Dell Technologies Inc - Ordinary Shares - Class C

Strong Q1 Performance: Dell Technologies reported Q1 revenue of $23.4 billion, a 5% increase year-over-year, with earnings per share (EPS) rising 17% to $1.55. This reflects strong execution across core markets and a significant cash generation of $2.8 billion in the first quarter, indicating healthy operational efficiency.

AI Server Demand Surges: The company experienced unprecedented demand for AI-optimized servers, with $12.1 billion in orders in Q1, surpassing total shipments for FY 2025. With a backlog now at $14.4 billion, the outlook for AI server revenue is optimistic, with forecasts suggesting a potential total of over $15 billion for FY 2026.

Growth in Enterprise & Commercial PCs: In the Client Solutions Group (CSG), commercial revenue grew by 9%, with strong demand observed across various business segments. However, the consumer segment declined by 19%, indicating challenges in this area, highlighting the need for a focus on enterprise and commercial growth strategies.