Dell Technologies (DELL)

Outperform Recap: Q1 FY27

Supply, Not Demand, Is the Only Ceiling: A Record $43.8B Quarter and a $27B Guide Raise — But the Stock Has Already Doubled

Outperform Recap: Q4 FY26

Q4 FY26 + FY27 Guide Recap: $34.1B AI Orders Record, $43B Backlog, $50B FY27 AI Revenue Guide, Dividend +20% — Maintaining Outperform with HIGH Conviction

Outperform Recap: Q3 FY26

Q3 FY26 Recap: AI Orders Rebound to Record $12.3B, ISG Margin Recovers +360bps, Q4 Guide Beats — Maintaining Outperform

Outperform Recap: Q2 FY26

Q2 FY26 Recap: Record $8.2B AI Shipments, FY26 Guide Raised on Revenue + EPS + AI — Maintaining Outperform

Outperform Recap: Q1 FY26

Q1 FY26 Recap: $12.1B AI Orders in One Quarter Eclipse All of FY25 Shipments — Initiating at Outperform