DELL 全部观点

Del just smashed earnings, suggesting the AI overbuild is nowhere close to finishing, which has been consistent with the thesis given that we really believe that the money coming from SpaceX and other companies is going to keep going into this vortex, whether it's the anthropic IPO or money raising, debt financing, whatever, it's all just going to kind of keep cycling into these AI hardware companies.

Just EPS came in at $74. That is well ahead of estimates for $4.92. Revenue was 46.97 billion, topping expectations of 44.92 billion. AI optimized server revenue that came in ahead of expectations at 16.4 billion, up 27% year-over-year, even against what was a very tough comp after last year's blowout growth.

it's a down day for a lot of the AI trade, Dell included. But we do have Dell reporting later today. So, let's go inside out and preview that report.

What are we expecting from Dell tonight? I mean, what have they got to say? Are we going to keep seeing AI demand offsetting the memory pressures? I do think Dell is in a very good position to figure out a way to offset that.

You know, they're the largest of those uh kind of OEM system integrators uh in this space and they have a lot more pricing power than some of the smaller some of the smaller options.

and this week we'll see names like Dell reporting tomorrow.

So, let's look at Dell here. They had their AI server revenue jump to north of $16 billion last quarter. Its AI backlog was north of $51 billion. There was discussion then around whether this was just a massive backlog story or if this was a sustainable earning story.

Next up and lastly, guys, Dell going into earnings tomorrow. Dell has pulled back pretty decently from its recent highs and most recently been making these recent highs. It did close out above a weekly topping tail.

So, right now, Dell is kind of in no-man's-land, as you see here, trading right here on the 50% area of the parallel.

All right, let's go deep on Dell and tomorrow's earnings report. So, we think about Dell. Let's hear what your thoughts are when it comes to Dell for the earnings. Yeah. So, we have a great story for infrastructure providers like Dell, right? Great backlog coming into the quarter.

Could Dell stock be a massive beneficiary of the move to open weight models?

And how could Dell potentially be a massive beneficiary of those open weight models? Really important. So, we're going to talk about in this.

Probably does mean there's there's got to be some more cybersecurity spending on endpoint management and server management for people but Dell is very interestingly positioned to take advantage of exactly this transition to open weight models.

imagine we get a delicious 10% day and this company adds literally a Dell and a half. And I don't mean Adele the Singer. I mean Dell and another half of Dell.

Dell. Uh, we talked about this one earlier. I mean, really, I think they're they're taking advantage hookline and sinker of the open weight play. Uh, which is smart. Really smart. So, I uh I'm excited for them.

Dell is less shiny since it doesn't build the chips or the AI models, but they do provide the infrastructure for it all, the data centers. So, it's not a pure play because half of their revenues comes from this legacy PC segment or at least that was the case in the past year.

But now it has shifted slightly and the infrastructure part of the business has actually grown to 60% primarily driven by 70% revenue growth in that segment year-over-year.