Financial Data and Key Metrics Changes - Total revenue reached $27 billion, up 11% year-over-year, with year-to-date revenue up 12% [5][12] - Earnings per share (EPS) increased 17% to $2.59, driven by improved profitability in AI and storage [5][12] - Gross margin rose 4% to $5.7 billion, or 21.1% of revenue, primarily due to a mix shift to AI servers [12][14] - Operating income grew 11% to $2.5 billion, or 9.3% of revenue, supported by higher revenue and lower operating expenses [12][14] Business Line Data and Key Metrics Changes - Infrastructure Solutions Group (ISG) revenue was a record $14.1 billion, up 24%, marking seven consecutive quarters of double-digit growth [13][14] - Client Solutions Group (CSG) revenue increased 3% to $12.5 billion, with commercial revenue up 5% and consumer revenue down 7% [9][14] - AI server orders reached a record $12.3 billion in the quarter, with shipments totaling $5.6 billion [6][13] Market Data and Key Metrics Changes - Demand for traditional servers grew double digits, particularly in EMEA and North America [7][14] - The backlog for AI servers ended the quarter at a record $18.4 billion, indicating strong future demand [6][13] - International growth in CSG accelerated sequentially, up double digits year-over-year [9] Company Strategy and Development Direction - The company aims to capitalize on AI infrastructure buildouts and the ongoing PC refresh cycle [11][19] - Focus on engineering bespoke, high-performance solutions and rapid deployment capabilities in AI [11][36] - Continued emphasis on operational discipline and cash generation to drive shareholder value [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current commodity supply environment, expecting to secure supply and adjust pricing as needed [10][19] - The outlook for Q4 includes expected revenue between $31 billion and $32 billion, with ISG and CSG combined expected to grow 34% at the midpoint [17][18] - Management remains optimistic about AI demand, with a strong conviction in the AI business supported by a growing backlog and pipeline [18][56] Other Important Information - The company returned $1.6 billion of capital to shareholders, including share repurchases and dividends [15][16] - The core leverage ratio stands at 1.6x, indicating a strong balance sheet [15] Q&A Session Summary Question: Customer reaction to pricing discussions across product categories - Management acknowledged the unprecedented cost increases across various components and emphasized their experience in navigating such cycles [22][25][26] Question: Impact of NVIDIA's vertical integration on AI servers - Management highlighted their differentiation in complex large-scale deployments and their ability to engage with customers early in the technology cycle [33][36] Question: AI server margins and future expectations - Management indicated that AI server margins are expected to remain in the mid-single digits, with a positive customer mix contributing to margin stability [41][42] Question: Outlook on the PC refresh cycle - Management noted that the Windows 11 transition is not complete, with significant opportunities for upgrades remaining [47][49] Question: AI business growth and financing issues - Management expressed confidence in AI demand across various customer segments, with a strong pipeline supporting future growth [55][56] Question: ISG margins and future guidance - Management reported improved ISG margins driven by strong demand for Dell IP storage and disciplined pricing [63][66] Question: Traditional server demand and upgrade cycle - Management indicated that a significant portion of the install base consists of older generation servers, presenting opportunities for modernization [70][71] Question: Commodity cost recovery and pricing strategies - Management discussed their ability to recover costs through strategic pricing and supply chain management, emphasizing their agility in response to market conditions [74][76]

Market Overview - The trading day ended with the Dow Jones Industrial Average up more than 600 points, a 1.4% increase, and the S&P 500 rising over 60 points, or 0.9% [6] - The Nasdaq composite finished higher by about 0.7%, with small and mid-cap stocks, particularly the Russell 2000, outperforming, up 2% [7] - Overall, 426 names in the S&P 500 gained ground, while only 74 declined, indicating strong market breadth [8] Company Performance - Alphabet shares have seen a significant year-to-date gain of approximately 70%, outperforming many competitors [5] - Autodesk reported a third-quarter EPS of $2.67, beating expectations of $2.50, with net revenue of $1.85 billion, slightly above the forecast of $1.81 billion [11] - Workday's after-hours share price increased by about 7% after it raised its full-year subscription revenue forecast, projecting fourth-quarter subscription revenue of $2.36 billion, above the estimate of $2.35 billion [13] - NetApp shares surged by 4% in after-hours trading after the company boosted its fiscal year adjusted EPS forecast and reported third-quarter net revenue expectations of $1.77 billion, exceeding estimates [15] - Urban Outfitters saw a significant increase in share price, up 9% in regular trading and 16% in after-hours, with third-quarter comp retail segment sales up 8%, surpassing the 5% estimate [25] Sector Insights - The technology sector experienced mixed results, with Alphabet hitting an all-time high while Nvidia shares fell by 2.6% [9][20] - Retailers showed strong performance, with Abercrombie and Fitch gaining about 36-37% after raising its 2026 net sales and EPS guidance [17] - Dell raised its full-year adjusted EPS outlook to $9.92, up from $9.55, and increased revenue guidance to a range of $11.2 billion to $12.2 billion [22][24]

Now, let's get into the tech trade with our next guest right here on set. Dan eyes from Wed Bush here to tell us how to play the AI revolution. Why he says we're not in a bubble.Dan on AI. This market has been ridiculously flighty. I'm old enough to remember when open AI was going to kill Google search and when the narrative was Apple's dead money because it missed AI with Apple intelligence and that Oracle is the fourth hyperscope.That was a recent one. You got to do your homework, not get caught up in eac ...

