Group 1: European Wax Center, Inc. (EWCZ) - European Wax Center is a franchisor and operator of out-of-home waxing services with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 96.8% over the last 60 days [1] - The company has a PEG ratio of 0.64 compared to the industry average of 3.23 and possesses a Growth Score of B [1] Group 2: Dell Technologies Inc. (DELL) - Dell Technologies is an information technology solutions, products, and services company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased nearly 6% over the last 60 days [2] - The company has a PEG ratio of 1.05 compared to the industry average of 1.24 and possesses a Growth Score of B [2] Group 3: LATAM Airlines Group S.A. (LTM) - LATAM Airlines Group is a passenger and cargo air transportation services company with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 22.3% over the last 60 days [3] - The company has a PEG ratio of 0.63 compared to the industry average of 0.64 and possesses a Growth Score of A [3]

| 12 | 比尔·盖茨 | 1168亿 | 1 3.16亿 0.27% | 微软 | | --- | --- | --- | --- | --- | | 13 | 迈克尔·戴尔 | 1164亿 | 1 20亿 1.76% | 戴尔 | | 14 | Rob Walton & family | 1126亿 | + - 1.41亿 -0.12% | Walmart | | 15 | Jim Walton & family | 1113/7 | + - 1.40亿 -0.13% | Walmart | | 16 | 穆克什·安巴尼 | 1083 T | 1 7.29亿 0.68% | 信实工业 | | 17 | 迈克尔·布隆伯格 | 1047亿 | 0 0% | 京博 | | 18 | 爱丽丝·沃尔顿 | 1035亿 | + -1.37亿 -0.13% | 沃尔玛 | | 19 | 卡洛斯·赫鲁家族 | 938亿 | 1 2620万 0.03% | 卡尔索 | | 20 | 弗朗索瓦·迈耶家族 | 890亿 | + -1.82亿 -0.2% | 欧莱雅 | | 21 | 朱莉娅·科赫家族 | 742FL | 0 ...

Core Insights - Dell Technologies is experiencing strong demand for AI servers, particularly the PowerEdge XE9680L, driven by digital transformation and interest in generative AI applications [2][4] - The company's financial performance reflects this surge in demand, with Infrastructure Solutions Group (ISG) revenues increasing by 12% year over year to $10.31 billion in the first quarter of fiscal 2026 [3][12] - Dell's AI-optimized server orders reached $12.1 billion in the fiscal first quarter, with $1.8 billion shipped and a backlog of $14.4 billion [6][12] Financial Performance - ISG revenues rose 12% year over year to $10.31 billion, supported by strong demand for both AI and traditional servers [3][12] - The revenue from servers and networking was $6.32 billion, marking a 16% year-over-year growth [3] - The consensus estimate for second-quarter fiscal 2026 earnings is $2.26 per share, reflecting an 11.5% increase in the past 30 days and a year-over-year increase of 19.58% [16] Competitive Landscape - Dell faces significant competition from Hewlett Packard (HPE) and Super Micro Computer (SMCI) in the server market [7] - HPE's server business grew 6% year over year to $4.06 billion in the second quarter of fiscal 2025, driven by demand for AI-optimized servers [8] - Super Micro Computer has introduced new GPU solutions optimized for AI and HPC workloads, enhancing competition in the market [9] Product Development - Dell's PowerEdge servers support NVIDIA's Blackwell Ultra platform, including upcoming models designed for AI model training and complex simulations [5] - The new PowerEdge XE8712 server features the GB200 NVL4 platform and supports up to 144 NVIDIA B200 GPUs per rack [5] Valuation Metrics - Dell's shares have underperformed, losing 4.9% year to date compared to the broader Zacks Computer & Technology sector's return of 1.2% [10] - The forward 12-month Price/Sales ratio for Dell is 0.72X, significantly lower than the sector average of 6.33X, indicating a potentially undervalued stock [14]

