TMTB: DELL MRVL MDB ADSK First takes
DELL +8%: Looks fine with revs above bogeys driven by ISG strength. Margins also look fine with some upside on ISG OPM.
AI server demand was $3.2B vs backlog at $3.8B - a bit of a miss on the backlog as bulls wanted q/q increase, but better margins will outweigh and company said pipeline is “several multiples” of the backlog.
ISG margins 11% vs street a…
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