Dell Technologies (NYSE: DELL) has seen remarkable progress in the stock market so far in 2024, with shares up 76% as of now. This surge is attributed to the increased demand for its server solutions that support artificial intelligence (AI) chips. The company’s performance will face scrutiny when it reveals its fiscal 2025 third-quarter earnings on Tuesday, Nov. 26. Investors will be keen to determine if Dell's guidance will allow it to maintain its impressive momentum. **Don't Miss The Morning Scoop!** Get breakfast news delivered to your inbox every market day. Sign Up For Free » **Potential for Dell to Surpass Expectations** In Dell's fiscal 2025 second-quarter report in August, management indicated that growth could accelerate in the fiscal year's second half. They forecasted Q3 revenue to be approximately $24. 5 billion, marking a 10% increase from the same period last year. Dell anticipates adjusted earnings might reach $2 per share.
However, Yahoo!Finance’s consensus estimates expect $2. 04 per share in earnings on $24. 7 billion in revenue. Given the strong demand for AI servers, Dell might surpass Wall Street’s heightened expectations. For example, in fiscal Q2, Dell sold $3. 2 billion in AI servers, up from $2. 6 billion in Q1, and ended Q2 with an AI server order backlog of $3. 8 billion. Additionally, Dell reported that its potential revenue pipeline “has grown to several multiples of our backlog. ” If the company can ship more AI servers thanks to an improved supply chain, it might report better-than-anticipated results. Another positive factor for Dell is the challenges faced by competitor Super Micro Computer (NASDAQ: SMCI). Supermicro’s stock has dropped due to issues including alleged accounting manipulation, its auditor's resignation, and management's delay in filing an annual report. As a result, Supermicro’s clients appear to be shifting orders. According to Tom's Hardware, Elon Musk’s xAI reportedly redirected $6 billion in AI server orders away from Supermicro. Dell, being one of the largest server manufacturers globally, stands to gain significantly from this development.
Dell Technologies Stock Soars 76% in 2024 Amid AI Server Demand
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