Founder-Run Companies Overview - Founder-run companies constitute less than 5% of the S&P 500 index but account for nearly 15% of the total index's market capitalization, highlighting their significant impact on the market [2] - Notable founder-led companies include NVIDIA, Amazon, Meta, Berkshire Hathaway, and Netflix, which have redefined industries and created trillion-dollar enterprises [2] Characteristics of Founder-Run Companies - These companies are often born from unique ideas and technological innovations, allowing them to navigate challenges and maintain long-term sustainability [3] - Founders typically invest personal wealth into their ventures initially, facing difficulties in securing external funding [4] Challenges Faced by Founders - Founder-owners often struggle to delegate responsibilities due to skepticism about others' commitment, which can hinder the company's growth and adaptability [5] - The reluctance to delegate can limit the infusion of professional expertise, impacting the company's ability to scale effectively [5] Performance of Founder-Led Companies - Founder-led companies have shown superior performance, with a Harvard Business Review study indicating a market-adjusted return of 12% over three years, compared to a negative 26% for companies with professional CEOs [6] Investment Opportunities in Founder-Run Companies - Current appealing stocks include Netflix, AppLovin, and Dell Technologies, which are identified as high-potential investments [6] Company Profiles Netflix - Netflix, co-founded by Reed Hastings and Marc Randolph, has a market capitalization of $387.7 billion and has evolved from a DVD rental service to a leading streaming provider [8] - The company is focusing on expanding its original content portfolio and international growth, with projected revenues between $43.5 billion and $44.5 billion for 2025 [11] AppLovin - AppLovin, co-founded by Adam Foroughi, has a market capitalization of $129.7 billion and leads in mobile advertising through its AI engine, Axon 2 [12] - The company is transitioning to a software-centric model, enhancing profitability and returns on invested capital [14] Dell Technologies - Dell Technologies, founded by Michael Dell, has a market capitalization of $75.5 billion and is a major player in servers, storage, and PCs [15] - The company is expected to benefit from recovering demand driven by the PC-refresh cycle and strong interest in AI servers, with projected revenues for the first quarter of fiscal 2026 between $22.5 billion and $23.5 billion [18]

Core Points - UNICOM Engineering has been awarded the Dell Technologies 2025 OEM Solutions Services Sales Partner of the Year, recognizing its achievements in delivering innovative OEM solutions that enhance operational efficiency and accelerate time to market [1][2] - The award is part of Dell Technologies' annual partner awards program, which highlights organizations that excel in customer success and digital transformation [2] - UNICOM Engineering's recognition is attributed to its technical expertise, integration capabilities, and commitment to service excellence [2][3] Company Overview - UNICOM Engineering is a leading provider of purpose-built application platforms and deployment services for solution providers and OEMs in various markets, including data center, storage, security, and video [5] - The company focuses on helping customers optimize business efficiencies and reduce total cost of ownership through its solution design technologies and integration expertise [5] - As a Titanium OEM partner, UNICOM collaborates with Dell Technologies to create high-performance platforms tailored for software developers and OEMs [3][4] Technological Advancements - To meet the growing demands of AI and high-performance computing workloads, UNICOM Engineering integrates advanced liquid cooling technologies, such as Direct-to-Chip and immersion cooling [6] - The company aims to deliver high-density, energy-efficient infrastructure that enhances performance, scalability, and sustainability through strategic partnerships [6]

Core Insights - Dell Technologies and Hewlett-Packard Enterprise (HPE) have shown modest stock price increases post-earnings, with Dell up 0.5% and HPE up 3.5% since their results were released, despite Wall Street price target changes indicating potential for greater gains [1][2][3] Dell Technologies - Dell's average price target has increased by 5% since May 29, suggesting an 18% upside from its June 10 closing price of just under $134 [2] - The company reported a 5% revenue growth in fiscal Q1 2026 and a 17% increase in adjusted earnings per share (EPS) year-over-year, although it missed adjusted EPS estimates [4][5] - Dell's AI server orders reached a record $12.1 billion in fiscal Q1, exceeding the total for all of fiscal 2025, contributing to a backlog of $14.4 billion [6][7] - Analysts at JPMorgan raised their price target significantly due to the surge in AI server demand, while UBS noted a favorable risk/reward scenario despite a slight target reduction [8] Hewlett-Packard Enterprise (HPE) - HPE's revenues grew by 7% on a constant currency basis, with adjusted EPS declining by 10%, but still better than forecasts [9] - The average price target for HPE has increased by 15%, indicating a nearly 16% upside from its June 10 closing price of just over $21 [3][10] - HPE's AI systems orders and backlog increased by $100 million to $1 billion and $3.2 billion, respectively, marking a recovery from previous declines [10][11] - The company expects server segment margins to recover to 10% from the current 5.9%, with analysts noting improvements in pricing and inventory management [12]

