Core Insights - Dell Technologies reported a revenue of $27 billion for Q3 of fiscal year 2026, marking an 11% year-over-year increase. Diluted earnings per share reached $2.28, up 39%, while non-GAAP diluted earnings per share hit a record $2.59, growing 17% [1][2]. Financial Performance - The Infrastructure Solutions Group (ISG) generated $14.1 billion in revenue for Q3, a 24% increase year-over-year. Server and networking revenue reached a record $10.1 billion, growing 37%, while storage revenue was $4 billion, down 1%. Operating profit for ISG was $1.7 billion, up 16% [1]. - The Client Solutions Group (CSG) reported revenue of $12.5 billion for the quarter, a 3% increase year-over-year. Commercial customer revenue was $10.6 billion, up 5%, while consumer revenue was $1.9 billion, down 7%. Operating profit for CSG remained flat at $748 million compared to the same period last year [1]. Strategic Developments - Dell's COO Jeff Clarke highlighted the rapid growth in artificial intelligence (AI), with AI server orders reaching a new high of $12.3 billion in Q3. Year-to-date, AI server orders have totaled an unprecedented $30 billion. The company has a backlog of $18.4 billion in orders, significantly exceeding future order reserves [2].

| | | | Three Months Ended | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | October 31, | | November 1, | | | October | | | | 2025 | | 2024 | Change | | 202 | | | | | | | (in millions, except per share amounts and percen | | | | Net revenue | S | 27,005 | S | 24,366 | 11% | S | | | Operating income | Ş | 2,119 | S | 1,721 | 23% | S | | | Net income | $ | 1,548 | S | 1,170 | 32% | S | | | Change in cash from operating activities | S | 1,172 | ટે | 1,553 | (25)% | S | | | Earnings per share - ...

Group 1 - Dell Technologies reported quarterly earnings of $2.59 per share, exceeding the Zacks Consensus Estimate of $2.48 per share, and up from $2.15 per share a year ago, representing an earnings surprise of +4.44% [1] - The company posted revenues of $27.01 billion for the quarter ended October 2025, which missed the Zacks Consensus Estimate by 0.98%, compared to $24.37 billion in the same quarter last year [2] - Over the last four quarters, Dell Technologies has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Group 2 - The stock has gained approximately 10.4% since the beginning of the year, while the S&P 500 has increased by 14% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $3.13 on revenues of $27.86 billion, and for the current fiscal year, it is $9.55 on revenues of $108.59 billion [7] Group 3 - The Zacks Industry Rank places the Computer - Micro Computers sector in the bottom 31% of over 250 Zacks industries, indicating potential underperformance compared to the top 50% of ranked industries [8] - The estimate revisions trend for Dell Technologies was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [6]

【环球网财经综合报道】2025 年 11 月 25 日，戴尔科技集团（纽约证券交易所代码：DELL）公布了 2026 财年第三财季业绩报告，以及2026 财年第四财季及全年的业绩指引。公司同时正式任命David Kennedy为首席财务官。 2026 财年第三财季业绩摘要： 第三财季营收达270亿美元，创历史新高，同比增长11% 客户端解决方案集团（ CSG ）业务板块表现如下： 第三财季每股摊薄收益为2.28美元，同比增长39%；non-GAAP 每股摊薄收益达创纪录的2.59美元，增 长17% 第三财季运营现金流为12亿美元 戴尔科技集团首席财务官 David Kennedy 表示："在第三财季，我们实现了270亿美元创纪录的营收和创 纪录的盈利能力，同时拥有强劲的现金流，资本回报超越增长趋势线均值，达16亿美元。2026财年将再 创新高，同时我们将 AI出货指引上调至约 250亿美元，同比增长超过 150%；将营收指引上调至 1,117 亿美元，增长 17%。" 戴尔科技集团副董事长兼首席运营官 Jeff Clarke 表示："下半年人工智能（AI）发展势头迅猛，推动AI 服务器订单额创下123亿美元新 ...

Market Overview - The Dow Jones Industrial Average is up 1.43%, with a 3% increase over the last three trading days, while the NASDAQ has risen approximately 4.3% in the same period [1][2] - The Russell 2000, representing small-cap stocks, has surged 7% since last Friday, indicating strong performance in this segment [2] - Health care has been a leading sector in the fourth quarter, with the XLV ETF up 2.25% today, while consumer discretionary (XLY) also saw gains of over 2% [3] Sector Performance - Seven sectors, including materials, consumer staples, industrials, financials, and communication services, are outperforming the S&P 500, with only energy and utilities showing losses [3] - The technology sector had mixed results, with Nvidia down 2.5% and AMD experiencing a larger loss of 4%, while companies like Applied Materials and Analog Devices saw gains of about 5% [4][5] Company Earnings and Projections - Dell reported Q3 adjusted EPS of $2.59, exceeding estimates of $2.47, with total net revenue of $27.01 billion, slightly below the expected $27.19 billion [26] - Dell raised its full-year revenue outlook to between $111.2 billion and $112.2 billion, driven by strong demand for AI servers [27] - HP, Inc. reported a profit outlook for the current year that misses estimates, projecting earnings of $2.90 to $3.20 per share, while also announcing job cuts of 4,000 to 6,000 by 2028 [52][54] AI and Technology Trends - The AI server market is a significant focus for Dell, with expectations of increased shipments and backlogs, as well as improved operating margins in their infrastructure unit [28][32] - The demand for AI-driven products is causing memory chip prices to rise, with expectations of a 30% increase in Q4 and an additional 20% next year [55] - HP's AIPCs (AI PCs) are gaining traction, with over 30% of their mix in Q4, surpassing the initial target of 25%, highlighting the growing adoption of AI technology in enterprise settings [64][66]

