盘前涨超2%！戴尔三季度营收不及预期但AI订单激增，全年AI服务器出货目标上调至250亿美元

Core Viewpoint - Dell's Q3 revenue reached $27.01 billion, an 11% year-over-year increase, but slightly below Wall Street expectations, while adjusted EPS of $2.59 exceeded analyst forecasts [1][3][5] Financial Performance - Q3 net profit was $1.54 billion, a 32% year-over-year increase, with an overall gross margin of 21.1%, surpassing the expected 20.4% [3][11] - Infrastructure Solutions Group (ISG) revenue was $14.11 billion, meeting expectations, with server and networking business growing by 37% [3] - PC and Client Solutions Group (CSG) revenue was $12.48 billion, below the expected $12.65 billion, with commercial PCs growing by 5% but consumer PCs declining by 7% [3][15] AI Business Surge - Dell received $12.3 billion in AI server orders in Q3, leading to a backlog of $18.4 billion [7][8] - The annual AI server shipment target was raised from $20 billion to $25 billion, indicating strong demand for AI infrastructure [8][9] - Q4 AI server sales are projected at $9.4 billion, contributing to a cumulative order total of $30 billion for the year [4][8] Profitability and Cost Challenges - The operating margin for the infrastructure business reached 12.4%, exceeding analyst expectations of 11.2%, indicating signs of margin improvement [11] - Despite the growth in AI server business, rising costs for memory chips like DRAM and NAND are compressing profit margins [12][13] - Dell faces a challenging decision on whether to absorb cost pressures or pass them on to customers, with competitive pressures from rivals like Super Micro and HPE [12][13] Traditional PC Market Struggles - The PC and client business is experiencing sluggish growth, with Q3 revenue of $12.48 billion, showing only a 3% year-over-year increase [15][19] - The consumer PC segment is particularly weak, with a 7% decline, reflecting a broader industry challenge [15][18] - Dell's reliance on the PC business, which contributes nearly 40% of revenue, poses a risk to overall growth amid ongoing market difficulties [19]