AI周观察：戴尔服务器需求加速放量，Gemini活跃度持续上升

Investment Rating - The report maintains a cautiously optimistic view on the company's medium to long-term profitability in AI infrastructure and corporate IT spending recovery [2][22]. Core Insights - The company achieved record high revenue and EPS in Q3 FY2026, driven by AI infrastructure demand and PC replacement cycles, with ISG showing double-digit growth for multiple quarters [2][12]. - Zscaler's Q3 FY2026 results showed strong performance with ARR reaching $3.2 billion, a 26% year-over-year increase, indicating sustained contract lock-in [2][25]. - The report highlights the need to monitor the pace of AI order fulfillment and the impact of rising storage costs on profit margins [2][22]. Summary by Sections AI Infrastructure and Server Demand - The company reported a revenue of $27 billion in Q3, a double-digit year-over-year growth, with ISG revenue increasing by 24% to $14.1 billion [12][17]. - AI server orders reached $12.3 billion in the quarter, with a backlog of $18.4 billion, indicating strong demand sustainability [17][22]. Zscaler Performance - Zscaler's revenue for Q3 was $788 million, reflecting a 26% year-over-year and 10% quarter-over-quarter growth, with a gross margin of 79.9% [25][27]. - The company anticipates FY2026 Q2 revenue between $797 million and $799 million, projecting a 23% year-over-year growth [26]. NAND and Storage Market Trends - NAND spot prices have stabilized, with demand remaining resilient despite high prices, indicating ongoing supply chain dynamics [23][24]. - The report notes a slight decline in storage business revenue but highlights the continued strong demand for proprietary storage solutions [18][22].