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][13] - Gross margin rose 4% to $5.7 billion, or 21.1% of revenue, primarily due to a shift towards 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 [14] - Client Solutions Group (CSG) revenue increased 3% to $12.5 billion, with commercial revenue up 5% [15] - AI server orders reached $12.3 billion in the quarter, with year-to-date orders totaling $30 billion [7][14] - Storage revenue was $4 billion, down 1%, but demand for Dell's IP portfolio remained strong, particularly in PowerStore [8][14] Market Data and Key Metrics Changes - Demand for traditional servers grew double digits, particularly in EMEA and North America [8] - International growth in CSG accelerated sequentially, up double digits year-over-year [9] - The backlog for AI servers reached a record $18.4 billion, indicating strong future demand [7][14] 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] - Continued emphasis on operational discipline and capital returns to shareholders [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current commodity supply environment, expecting Q4 to remain largely unchanged from Q3 [10][19] - The outlook for Q4 includes revenue guidance between $31 billion and $32 billion, with ISG expected to grow mid-60s percentage [17] - Management remains optimistic about the AI business, supported by a strong backlog and pipeline [18][19] Other Important Information - The company returned $1.6 billion 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 unique situation of rising costs across all products and emphasized their experience in navigating such cycles [24][26] Question: Impact of NVIDIA's vertical integration on Dell's strategy - Management remains confident in their ability to differentiate and deliver complex solutions at scale, despite potential changes in the supply chain [36][38] Question: AI server margins and future expectations - AI server margins improved sequentially, with expectations to maintain mid-single-digit margins moving forward [42][44] Question: Outlook on the PC refresh cycle - Management highlighted that the Windows 11 transition is not complete, presenting significant upgrade opportunities [51][52] Question: AI business growth and financing issues - Management expressed strong conviction in AI demand across various customer segments, with a robust pipeline supporting future growth [58][61] Question: ISG margins and future guidance - ISG margins improved significantly, driven by strong demand for Dell's IP storage portfolio and pricing discipline [70][72] Question: Traditional server demand and upgrade cycle - Management noted that a significant portion of the install base consists of older generation servers, indicating ongoing modernization opportunities [76][77]

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 was up 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 - ISG revenue was a record $14.1 billion, up 24%, marking seven consecutive quarters of double-digit growth [14] - AI server orders reached a record $12.3 billion in the quarter, with shipments of $5.6 billion, totaling $15.6 billion year-to-date [7][14] - CSG revenue increased 3% to $12.5 billion, with commercial revenue up 5% and consumer revenue down 7% [9][15] Market Data and Key Metrics Changes - Demand for traditional servers grew double digits, particularly in EMEA and North America [8] - International growth in CSG accelerated sequentially, up double digits year-over-year [9] - The PC refresh cycle remains durable, supported by an aging installed base and a significant portion of systems not yet upgraded to Windows 11 [9] Company Strategy and Development Direction - The company aims to capitalize on AI infrastructure buildouts and ongoing PC refresh cycles [10][11] - Competitive edge in AI is attributed to the ability to engineer bespoke, high-performance solutions and rapid deployment capabilities [11] - The focus remains on driving shareholder value through strong cash generation and capital returns [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current commodity supply environment and securing supply [10] - 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] - Management remains optimistic about AI demand, with a strong backlog and pipeline supporting future growth [18][19] Other Important Information - The company returned $1.6 billion of capital to shareholders, including share repurchases and dividends [15] - The five-quarter pipeline continues to grow, indicating robust demand across various customer segments [7][19] Q&A Session Summary Question: Customer reaction to pricing discussions across product categories - Management acknowledged the unprecedented cost movements and emphasized their experience in navigating supply chain challenges [24][25] Question: Impact of NVIDIA's vertical integration on Dell's strategy - Management remains confident in their ability to differentiate and deliver complex solutions at scale, despite potential changes in the supply chain [36][37] Question: AI server margins and future expectations - AI server margins improved sequentially, with expectations for continued strength in Q4 driven by a broader customer mix [42][44] Question: Outlook on the PC refresh cycle - Management highlighted that the Windows 11 transition is not yet complete, indicating further opportunities for growth in the PC market [51][52] Question: AI business conviction and financing issues - Management expressed strong conviction in AI demand, supported by a robust backlog and pipeline across various customer types [58][60] Question: ISG margins and future guidance - ISG margins improved significantly, driven by strong demand for Dell's IP storage portfolio and pricing discipline [67][70] Question: Traditional server demand and upgrade cycle - Management noted that a significant portion of the install base consists of older generation servers, presenting opportunities for modernization [76][77]

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 ...