BREAKING: Market Rallies Into HolidayDell Technologies (DELL) beat expectations for its October quarter but offered sales slightly below estimates. Dell stock rose in late trades.The Round Rock, Texas-based computer maker earned an adjusted $2.59 per share on sales of $27 billion in the quarter ended Oct. 31. Analysts polled by FactSet had expected Dell to earn $2.47 per share on sales of $27.2 billion. On a year-over-year basis, Dell's sales increased 11% while earnings rose 17%.For the current quarter, it ...

Group 1: HP Inc. Developments - HP Inc. is planning to cut between 4,000 and 6,000 jobs through fiscal year 2028 as part of a significant restructuring effort [2][7] - The company issued a weaker-than-expected profit outlook, projecting full-year earnings of $2.90 to $3.20 per share, which falls short of analyst estimates [2][7] - The challenging forecast is attributed to rising memory-chip costs, and HP aims to leverage AI tools to achieve $1 billion in annual savings [2][7] Group 2: Dell Technologies Performance - Dell Technologies has significantly increased its annual forecast for AI server shipments to $25 billion, driven by strong demand from data centers [3][7] - The company reported a strong third-quarter performance that positively impacted its share price, highlighting the contrasting fortunes between Dell and HP [3][7] Group 3: Market Trends - Financial markets are increasingly anticipating a Federal Reserve interest rate cut in December, with traders actively engaging in Fed futures [4][7] - This sentiment indicates a potential shift in monetary policy that could affect economic growth and asset valuations [4][7] Group 4: General Motors Executive Departure - General Motors announced the departure of Senior Vice President Baris Cetinok, which may indicate internal shifts or strategic realignments within the company [5][7]

Group 1 - The Q3 earnings season for S&P 500 companies is showing positive results, with 95% of companies having reported by November 21, and an expected 13.4% increase in earnings per share [2] - This anticipated growth would represent the fourth consecutive quarter of double-digit earnings growth, accelerating from the 12% growth rate reported in Q2 [2] - Initial expectations for Q3 were lower, with analysts predicting only a 7.9% increase in earnings per share as of September 30 [3] Group 2 - Upcoming earnings reports from companies such as Abercrombie & Fitch, Dick's Sporting Goods, and Burlington Stores will provide insights into consumer sentiment and purchasing behavior [4] - Additional reports from technology and other sectors are expected from companies like Zoom, Dell, Workday, HP Inc., Deere, and Pony AI [4]

The server maker says it's broadening its AI business to include more from neocloud, sovereign and enterprise customers ...

Mehdi Hosseini, Susquehanna International Group senior equity research analyst, says he is remaining neutral on Dell after the company raised its annual projections for the key artificial intelligence server market. He speaks on "Bloomberg The Close." ...

Core Viewpoint - The technology company based in Round Rock, Texas, has raised its full-year revenue guidance to a range of $111.2 billion to $112.2 billion, an increase from the previous estimate of $105 billion to $109 billion [1] Financial Performance - The revised revenue forecast indicates a positive outlook for the company's financial performance, reflecting an increase in expected revenue by approximately $6.2 billion to $7.2 billion compared to earlier estimates [1]

Q3 FY26 Performance Highlights - Dell Technologies achieved a record Q3 revenue of $2701 billion, up 11% year-over-year, driven by AI server shipments[10, 11] - The company's diluted EPS reached $228, a 39% year-over-year increase, with a record Q3 non-GAAP diluted EPS of $259, up 17% year-over-year[10, 11] - Dell Technologies generated $12 billion in cash flow from operations in Q3, bringing the year-to-date total to $65 billion[10] - The company returned $16 billion of capital to shareholders in Q3, resulting in $53 billion returned year-to-date[10] Infrastructure Solutions Group (ISG) Performance - ISG revenue reached $1411 billion, a 24% year-over-year increase, with servers and networking revenue up 37% to $1013 billion[11] - Storage revenue for ISG was $398 billion, a decrease of 1% year-over-year[11] - ISG operating income improved sequentially to 124%, driven by AI server and storage performance[10] AI Server Business - Dell Technologies booked $30 billion in AI-optimized server orders year-to-date and expects to ship $25 billion in FY26[12] - AI shipments reached $56 billion in Q3, leading to $156 billion of shipments year-to-date, with an AI backlog of $184 billion exiting Q3[10] - The company expects to ship roughly $94 billion of AI servers in Q4, bringing FY26 shipments to roughly $25 billion, a 150% year-over-year increase[10] Client Solutions Group (CSG) Performance - CSG revenue was $1248 billion, a 3% year-over-year increase, with commercial revenue up 5% to $1062 billion[11] - Consumer revenue for CSG was $186 billion, a decrease of 7% year-over-year[11] FY26 Guidance - Dell Technologies projects FY26 revenue of $1117 billion ± $05 billion, up approximately 17% year-over-year, and non-GAAP diluted EPS of $992 ± $010, up approximately 22% year-over-year[15]