Core Insights - The article presents a ranking of the world's wealthiest individuals, highlighting their net worth and changes over a specific period. Group 1: Wealth Rankings - Elon Musk leads the list with a net worth of $411.4 billion, experiencing an increase of $1.91 million (0.05%) [1] - Mark Zuckerberg ranks second with a net worth of $239.6 billion, down by $28 million (-1.16%) [1] - Jeff Bezos follows in third place with a net worth of $227.8 billion, decreasing by $40 million (-1.73%) [1] - Larry Ellison is fourth with a net worth of $217.1 billion, down by $12 million (-0.54%) [1] - Warren Buffett ranks fifth with a net worth of $152.3 billion, decreasing by $8.01 million (-0.52%) [1] Group 2: Additional Notable Figures - Larry Page has a net worth of $146.9 billion, down by $9.59 million (-0.65%) [1] - The Bernard Arnault family is valued at $142.3 billion, decreasing by $12 million (-0.81%) [1] - Sergey Brin's net worth stands at $140.4 billion, down by $8.97 million (-0.64%) [1] - Steve Ballmer has a net worth of $135.7 billion, increasing by $3.79 million (0.28%) [1] - Jensen Huang is valued at $124.6 billion, decreasing by $9.73 million (-0.77%) [1]

Core Insights - Warren Buffett's investment philosophy emphasizes buying wonderful companies at fair prices, which is challenging in the AI sector due to high valuations [1] - Despite the challenges, there are valuable investment opportunities in AI stocks, particularly in companies like Micron Technology, Dell Technologies, and Alphabet [2] Company Summaries Micron Technology - Founded in 1978, Micron specializes in computer memory and storage solutions, recently launching the world's first 1-gamma memory chip, enhancing AI hardware capabilities [4] - The company's high-bandwidth memory chips achieved over $1 billion in sales for the first time in its fiscal second quarter, contributing to total sales of $8.1 billion, a nearly 40% increase from $5.8 billion the previous year [5] - Fiscal second-quarter net income doubled year-over-year to $1.6 billion, with diluted earnings per share rising to $1.41 from $0.71, and the company forecasts third-quarter revenue around $8.8 billion, up from $6.8 billion last year [6] Dell Technologies - Dell provides servers, PCs, and hardware for AI systems, experiencing strong demand for AI-optimized servers, with sales increasing 5% year-over-year to $23.4 billion in its fiscal first quarter [7] - Customer orders for AI hardware exceeded $12.1 billion in Q1, surpassing total shipments for the entire fiscal year 2025, with projected revenue for fiscal 2026 expected to reach at least $101 billion, up from $95.6 billion [8] Alphabet - Alphabet integrates proprietary AI into its products, leading to significant revenue growth, with first-quarter revenue reaching $90.2 billion, up from $80.5 billion the previous year [10] - Google Cloud's first-quarter sales grew to $12.3 billion from $9.6 billion, driven by AI advancements [9] - The company plans to invest $75 billion in capital expenditures this year, up from $52.5 billion in 2024, to further enhance its AI capabilities [12] Investment Valuation - Micron, Dell, and Alphabet are considered "wonderful companies" with strong growth and dividend payments, yet their forward price-to-earnings ratios are significantly lower than those of AI giants like Nvidia and Microsoft, indicating they are undervalued [13][15]

