On June 1, Dell Technologies rose 3.11% in pre-market trading at $431.22/share, extending gains following its historic Q1 FY2027 earnings report released on May 28 and a wave of analyst upgrades.
Dell reported quarterly revenue of $43.8 billion, up 88% year-over-year, surpassing the most optimistic Wall Street estimate by 21%. AI-optimized server revenue surged 757% to $16.1 billion, while non-GAAP EPS of $4.86 beat the highest estimate by 66%. The company raised full-year AI server revenue guidance to approximately $60 billion, implying 144% growth. AI backlog orders reached a record $51.3 billion.
The pre-market advance follows multiple analyst upgrades, with JPMorgan raising its target to $500 from $280, and Morgan Stanley publicly acknowledging its prior underweight stance was too conservative given the AI hardware cycle. Additionally, Dell secured a $9.7 billion Pentagon contract to manage Microsoft software licensing across the Department of Defense, further reinforcing its enterprise positioning.
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