1. 11月26日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.15%，标普500指数期货涨0.30%，纳指 期货涨0.42%。 | ■ US 30 | 47,182.30 | 47,282.80 | 47.120.20 | +70.20 | +0.15% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,785.90 | 6,796.60 | 6,765.00 | +20.00 | +0.30% | | 트 US Tech 100 | 25,122.60 | 25,173.90 | 25,002.10 | +104.20 | +0.42% | 2. 截至发稿，德国DAX指数涨0.31%，法国CAC40指数涨0.40%，英国富时100指数跌0.06%，欧洲斯托克50指数涨 0.72%。 | 德国30 | 2025年12月 | 23,577.50 | 23,808.80 | 23,486.30 | +72.50 | +0.31% | | --- | --- | --- | --- | --- | --- | --- | | 法国40 ...

戴尔第三季度营收270.1亿美元同比增长11%，但略逊于华尔街预期，而调整后每股收益2.59美元则超出分析师预期。虽然整体营收略低于华尔街预期， 但AI服务器业务的爆发式增长获得了资本市场的青睐，盘前涨幅超2%。 周二美股盘后， 戴尔发布第三季度财报，三季度营收270.1亿美元同比增长11%，但略逊于华尔街预期，而调整后每股收益2.59美元则超出分析师预 期。 财报具体表现来看： 财务表现： AI业务爆发式增长： 业务结构分化： 未来展望： 作为AI基础设施建设的重要风向标，戴尔三季度的财报呈现出典型的"旧业务承压、新业务狂奔"特征。 Q3营收270.1亿美元，略低于预期的271.3亿美元；调整后每股收益2.59美元，超预期的2.47美元。 Q3净利润15.4亿美元，同比增长32%；整体毛利率21.1%，高于预期的20.4%。 基础设施业务运营利润率12.4%，超分析师预期的11.2%。 Q3 AI服务器订单123亿美元，出货56亿美元，订单积压达184亿美元。 全年AI服务器出货目标从200亿美元上调至250亿美元（市场预期208.2亿美元）。 Q4预计AI服务器销售94亿美元，年度累计订单达300亿美元。 ...

Group 1: Market Performance - Major U.S. index futures are showing positive trends, with Dow futures up 0.18%, S&P 500 futures up 0.21%, and Nasdaq futures up 0.26% [1] - Chinese concept stocks are mixed, with Alibaba up 1.07%, Pinduoduo up 1.05%, and JD.com up 1.16%, while Xpeng Motors is down 2.26% and Bilibili is down 1.81% [1] Group 2: Company Earnings and Projections - Dell reported Q3 revenue of $27.005 billion, an 11% year-over-year increase, and attributed this growth to a surge in AI server orders, with $12.3 billion in orders received and $5.6 billion shipped [1] - Dell raised its annual AI server shipment forecast from $20 billion to $25 billion, projecting over 150% year-over-year growth, driven by strong demand for AI products [1] - Li Auto's Q3 revenue was 27.4 billion yuan, a 36.2% year-over-year decline, with a net loss of 624.4 million yuan compared to a profit of 2.8 billion yuan in the same period last year [5] - Li Auto's Q4 revenue guidance is between 26.5 billion yuan and 29.2 billion yuan, below market expectations of 37.25 billion yuan [5] Group 3: Industry Developments - Uber announced the launch of a fully autonomous Robotaxi service in Abu Dhabi, expanding its partnership with WeRide, although some routes will still have safety drivers [2] - Nvidia's market share is projected to decline from 85% to 75% by 2030, despite the company remaining a leader in the AI data center market, which is expected to grow to approximately $1.2 trillion [3] - Rapidus, a Japanese chip manufacturer, plans to build a 1.4nm wafer fab by FY2027, aiming to close the gap with TSMC [4] - Elon Musk announced that Tesla's Robotaxi fleet in Austin will double next month, although specific operational numbers have not been disclosed [4] Group 4: Fundraising and IPOs - Hedge fund manager Bill Ackman is planning to raise $5 billion for a new closed-end fund, with $2 billion coming from institutional investors, coinciding with an IPO of his company, Pershing Square Capital Management [5]