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited Q1 FY26/FY25 financials detail position, income, cash flows, and equity, reflecting revenue and operating income growth, Secureworks sale, and prior-year revisions Q1 FY2026 Key Financial Highlights (vs. Q1 FY2025) | Financial Metric | Q1 FY2026 (ended May 2, 2025) | Q1 FY2025 (ended May 3, 2024) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | $23,378 million | $22,244 million | +5.1% | | **Gross Margin** | $4,937 million | $4,851 million | +1.8% | | **Operating Income** | $1,165 million | $965 million | +20.7% | | **Net Income** | $965 million | $992 million | -2.7% | | **Diluted EPS** | $1.37 | $1.37 | 0.0% | | **Cash Flow from Operations** | $2,796 million | $1,043 million | +168.1% | - Total assets increased to **$86.9 billion** as of May 2, 2025, from **$79.7 billion** as of January 31, 2025. Total liabilities also increased to **$89.9 billion** from **$81.1 billion**, resulting in a wider total stockholders' **deficit of $(3.0) billion**[15](index=15&type=chunk) - The sale of Secureworks was completed on February 3, 2025, for a purchase price of approximately **$0.9 billion**, resulting in a **gain on sale of $0.2 billion**[42](index=42&type=chunk) - Previously issued financial statements for the three months ended May 3, 2024, were revised to correct for unrecorded supplier credits, increasing the previously reported operating income by **$45 million** and net income by **$37 million**[39](index=39&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 FY26 financial performance, key business trends, and outlook, including segment results, liquidity, and capital resources [Introduction & Business Trends](index=49&type=section&id=Introduction%20%26%20Business%20Trends) Dell Technologies saw strong Q1 FY26 results from AI server demand and PC refresh, with full-year revenue growth expected despite anticipated margin pressure and VMware agreement termination - The company expects net revenue growth for the full fiscal year, primarily driven by ISG net revenue from servers and networking, and to a lesser extent, CSG net revenue from the PC refresh cycle[207](index=207&type=chunk) - Strong demand for AI-optimized servers led to a significant **increase** in backlog levels compared to the prior quarter, though this also creates variability in revenue timing[210](index=210&type=chunk) - The Commercial Framework Agreement with VMware was terminated on March 25, 2024; Dell no longer acts as a distributor for standalone VMware products but continues to integrate VMware products with its VxRail solution[212](index=212&type=chunk) - The company anticipates a modest **decline** in input costs during Fiscal 2026, primarily from deflation in component costs[208](index=208&type=chunk) [Consolidated Results of Operations](index=59&type=section&id=Consolidated%20Results%20of%20Operations) Q1 FY26 saw total net revenue and operating income growth, driven by product revenue and cost management, offsetting gross margin pressure from competitive pricing and product mix shifts Q1 FY2026 Consolidated Performance | Metric | Q1 FY2026 | YoY Change | | :--- | :--- | :--- | | **Total Net Revenue** | **$23.4 billion** | **+5%** | | Product Revenue | **$17.6 billion** | **+9%** | | Services Revenue | **$5.8 billion** | **-6%** | | **Operating Income** | **$1.2 billion** | **+21%** | | **Non-GAAP Operating Income** | **$1.7 billion** | **+10%** | | **Operating Margin** | **5.0%** | **+70 bps** | | **Non-GAAP Operating Margin** | **7.1%** | **+30 bps** | - The **6% decrease** in services revenue was primarily due to the **decline** in Corporate and other services net revenue, as Dell no longer acts as a distributor of standalone VMware offerings[245](index=245&type=chunk) - Gross margin percentage **decreased by 70 bps** to **21.1%**, driven by a competitive CSG pricing environment and a product mix shift within ISG[248](index=248&type=chunk) - Operating expenses **decreased 3%** YoY, driven by a **5% reduction** in SG&A from lower headcount and disciplined cost management[251](index=251&type=chunk)[256](index=256&type=chunk) [Business Unit Results](index=65&type=section&id=Business%20Unit%20Results) ISG revenue and operating income grew significantly, driven by AI server demand, while CSG revenue increased but operating income declined due to a competitive pricing environment Q1 FY2026 Segment Performance | Segment | Net Revenue (million) | YoY Change | Operating Income (million) | YoY Change | Operating Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | **ISG** | **$10,317 M** | **+12%** | **$998 M** | **+36%** | **9.7%** | | - Servers & Networking | **$6,321 M** | **+16%** | | | | | - Storage | **$3,996 M** | **+6%** | | | | | **CSG** | **$12,509 M** | **+5%** | **$653 M** | **-16%** | **5.2%** | | - Commercial | **$11,046 M** | **+9%** | | | | | - Consumer | **$1,463 M** | **-19%** | | | | - ISG's operating margin **increased by 170 basis points** to **9.7%**, driven by strong revenue growth and disciplined cost management, which offset a lower gross margin rate from product and geographic mix shifts[269](index=269&type=chunk) - CSG's operating margin **decreased by 130 basis points** to **5.2%**, primarily due to a **decline** in gross margin rate resulting from a competitive pricing environment[272](index=272&type=chunk) [Liquidity