---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41239193.md"
description: "DELL 1QFY27 First Take: Results beat across the board, with revenue up $10.5bn QoQ and growth reaccelerating. The quarter’s upside was driven mainly by ISG (servers) shipments. AI revenue reached $16.1bn, up $7.2bn QoQ and ahead of the raised consensus (~$15.6bn). New AI orders were $24.4bn vs. market expectations of $10–15bn, taking backlog to $51.3bn by quarter-end and laying the groundwork for sustained high growth. Street expectations for AI servers had already moved up ahead of the print. The biggest surprise came from traditional servers, where revenue hit $8.5bn (+92% YoY), far above the ~$5bn the market expected and the primary source of the beat. The market had assumed traditional servers would be steady with a mild uptick. Demand is now clearly inflecting higher. Guidance was the real positive surprise: next-quarter revenue is guided to $44–45bn, well above the Street’s ~$37.6bn. The midpoint implies QoQ growth of $0.2–1.2bn. Based on the current ~$50bn backlog and order visibility, we estimate AI revenue could be $15.5bn+ next quarter, likely a modest QoQ dip as the business remains ‘supply constrained’. Shares have rallied on rising expectations for DELL’s AI servers. The platform is transitioning from GB200 to GB300, directly lifting ASPs. DELL currently benefits from both volume and price tailwinds, alongside a recovery in traditional servers, with AI outperformance pushing valuation beyond its historical range. Management raised the full-year guide to $165–169bn, up $17bn vs. the prior $138–142bn. This quarter alone exceeded the previous quarterly guide by roughly $10bn. We view the new FY outlook as conservative, leaving room for further upward revisions. Overall, DELL’s AI business is accelerating while legacy segments are clearly recovering, allowing the company to fully participate in this AI cycle with both earnings and valuation moving higher. For more, follow Dolphin Research’s subsequent takes and Trans. $Dell Tech(DELL.US)"
datetime: "2026-05-29T00:43:12.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41239193.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41239193.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41239193.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# DELL 1QFY27 First Take: Results beat across the bo…


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## Comments (1)

- **为为的钻石 · 2026-05-29T02:03:03.000Z**: Can I still buy in?