2025.11.26 戴尔在11月25日公布财报时，也谈及服务器成本的问题。戴尔首席运营官杰夫·克拉克（Jeff Clarke）在 财报后电话会议上表示："定价的变化可能会影响到客户，戴尔将尽一切努力减轻这种影响。" 惠普首席执行官恩里克·洛雷斯（Enrique Lores）表示，新一轮裁员将涉及惠普产品开发、内部运营和客 户支持的团队。"我们预计这一举措将在三年内为公司节省10亿美元。"他补充道。 今年早些时候，惠普已经宣布了一项重组计划。作为该计划的一部分，该公司于今年2月已经进行了一 轮裁员，裁员规模为1000至2000人。 惠普正在加速开发人工智能赋能的PC产品。截至今年10月31日的第四季度，惠普AI PC的出货量占惠普 总出货量的30%以上。 不过，在服务器市场的激烈竞争中，大型科技公司正在大力推动建设人工智能基础设施，引发了动态随 机存取存储器和NAND这两种常用存储芯片价格的上涨。摩根士丹利分析师近期警告称，数据中心需求 增长带来的全球存储芯片价格飙升可能会推高成本，并给惠普、戴尔等消费电子制造商的利润带来压 力。 惠普已经关注到存储芯片价格飙升带来的影响。洛雷斯表示，惠普预计将在2026财年 ...

Market Overview - U.S. stock futures rose on Wednesday following Tuesday's gains, with major benchmark indices showing positive movement [1] - The three-day winning streak occurs during a holiday-shortened week, with markets closed on Thursday and open until 1:00 p.m. ET on Friday [1] - Traders are pricing in an 84.9% likelihood of a Federal Reserve interest rate cut in December, influenced by dovish central bank guidance [2] Index Performance - Dow Jones increased by 0.21%, S&P 500 by 0.23%, Nasdaq 100 by 0.29%, and Russell 2000 by 0.22% [2] - The SPDR S&P 500 ETF Trust (SPY) rose by 0.29% to $677.01, while Invesco QQQ Trust ETF (QQQ) advanced by 0.36% to $611.10 in premarket trading [2] Company Highlights - **Dell Technologies Inc. (DELL)**: Stock jumped 4.94% after mixed Q3 results; raised full-year revenue outlook to $111.2 billion - $112.2 billion from $105 billion - $109 billion [7] - **HP Inc. (HPQ)**: Stock fell 5.67% despite better-than-expected Q4 earnings; announced layoffs and issued weak forward guidance [7] - **Autodesk Inc. (ADSK)**: Stock climbed 7% after beating Q3 earnings and revenue expectations; raised full-year revenue guidance to $7.15 billion - $7.17 billion and adjusted earnings guidance to $10.18 - $10.25 per share [7] - **Zscaler Inc. (ZS)**: Stock dropped 7.15% despite beating analyst estimates and raising fiscal 2026 outlook; maintained a weaker price trend in the short and medium terms but a strong long-term trend [14] - **Uber Technologies Inc. (UBER)**: Stock increased by 0.73% after announcing the launch of Level 4 fully driverless Robotaxi operations in Abu Dhabi [14] Sector Performance - Communication services, health care, and consumer discretionary sectors recorded the biggest gains on Tuesday, leading the S&P 500 into positive territory [9] Economic Data - Initial jobless claims data for the week ending Nov. 22 and September's delayed durable-goods orders data will be released at 8:30 a.m. ET [15]

Market Overview - U.S. stock futures rose on Wednesday following Tuesday's gains, with major benchmark indices showing positive movement [1] - The three-day winning streak occurs in a holiday-shortened week, with markets closed on Thursday and open until 1:00 p.m. ET on Friday [1] - Traders are pricing in an 84.9% likelihood of a Federal Reserve interest rate cut in December, influenced by dovish central bank guidance [2] Stock Performance - Dell Technologies Inc. (NYSE:DELL) increased by 4.94% after reporting mixed Q3 results and raising its full-year revenue outlook to $111.2 billion to $112.2 billion, up from $105 billion to $109 billion [7] - HP Inc. (NYSE:HPQ) fell by 5.67% despite better-than-expected Q4 earnings, due to announced layoffs and weak forward guidance [7] - Autodesk Inc. (NASDAQ:ADSK) rose by 7% after beating Q3 earnings and revenue expectations, guiding for full-year revenue of $7.15 billion to $7.17 billion and adjusted earnings of $10.18 to $10.25 per share [7] - Zscaler Inc. (NASDAQ:ZS) dropped 7.15% despite beating analyst estimates and raising its fiscal 2026 outlook [14] - Uber Technologies Inc. (NYSE:UBER) was up 0.73% after launching Level 4 fully driverless Robotaxi operations in Abu Dhabi [14] Sector Performance - Communication services, health care, and consumer discretionary sectors recorded the largest gains on Tuesday, contributing to the positive performance of the S&P 500 [9] - The Nasdaq Composite rose by 0.67%, S&P 500 by 0.91%, Dow Jones by 1.43%, and Russell 2000 by 2.14% [10] Economic Indicators - Initial jobless claims data for the week ending Nov. 22 and September's durable-goods orders data will be released on Wednesday [15]

