Jeff Pu(@sssjeffpu):Dell (DELL) F2Q Preview • F2Q27E preview soft: $42.2bn rev (below $44.5bn guidance mid) • GM 18.3%, EPS $4.70 (vs cons $4.84) • Expect AI server guidance raise to ~$75bn • That should lift full-year numbers, but market already prices it in • NVL72 shipments cut to 17k / 20k in FY27E / FY28E • Traditional servers still +75%, CSG only +4% in FY27E • Early signs of enterprise & PC demand cooling after strong 1H26 • Competition: Hon Hai winning more SpaceX orders on Rubin • Positives: Tier-2 Neoclouds (IREN, NScale, Crusoe) building out • Vera CPU racks shipping to Oracle + SpaceX • Stock still looks expensive at ~20x FY28E EPS. Maintain HOLD #DELL #Rubin #SpaceX

2026.08.28 09:03

Dell (DELL) F2Q Preview • F2Q27E preview soft: $42.2bn rev (below $44.5bn guidance mid) • GM 18.3%, EPS $4.70 (vs cons $4.84) • Expect AI server guidance raise to ~$75bn • That should lift full-year numbers, but market already prices it in • NVL72 shipments cut to 17k / 20k in FY27E / FY28E • Traditional servers still +75%, CSG only +4% in FY27E • Early signs of enterprise & PC demand cooling after strong 1H26 • Competition: Hon Hai winning more SpaceX orders on Rubin • Positives: Tier-2 Neoclouds (IREN, NScale, Crusoe) building out • Vera CPU racks shipping to Oracle + SpaceX • Stock still looks expensive at ~20x FY28E EPS. Maintain HOLD #DELL# #Rubin# #SpaceX#