Dell Technologies(US:DELL) Benzinga·2026-02-26 15:55Core Insights - Nvidia Corp exceeded Q4 earnings expectations and guided Q1 revenue to $78 billion, surpassing the $72 billion estimate [1] - Dell Technologies is set to report fiscal Q4 with a record $18.4 billion AI server backlog, with Wall Street expecting $31.7 billion in revenue and $3.52 in adjusted EPS [1][2] Dell's Earnings Call Expectations - The earnings call is scheduled for 3:30 p.m. CST, with Polymarket indicating a 92% chance of Dell beating the $3.52 EPS consensus [2] - The focus will be on insights from Michael Dell and COO Jeff Clarke regarding future strategies [2] Market Sentiment and Trading Insights - Traders on Kalshi have placed $56,000 in volume betting on specific phrases from Dell's team, with "EPS Growth" leading at 86% and "Nvidia" at 77% [3] - There is speculation that Dell may downplay its GPU dependency and emphasize its own intellectual property [3] Analyst Ratings and Market Position - Morgan Stanley has an Underweight rating on Dell with a $110 target, citing rising memory costs as a margin pressure [4] - Evercore ISI added Dell to its Tactical Outperform list, while Barclays upgraded to Overweight at $148, indicating mixed market sentiment [8] Financial Metrics and Stock Performance - Dell returned $1.6 billion to shareholders last quarter, indicating a focus on capital return rather than growth [5] - The stock is currently around $123, down over 4% in 2026, with a P/E of 15.52 compared to the industry average of 35.22 [8] Product Developments - Dell announced the PowerEdge XR9700, a rugged liquid-cooled server designed for edge AI and telecom workloads, highlighting its commitment to innovation [5] China Market Exposure - Dell has significant consumer and commercial PC exposure in China, but lacks a strong AI server narrative like Nvidia [6] - Any mention of China in the earnings call is expected to focus on retail demand or supply chain issues rather than export controls [6]