Core Insights - Dell Technologies reported a net income of $1.54 billion for Q3 FY 2026, a 32% increase from $1.17 billion in the same period last year [1] - Net revenue for the quarter reached $27 billion, up 11% from $24.3 billion in Q3 FY25, driven by AI server shipments of $5.6 billion [1][2] Financial Performance - Diluted earnings per share (EPS) stood at $2.28, a 39% year-on-year increase, while non-GAAP diluted EPS reached a record $2.59, up 17% [2] - Cash flow from operations was reported at $1.2 billion [2] - Infrastructure Solutions Group (ISG) delivered revenue of $14.1 billion, a 24% year-over-year increase, with Servers and Networking revenue growing 37% to $10.1 billion [2] - Client Solutions Group (CSG) generated revenue of $12.5 billion, an increase of 3%, with commercial client revenue rising by 5% to $10.6 billion [3] Shareholder Returns - Dell Technologies returned $1.6 billion to shareholders through share buybacks and dividends during the quarter [3] - Total capital returned since the beginning of the fiscal year reached $5.3 billion, with over 39 million shares repurchased [3] Future Outlook - The company forecasts full-year fiscal 2026 revenue between $111.2 billion and $112.2 billion, representing a 17% increase at the midpoint compared to last year [5] - AI server shipments for the year are estimated at around $25 billion, an increase of more than 150% [5] - Projected GAAP diluted EPS for FY26 is $8.38 at the midpoint, up 31%, and non-GAAP diluted EPS is projected at $9.92, up 22% [6] Market Position - The company reported record AI server orders of $12.3 billion and unprecedented total orders of $30 billion year to date [4] - The five-quarter pipeline is significantly larger than the $18.4 billion backlog, indicating strong demand from neocloud, sovereign, and enterprise customers [4]

Core Insights - Dell has emerged as a significant player in the AI sector, yet its stock performance has been volatile, fluctuating despite its successes in the AI space [1] Group 1: Company Performance - Dell's stock has shown a pattern of ups and downs, indicating market uncertainty despite its recognition as an AI-winner [1] Group 2: Investment Perspective - The focus on sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is emphasized as a more reliable driver of returns than valuation alone [1]

Core Viewpoint - Dell Technologies (DELL.US) shares rose over 5% pre-market, reaching $132.25 following the announcement of its Q3 FY2026 earnings, which showed significant growth in revenue and earnings per share, along with strong demand for AI servers [1] Financial Performance - Revenue for Q3 FY2026 increased by 11% year-over-year to $27.005 billion, marking a record high [1] - Adjusted earnings per share were reported at $2.59, exceeding analysts' expectations of $2.48 [1] AI Server Demand - The company secured $12.3 billion in AI server orders during the quarter, with $5.6 billion worth of orders shipped [1] - The backlog of orders at the end of the quarter reached $18.4 billion, indicating strong future demand [1] Guidance Update - Dell Technologies raised its full-year revenue and earnings per share guidance, now projecting revenue between $111.2 billion and $112.2 billion [1] - Adjusted earnings per share are expected to reach $9.92 [1]

Market Overview - Market indices experienced a positive trading session, with the Dow increasing by 664 points (+1.43%) and the small-cap Russell 2000 gaining +2.14% [3] - The S&P 500 and Nasdaq also saw gains of +0.91% and +0.67% respectively, indicating a rebound from recent lows [3] Economic Indicators - Case-Shiller Home Prices for September rose by +1.3%, slightly below the previous month's revised figure of +1.4%, marking the fourth consecutive month where home prices lagged behind inflation [4] - All 20 cities surveyed reported month-over-month declines in home prices, with year-over-year increases led by Chicago (+5.5%), New York City (+5.2%), and Boston (+4.1%) [5] - Pending Home Sales increased by +1.9% month-over-month in October, improving from a prior month’s upwardly revised +0.10%, although still down -0.40% year-over-year [6] Consumer and Business Sentiment - The Consumer Confidence index dropped significantly to 88.7 in November from 95.5, the lowest level since April [7] - Business Inventories for August remained unchanged at 0.0%, marking the third consecutive month without change, indicating a potential need for increased production in the future [8] Company Earnings Reports - Urban Outfitters reported earnings of $1.28 per share, surpassing the consensus estimate of $1.19, with revenues of $1.53 billion, driven by a strong performance in its flagship brand [9] - Dell Technologies reported Q3 earnings of $2.59 per share, exceeding expectations, but revenues fell short at $27.01 billion compared to the anticipated $27.27 billion [10] - Hewlett Packard's shares declined by -5% following a revenue miss, reporting earnings of 93 cents per share against a projected $15.02 billion in sales, which came in at $14.64 billion [11]