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Dell’s Q127. Soaring After Hours On Massive AI Server Driven Beat & Raise

HPE Q2 FY26. Two Years Ahead Of Fiscal Plan!

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Equity Bottom-Up

<ul>
<li>Dell's AI server business grew 13x in two years to $24.7B in FY26, with a $43B backlog and $50B FY27 guidance signalling sustained structural demand</li>
<li>Despite 25% forward EPS growth and record $11.2B operating cash flow, Dell trades at just 1.1x forward EV/Sales, in line with slow-growth OEM peers</li>
<li>
<strong>The core thesis</strong>: the market is applying a hardware assembler multiple to an increasingly scaled AI infrastructure platform, creating a potential re-rating opportunity.</li>
</ul>


Dell's AI server business grew 13x in two years to $24.7B in FY26, with a $43B backlog and $50B FY27 guidance signalling sustained structural demand
Despite 25% forward EPS growth and record $11.2B operating cash flow, Dell trades at just 1.1x forward EV/Sales, in line with slow-growth OEM peers

The core thesis: the market is applying a hardware assembler multiple to an increasingly scaled AI infrastructure platform, creating a potential re-rating opportunity.


Dell Technologies (NYSE: DELL): Underrated Stock in the AI Infrastructure Boom