriced businesses nobody thought of as growth companies, and those same names re-rate again on what the call says about 2027–2028. Context, not a call.
In short: "Super Micro sells servers that go into data centers. Its chief competitor is Dell." Referenced as the comparable, not rated.
14:38Both companies had good results. Coreweave beat on both the top and bottom line. Revenue climbed 112% versus last year. However, Coree is still an unprofitable company. EPS was a loss of about a dollar. The market focused on the revenue and the stock was up 19% on Wednesday. Also, on the conference call, management stated that demand and pricing remain very strong.
In short: Split panel: Black (his January pick — the group's best at +238.5%; "shot the lights out") says it's reasonable to hang on: 19x next-FY EPS ($21.40), won a hyperscaler-server comparison vs HPE hands down, hyperscalers spending $750B this year / ~$1T next with much going to hardware; rising memory costs the one negative. Giroux: in a multi-silicon-orchestration world the AI-server value proposition erodes — MSFT/Meta/Amazon in-source over time; Dell on his negative list.
In short: Named as a comparable "AI derivative story" alongside Super Micro — referenced, not rated.
7:22Now, its fiscal 2027 capital plan is for 40 billion in equity and debt. Like I said before, the tech industry is being transformed from a capital light model to a model of insatiable need for capital and investors are starting to lose their taste for it. After hours Wednesday night, Oracle was down 10%. And in more capital intensity news, Super Micro, which is admittedly not a software company, but a tech hardware company that largely sells servers, announced plans to raise $7 billion through a combination of equity and equity linked
In short: AI demand breaks the model — shares +30%, tripled YTD. Q1 FY27 rev +88% to a record $43.8B ($8.5B beat), non-GAAP EPS $4.86 (+$1.96 beat). AI-optimized servers $16.1B (+757%), +$24.4B fresh orders, backlog record $51.3B; >5,000 AI buyers. FY27 guide $165-169B (vs $145B consensus), AI-server rev guided $60B (up from $50B, +144%). Gross margin 18% on AI-server mix. Watch: AI-server gross-margin recovery vs the Supermicro/HPE allocation race, and DRAM/NAND/CPU supply (customers signing up to 5-yr deals).
Dell makes computers and, increasingly, the servers that big AI projects run on. This quarter revenue jumped 88% to a record $43.8 billion, and the AI-server part exploded 757%. The striking phrase here is "AI demand breaks the model": demand is so far ahead of normal that Dell's order backlog hit a record $51.3 billion and it's guiding next year's revenue to $165-169 billion — about $20 billion above what Wall Street expected.
There are two things to watch. First, margins: AI servers are lower-margin than Dell's other products (gross margin fell to 18%), so growth comes at a profitability cost — the key question is whether that margin recovers as Dell competes with Supermicro and HPE for chip allocation. Second, supply: the memory chips (DRAM/NAND), CPUs and hard drives that go into these servers are in short supply, and customers are signing up to five-year supply deals to lock in parts. That scarcity is the gate on how fast Dell can actually fill its backlog.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.