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Sentiment · FY2027 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Wamsi Mohan | Bank of America | 7 | 14% |
| Ben Reitzes | Melius Research | 7 | 14% |
| Erik Woodring | Morgan Stanley | 7 | 0% |
| Amit Daryanani | Evercore ISI | 7 | 14% |
| Samik Chatterjee | JPMorgan | 7 | 14% |
| Asiya Merchant | Citigroup | 7 | 0% |
| Dave Vogt | UBS | 7 | 0% |
| Simon Leopold | Raymond James | 6 | 0% |
| Krish Sankar | TD Cowen | 5 | 0% |
| Mike Ng | Goldman Sachs | 5 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Bank of America | 1 | 7 | 14% |
| Citigroup | 1 | 7 | 0% |
| Evercore ISI | 1 | 7 | 14% |
| JPMorgan | 1 |
| 7 |
| 14% |
| Melius Research | 1 | 7 | 14% |
| Morgan Stanley | 1 | 7 | 0% |
| UBS | 1 | 7 | 0% |
| Goldman Sachs | 2 | 6 | 0% |
Dell posted a record first quarter, with revenue up 88% to $43.8 billion and non-GAAP EPS up 214% to $4.86, as a surge in AI server demand nearly doubled the top line. AI was the engine: $24.4 billion in orders, $16.1 billion of recognized AI server revenue, and a record $51.3 billion backlog, while traditional servers reaccelerated (+92%) and CSG grew 17%. Operating leverage was the story beneath the headline, with operating expenses falling to 8.4% of revenue, the lowest in over 20 years, even as gross margin rate compressed to 18.1% on lower-margin AI server mix. Management raised full-year FY27 guidance sharply, to revenue of $165-169 billion (midpoint $167 billion) and non-GAAP EPS of $17.90, lifting the prior guide by roughly $27 billion and $5. The main constraint is supply, not demand: memory (DRAM and NAND) inflation and component availability cap the second-half outlook, which management framed with deliberate prudence.
Cloud & AI | Demand | Margin | Revenue Growth | Competitive Dynamics | Supply Chain | Guidance Reliability | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 11 | 9 | 3 | 3 | 4 | 3 | 2 | 1 |
| 2025Q4 | 6 | 6 | 4 | 4 | 2 | 2 | 2 | 1 |
| 2026Q1 | 9 | 4 | 3 | 3 | 4 | 3 | 1 | |
| 2026Q2 | 7 | 5 | 8 | 1 | 4 | 1 | 3 | 1 |
| 2026Q3 | 6 | 4 | 5 | 3 | 3 | 3 | 1 | 2 |
| 2026Q4 | 6 | 5 | 5 | 6 | 3 | 3 | 4 | |
| 2027Q1 | 1 | 3 | 3 | 4 | 1 | 3 | 4 | 2 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | '27Q1 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 11 | 6 | 9 | 7 | 6 | 6 | 1 |
| Demand | 9 | 6 | 4 | 5 | 4 | 5 | 3 |
| Margin | 3 | 4 | 3 | 8 | 5 | 5 | 3 |
| Revenue Growth | 3 | 4 | 3 | 1 | 3 | 6 | 4 |
| Competitive Dynamics | 4 | 2 | 4 | 4 | 3 | 3 | 1 |
| Supply Chain | 3 | 2 | 1 | 3 | 3 | 3 | |
| Guidance Reliability | 2 | 2 | 3 | 3 | 1 | 4 | |
| Pricing | 1 | 1 | 1 | 1 | 2 | 4 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DELL Dell Technologies | 9 | +87.5% | |
| ANET Arista Networks | 9 | +35.1% | |
| HPQ HP Inc. | 6 | +9.0% | |
| NTAP NetApp | 9 | +12.5% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |