Dell Technologies(US:DELL) Sou Hu Cai Jing·2025-11-26 06:56Core Insights - Dell Technologies has raised its annual AI server market forecast, reflecting sustained demand driven by data center growth [1] - The company reported $12.3 billion in AI server orders for Q3, with $5.6 billion in shipments and a backlog of $18.4 billion [1] - Dell increased its full-year shipment forecast from $20 billion to $25 billion [1] - The AI data center construction boom is significantly boosting demand for high-performance AI servers from Dell, Supermicro, and HP [1] Financial Performance - Dell's infrastructure division reported an operating profit margin of 12.4%, exceeding analyst expectations of 11.2% [2] - The overall gross margin for Dell was 21.1%, also above the market average forecast of 20.4% [3] - Following the earnings report, Dell's stock rose approximately 2% in after-hours trading, reaching $125.92, with a year-to-date increase of 9.3% [4] Revenue and Earnings - For the fiscal year ending in January, Dell expects adjusted earnings per share of approximately $9.92 and revenue of about $111.7 billion, up from previous estimates of $9.55 and $107 billion [4] - AI demand accelerated in the second half of the year, leading to a record $30 billion in AI orders year-to-date [5] - Q3 revenue grew 11% year-over-year to $27 billion, slightly below analyst expectations of $27.2 billion [5]