and Capital Resources](index=69&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity strengthened with increased cash and strong operating cash flow, while total debt principal rose due to new Senior Notes, and capital was returned to shareholders via repurchases and dividends - Cash and cash equivalents **increased by $4.1 billion** during the quarter to **$7.7 billion**, supported by strong operating cash flow of **$2.8 billion** and proceeds from debt issuance and the sale of Secureworks[286](index=286&type=chunk)[296](index=296&type=chunk) - Total debt principal **increased by $4.2 billion** to **$29.0 billion** as of May 2, 2025, primarily due to a **$4.0 billion** issuance of new Senior Notes[290](index=290&type=chunk) - The company returned significant capital to shareholders, including **$2.0 billion** in share repurchases and **$0.4 billion** in dividend payments during the quarter[303](index=303&type=chunk)[304](index=304&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=76&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposure has not materially changed from disclosures in the prior fiscal year's Annual Report on Form 10-K - There has been no material change in the company's exposure to market risks since the disclosures in its Annual Report on Form 10-K for the fiscal year ended January 31, 2025[320](index=320&type=chunk) [Item 4. Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective due to a material weakness in internal control over financial reporting related to supplier credits, with remediation ongoing - Management concluded that as of May 2, 2025, the company's disclosure controls and procedures were **not effective** at a reasonable assurance level[323](index=323&type=chunk) - The ineffectiveness is due to a previously disclosed **material weakness** in internal control over financial reporting concerning non-recurring credits from certain suppliers[324](index=324&type=chunk) - As part of its remediation efforts, the company has designed and implemented a new control over non-recurring credits from certain suppliers[325](index=325&type=chunk)[328](index=328&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings information is referenced from Note 10, with no anticipated material adverse effect on financial condition - Information on legal proceedings is incorporated by reference from Note 10 of the financial statements[331](index=331&type=chunk) - The company does not currently anticipate that any of its ongoing legal proceedings will have a material adverse effect on its business, financial condition, results of operations, or cash flows[139](index=139&type=chunk) [Item 1A. Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K for the prior fiscal year - The company refers to the risk factors section of its Annual Report on Form 10-K for the fiscal year ended January 31, 2025, indicating no material changes[332](index=332&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased shares in Q1 FY26, with an additional $10 billion authorized for the stock repurchase program Share Repurchases in Q1 FY2026 | Period | Total Shares Purchased (millions) | Weighted Avg. Price per Share | | :--- | :--- | :--- | | Feb 1 - Feb 28, 2025 | **3.1** | **$108.93** | | Mar 1 - Mar 28, 2025 | **6.3** | **$95.58** | | Mar 29 - May 2, 2025 | **12.7** | **$82.48** | | **Total** | **22.1** | | - On February 27, 2025, the Board of Directors authorized an additional **$10 billion** for the stock repurchase program[334](index=334&type=chunk) - Following the February 27, 2025 authorization, the company had approximately **$11.5 billion** of authorized shares remaining under the program[302](index=302&type=chunk)[334](index=334&type=chunk) [Item 5. Other Information](index=79&type=section&id=Item%205.%20Other%20Information) Company officer Richard Rothberg adopted a Rule 10b5-1 trading plan for the sale of Class C Common Stock shares - Company officer Richard Rothberg adopted a written plan under Rule 10b5-1(c) on March 4, 2025, for the sale of up to **70,165 shares** of Class C Common Stock[336](index=336&type=chunk) [Item 6. Exhibits](index=80&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including supplemental indentures for new senior notes, CEO/CFO certifications, and XBRL data files - Lists filed exhibits, including supplemental indentures for new **4.750%** Senior Notes due 2028, **5.000%** Senior Notes due 2030, **5.300%** Senior Notes due 2032, and **5.500%** Senior Notes due 2035[338](index=338&type=chunk) - Includes required CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[338](index=338&type=chunk)

Core Viewpoint - Dell Technologies has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. Business Improvement Indicators - The increase in earnings estimates and the Zacks rating upgrade suggest an improvement in Dell Technologies' underlying business, which could lead to higher stock prices as investors respond positively [4][9]. Earnings Estimate Revisions - Dell Technologies is projected to earn $9.43 per share for the fiscal year ending January 2026, with no year-over-year change, but the Zacks Consensus Estimate has increased by 1% over the past three months [7]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [6][8]. - The upgrade of Dell Technologies to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].