---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43706294.md"
description: "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)"
datetime: "2026-09-01T23:46:41.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43706294.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43706294.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43706294.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# DELL First Take: Results beat across the board, wi…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**