Dell Technologies Inc Ordinary Shares - Class C

DELL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Dell Earnings: $12.1 Billion Surge in AI Server Orders; Raising Fair Value to $125 From $121

Eric Compton , Jivyaa Vaidya

May 30, 2025

No-moat Dell Technologies released first-quarter 2026 earnings that lightly beat our top-line and bottom-line estimates. However, the real story was Dell’s surging artificial intelligence server orderbook, with the backlog soaring from $4.1 billion last quarter to $14.4 billion in the current quarter. This development supports Dell’s overall AI revenue goals for the year and supports our overall thesis on the company.

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Dell Technologies Inc Ordinary Shares - Class C

Dell Earnings: $12.1 Billion Surge in AI Server Orders; Raising Fair Value to $125 From $121

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