DELL First Take: Results beat across the board, with revenue up $3.1bn QoQ.

Growth was primarily driven by ISG (servers), where refresh demand remains robust.

AI revenue came in at $16.4bn, +$0.3bn QoQ and ahead of market expectations ($15.8bn).

New AI orders surged to $60.9bn, and backlog reached $95.0bn.

This underpins sustained high growth.

This quarter’s AI revenue was largely propelled by Blackwell demand.

With Rubin shipments in H2, AI server ASPs should move higher, and the server-led acceleration is driving a rerating beyond the traditional valuation lens.

Management raised the FY revenue guide to $190–194bn, +$25bn vs. the prior $165–169bn and well above the street’s $170–180bn.

Given next-quarter guidance of $49.0bn, implied Q4 revenue is approx. $50–54bn.

As Rubin is likely to scale in Q4, Dolphin Research views the FY guide as conservative and expects further raises.

For more details, follow Dolphin Research’s subsequent notes and Trans. $Dell Tech(DELL.US)