戴尔 DELL：存储涨价添堵？AI 指引再撑腰

Core Performance - Dell Technologies reported Q3 FY26 revenue of $27 billion, a year-over-year increase of 10.8%, close to market expectations of $27.3 billion, with nearly $2.7 billion of the increase attributed to AI server shipments [1][15] - The gross margin for the quarter was 20.7%, down 1.1 percentage points year-over-year, slightly better than the market expectation of 20% [1][16] - The Infrastructure Solutions Group (ISG) revenue was $14.1 billion, a year-over-year increase of 24%, meeting market expectations [26][29] AI Server Business - AI server revenue for the quarter was approximately $5.6 billion, aligning with market expectations [1][31] - The backlog for AI server orders reached $18.4 billion, with projections for next quarter's AI server revenue to be around $9.4 billion, significantly exceeding market expectations [1][4][29] Client Solutions Group (CSG) - CSG revenue was $12.5 billion, a year-over-year increase of 3%, but below market expectations of $12.7 billion [30] - Commercial customer revenue was $10.6 billion, up 5% year-over-year, while personal consumer revenue fell 7% to $1.86 billion [30][35] Future Guidance - The company raised its Q4 revenue guidance to $31-32 billion, up from previous guidance of below $29 billion, driven by AI business growth [1][4] - The projected GAAP EPS for the next quarter is $3.1, reflecting growth primarily from AI business [1][4] Cost and Profitability - Operating expenses for the quarter were $3.47 billion, down 5% year-over-year, with a reduction in sales and management costs due to the low performance of traditional businesses [18][20] - Core operating income was $2.12 billion, a 27% increase year-over-year, with a core profit margin of 7.8% [20][22] Market Context - The company previously raised its long-term revenue guidance for FY26-30 from 3-4% to 7-9%, which initially boosted stock prices [5] - Concerns over rising storage costs and potential impacts on PC business have led to cautious market expectations [8][10]