DELL Stock Jumps Premarket: Analyst Calls Dell’s Q2 Beat-And-Raise The ‘Most Bullish’ AI Report Since Nvidia’s

• DELL shares jumped 10% premarket after Q2 revenue and adjusted EPS crushed Wall Street estimates, while the company sharply raised its full-year outlook.
• Futurum CEO Daniel Newman called the print the “most bullish” AI trade report since Nvidia’s latest results, while BofA lifted its DELL price target.
• Retail sentiment on Stocktwits turned ‘extremely bullish.’

Dell Technologies shares jumped 10% in premarket trading on Wednesday after the PC and AI infrastructure company delivered a blowout fiscal second quarter and sharply raised its full-year outlook, prompting one analyst to call it the most bullish earnings report for the AI trade since Nvidia’s latest results.

“$DELL print should reignite the AI trade. Most bullish print I’ve seen since $NVDA last week,” Daniel Newman, CEO of Futurum Group, posted on X.

Dell founder and CEO Michael Dell also appeared to celebrate the earnings beat, writing: “There’s an old Texas saying I may have just made up… If you keep growing EPS 200%+ y/y something good will happen.”

BofA Hikes Price Target

Bank of America raised its DELL price target to $600 from $505 while maintaining a ‘Buy’ rating, citing a demand environment that continues to outpace supply by roughly 30% in fiscal 2027, with the gap potentially widening in fiscal 2028, according to a report in Investing.com.

The research firm pointed to constraints across DRAM, NAND, CPUs and hard drives, as well as data-center readiness, as factors supporting pricing and visibility.

Retail View On DELL

Dell’s upbeat report comes as investors debate whether AI infrastructure spending can maintain its pace. The latest results suggest demand remains well ahead of available supply.

On Stocktwits, the retail sentiment for DELL shifted to ‘extremely bullish’ from ‘bullish,’ with the ticker trending among the top 10 at the time of writing.

“DELL absolutely as good as it could get quarter.  That EPS is incredible.  Upgrades are definitely coming, demand is robust.  undervalued after that earnings,” wrote a trader.

Another trader posted a caution view: “$DELL The $95B AI backlog creates an execution challenge… That's bullish for demand, but Dell now has to convert that enormous backlog into shipments while managing GPU/memory availability, component inflation and margins.”

DELL stock has already gained 241% this year.

Dell’s Q2 Recap

Dell reported second-quarter revenue of $47 billion, up 58% and ahead of Wall Street expectations of about $44.9 billion. Adjusted earnings of $7.04 per share more than tripled from a year earlier and topped the $4.91 consensus estimate.

The company also raised its fiscal 2027 revenue outlook to $192 billion from a previous range of $165 billion to $169 billion, while lifting adjusted EPS guidance to $25.50 from $17.90. Dell now expects AI-optimized server revenue of $74 billion, up from its prior $60 billion forecast.  

AI infrastructure remained the key growth engine. Dell booked a record $60.9 billion in AI server orders during the quarter, generated $16.4 billion in AI-optimized server revenue and ended the period with a $95 billion backlog.

The next catalyst for the AI infrastructure is HP Enterprises quarterly report due after close on Wednesday.

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